Mortgage Broker Broadcast

Maximizing Mortgage Brokerage Success Through Effective Accountability Partnerships

• Craig Skelton • Season 4 • Episode 23

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Unlock the full potential of your mortgage brokerage career with the secret weapon of accountability partnerships. This week we delve into the transformative power of building a supportive network that catapults professional and personal growth to new heights. We're joined by the fantastic Leigh, who provides a crucial bulletin on the diverse roles we embrace as brokers, from project management to financial advice, reinforcing the value of versatility in our industry. Together, we unpack why these partnerships are not just beneficial, but vital, offering mutual encouragement, shared wisdom, and that ever-needed motivational boost.

Listen as we guide you through the practical steps to forge your own effective accountability partnerships. We detail how to connect with like-minded individuals who share your aspirations and values, and the art of nurturing these bonds through consistent and structured meetups. Expect to learn how setting clear boundaries and embracing an abundance mindset can create a cooperative atmosphere where success is shared, and competition is friendly. And to provide you with an extra dose of inspiration, we tease a future episode featuring Alice Dartnell, who has mastered the art of accountability partnerships, ready to share her story and tips with you.

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Speaker 1:

Hi and welcome to this week's mortgage broker broadcast. This week's podcast is falling on from the recent theme of accountability and several weeks ago I talked about the power of accountability and why I feel it's so important, and so I did an overview a few weeks ago. And then last week was about self accountability and we've got into a little bit more detail about that, and one of the options and one of the things that you can do again with accountability you can also do is about creating accountability partnerships. So it's something that I touched on a little bit on the podcast overall a few weeks ago, but this week's podcast I just wanted to really drill down and be specific around accountability partnerships what are they, why are they effective and how to create a accountability partnership as well. So I'm gonna get that into the podcast. But first of all, as always, here's Lee with this week's mortgage broker bulletin.

Speaker 2:

Thank you, craig, and welcome to the sixth edition of the mortgage broker bulletin. This week we've had a very mixed bag of lenders putting their rates up slightly, down slightly. We've had some criteria changes. All in all, in our office we've had a very mixed bag of inquiries. But today's bulletin I've been thinking about our actual role and the elements of other roles which are incorporated in it. We've got an element of project management, element of business development, element of account management, element of counseling, financial management, financial planning. I just say, if you're really good at all of these things and you're a good mortgage broker, really you won't be quite proud of yourselves. It's a very, very broad skill set that we're all working with and aspiring to Break those little bits down, work out which ones you're accel at, which ones you need work on and put work into those areas. Have a great week Onwards, upwards and forwards. I'll speak to you soon.

Speaker 1:

Thank you, lee, for a great bulletin this week and absolutely 100% spot on. Thank you so much and thank you for that contribution. Nothing more to add from my point of view with that, because that bulletin this week was absolutely spot on. Thank you for that. Just going back into the podcast now, as I said recently, a few weeks ago talked about accountability, the power of accountability, and talked about various ways and different options you have to hold yourself accountable or working with other people about accountability. Last week I talked about self-accountability and drilled down quite a lot in terms of that. This week I wanted to focus on accountability partnerships. It's something that I talked about very briefly on the podcast a few weeks ago. So I wanted to drill down a lot more in terms of talking about accountability partnerships. Funnily enough, I've got Alice Dartnell coming on and the podcast in a few weeks' time, who has actually set up accountability partnership. I'll not spoil too much about that. Let her to pick up on that in a few weeks' time. But that just goes on again, goes again on the theme of accountability and why that's important. So really, what I wanted to do is look at what do I mean by accountability partnerships, why they're effective and how to create one. So what do I mean by accountability partnerships? Well, accountability partnerships is like creating a support network to enhance self-accountability. So you still are holding yourself accountable, but you're working within a network with other people that are there to help you hold yourself accountable and you're holding other people accountable as well. So I'm not talking about joining some Facebook groups, because I see plenty of those Facebook groups going on and the communities on there. That's not an accountability partnership. It's about creating a support network within with other like-minded mortgage brokers.

Speaker 1:

I think it's important that if you're looking at this as an option to hold yourself accountable accountability partnerships you're working with other mortgage brokers. So you have to have that abundance mindset when you're looking at doing this as an option, because you can't be unhappy because you're supporting other brokers. So you have to have that abundance mindset. You're working with other mortgage brokers to help and support each other. So if you are jealous or you've got your ego and you're wanting to, you're very, very within the network that you're going to create. If you're then getting jealous by some of the broker doing better than you, then a network, an accountability partnership, may not be right Maybe right, but it may not be right, but I think you've got to think that, first of all, that you've got to have that abundance mindset that you are helping and supporting. You are getting help and support from another broker, but you also help and support another broker as well, so you've got to go in that with the right mindset.

Speaker 1:

So let's look at different points of why it is effective. So, first of all, having accountability partnership does offer encouragement and motivation, because you've got in a support network of other brokers who will face the same challenges, the same highs and lows that you will. So that will help with your encouragement, help with your motivation. I think one thing with this as well is that it's important to make sure that you're surrounding yourself with like-minded individuals who, like I said, brokers, will understand the challenges you face. But if you need to be working with like-minded individuals, they can obviously help boost your confidence. They also like perseverance, a big one as well. Being a mortgage broker, they will also help you with your inspire to persevere as well with the challenge you're facing. Keep you motivated towards your goals that you've set for yourself. Like I said, this is all about self-accountability, but having accountability partnership will help with your self-accountability and enhance your self-accountability. So the first thing you look at is, like I say, it will offer encouragement and motivation. The next one is sort of sharing experiences and sharing insights, which, again being part of a support network, helps you sort of tap into other people's ideas, other people's thoughts, other people's experiences, and that will help with your development, that will help with your growth as well, if you are looking at and sort of discussing and working with other like-minded individuals who we're willing to share experiences as part of this accountability network. So within that, obviously, when you're sharing experiences and insights, you could be looking at business strategies, your business goals, business plans, sort of sharing lessons learned from what, the challenges that you face, or you can actually seek specific advice based on the challenges you're facing Because, like, one thing that I've talked about is what I don't like to say.

Speaker 1:

Don't like to say it's probably a harsh word, harsh phrase, but things like sweeping statements. So if you ask, go on to a Facebook group asking the question you are going to get loads of different views back unless it's very factual. So if you're looking at lender criteria, then it's going to be factual, whereas if you're looking at the next a new network to join, you're going to get a thousand one responses back and it's going to be even more confusing for you, whereas having that accountability partnership will help with those as well. As, if you're looking at specific challenges, maybe about financial advising or, let's say, growing your business or recruiting, then having a support network accountability partnership will help with those decisions, and that's where Facebook groups will not help with that accountability partnerships too. So, like I said, and also as well you're going to have when you're sharing other people's experiences, then you're also going to get somebody else's perspective as well. So one thing that the brokers that I coach, the feedback that I get, is that it's good to have somebody else's from the outside looking in their perspective in terms of what you're looking to do as a business. So, again, having that accountability partnerships will help with that aspect of it. If you're thinking, I don't think about doing this, I want somebody else's opinion on it, accountability partnerships is the place. Facebook groups are not on that.

Speaker 1:

So accountability partnerships and why they're effective is that you've got a support network, you've got like-minded individuals, you are establishing accountability partnerships with fellow mortgage brokers and business owners. So you're setting your goals, you're setting your targets, you're setting your actions, of what you want to achieve. So you've got that regular check-in with other mortgage brokers and business owners, that you're helping and holding each other accountable. That's what you've got to understand with. This is when you're setting up accountability partnerships, and why they are effective is that somebody is going to hold you accountable. So you've got making sure that you're committed, you're accountable for your goals and your actions and you're more likely to make them happen. But you've got to because it's a partnership. It's a two-way thing. So you're going to hold somebody else accountable for their goals and their targets as well. So it's very much a mutual benefit going on. So you've got to have that partnership mindset.

Speaker 1:

Whether there's one broker, two brokers, three business owners, whoever you're working within this accountability network, you are all working in this together. It's not one person. It's not one person stills a show and it's all about that individual. It's all about helping each other out. So you've got to be mindful of that as well. And also as well, with accountability partnerships, you can also develop your skills and you learn an opportunity as well, because you can support each other with regards to learning and self-development and skill development. You're sort of sharing each other's knowledge. You've got peer-to-pea, you've got like-minded individuals who you are working with, who will want to achieve the same things as you may be or will have shared this, had the experience that you may be of experience, but so you can sort of very much around skill development and you again, if you want to develop an aspect of your business or you as an individual, you're holding yourself accountable.

Speaker 1:

But having accountability partnerships helps you with that accountability as well, to develop your skills, to have self-development, if that makes sense. So again it does. It's helping you enhance and look at new skills you want to achieve. Because if you've got an accountability partnership going on and you say to that partnership, this is what you want to achieve, you wanting to put in equity releasing to business example, well, if you've not got that accountability partnership going on, that could just drift, you might never ever do it, whereas if you said you want to do that within the group or within the network, then you're more likely to happen as well and people, maybe somebody that experienced that and again you just will help with your skills development, self development and your learning opportunities, because it might be things that they're learning about that you might not thought about Again and that might be something as well with it.

Speaker 1:

So there's a lot of positive with regards to accountability, partnership partnerships and the last one as well. It's sort of like emotional support and well-being as well. I talk a lot about well-being. A mortgage brokers, being self employed mortgage broker, being a business owner, can be very, and is a very, lonely journey. So having that support network and Elevate those sort of feelings of isolation and isolation and stress as well, they will help alleviate the stress as well. So been able to talk about your triumphs and your wins and talk about the challenges that you face within a supportive peer group who understand your journey will help with your mindset, will help with the emotional side support as well will help reduce your anxiety and also promote well, just overall promote well-being. So I think that's also why Accountability partnership self support networks are the right ones, are Very good for being a mortgage broker and business owner and that's why I wanted to include it as part of the podcast. So we've won. So we now understand Support networks account accountability partnerships can be.

Speaker 1:

So what you think in my now? Yeah, that sounds great, but how do I go about creating a sport network? But the first thing you need to do Identify potential members. And so look at individuals with industry, look at your social media platforms and who is posting about stuff that you resonate with, understand with, share some of the value, share some of the goals. Obviously they're going to share the same challenges, but so, I said, could be colleagues within your same firm, or it could be fellow business owners. It could be people within your network, as in the official, like the network that you part of, the, you are your trade under, again, the business owner on there.

Speaker 1:

Just start to look out. If you're thinking this is something I want to do, that absolutely look at, start to look at the places and look at the people that are out there that might be open to being part of your accountability partnership. So, industry page, you could like, say, members of networking groups as well. And just who do you see? Who do you sort of see on a regular basis that you sort of connect with in a certain way? So, absolutely so.

Speaker 1:

First we need to identify potential members. Certainly, then is then engaging, build relationships with those individuals. So you need to take action, you need to take the initiative to connect with those individuals. Talk about what you're looking to do and the reasons why. And then reach out to people don't be afraid of a rejection. People you might look to Reach out to my say no to another, don't be part of your accountability group or your accountability network, that's fine. They don't want to be part of it, then fine. It's better to know the early stages, the major in the future, once you've established who knows.

Speaker 1:

But you want to give a sort of don't be afraid of getting rejections on this part. But I would say like say you want to be Taking initiative with it. You want to be looking at, look at network and events. You go to join online communities, look at Facebook groups, but then you will see people on the Facebook groups that you might connect with and might Share your same values. But there'd be certain ones on there that won't share the same values as you. But what I says well is be picky with the people that you were choosing to be part of your network. Definitely, I was certainly a bit picky because you want to be working with like minded individuals.

Speaker 1:

So once you've established who you're working with, you now a stab. You sort of engaging with all individuals and trying to look at setting this network and setting this approach accountability, partnership up. What you want to then do is develop those meaningful connections by Sort of engaging in communication with those individuals. So what you want to do is you've established who you're working with. The being part of this group is then now you want the regular communication. So what does the communication look like Within this partnership, that is, your regular meetings.

Speaker 1:

How are those meetings held? Is it phone calls? Is it what's that group? Is it a group discussion going on? What's that group's? Quite a good one, because that tends to help quite a bit in terms of quick Messages or voice notes and things like that on there. But it seems just like it's just important about staying in touch with each other, whether that's phone calls, emails and social media. But what I say as well is having that set time and day. So you've got those bits in between, but they're having that set time and day each month where you've got that Accountability meeting going in with each other. So it might be the first Monday every month that 10 o'clock this is when you hold your accountability partnership. So just get some structure within that as well.

Speaker 1:

So we talked about individuals. We talked about you being the. You've taken the lead with it. We talked about then setting up regular communication. What you've also got to do as well is is a real one is Difficult, can be difficult one as well. He's about setting boundaries and expectations as well. So if you hopefully got like-minded individuals within your accountability partnership it's important then you won't have to set you want to be too strict with the boundaries and expectations. However, it is important to be clear from with your goals from the outset what your expectations are and the level of accountability that Each other seeking or people within the group is seeking from day one.

Speaker 1:

I think that is important, because what you don't want to do is You've got this accountability Partnership going on and then they step over the line the person you're working with, if it's on a one-to-one and then they step over the line in terms of what you were looking for within this partnership. All the hard work that's been done can turn to a negative quite quickly. So what you've got to do is making sure you've got to set expectations and goals and boundaries Within what you're looking for from this partnership. I think that's sort of very important. And then the last one, which goes again back to motivation, is about Showing gratitude and positive support. You've got to understand that you are going to listen to other people's Challenges and you've got to be positive. You can't be negative. Within that, you've got a lot of culture sort of Cultivate the right culture. You've got to making sure that people feel positive within this support network and want to be part of what you're doing, and I think that's important to be clear that it's about positivity.

Speaker 1:

It's about I see the Facebook groups and I've seen other WhatsApp groups as well where there's all the neg fair rates. They sort of very negative. They might start picking on one person and then everybody else joins in the keyboard warriors and the rest of it, whereas this is not an accountability partnership is not this. This is a very positive environment. It's about helping and supporting each other. It's about having that abundance mindset and you've got to like appreciate the support that each, everybody's providing within the group, because you're going to give support, you're going to receive a support. It's about being proactive, offering your own support as well. That is important, but being proactive with that and offering help and support from your point of view is important as well, because you're looking to build very strong mutual relationships based on support and helping each other, because this is what you're trying to do, like whether, whatever you're trying to do, whatever the growth looks like for you will be different to each other.

Speaker 1:

As I've said, it's always about running your own race and it's understanding that, but it's important to know that it's about the positivity that accountability partnerships can bring. So, yeah, hopefully that makes sense. So we've talked about what is accountability partnerships, what are they, why they are effective and how to create one. So I think it is another option. It's certainly an option to help enhance your self-accountability. So, if you're going to set down the self-accountability route, enhancing it even further by getting accountability partnerships set up absolutely, as I said, I'll listen to the podcast in a few weeks time. She'll talk about it as well with regards to that. But I'm a firm believer of accountability, as I've said plenty of times before, and if you're going down the self-accountability route, accountability partnerships will help, will speed up the process, will help you grow and will sort of build up your confidence, will give you that perseverance, will build up that resilience to make sure that you're building a successful mortgage broker business.

Speaker 1:

So, yeah, that's the podcast for this week, the last one. The one next week will be the last one about accountability, which I'll talk about that. But, yeah, any thoughts, comments about accountability? So the podcast? Please leave them in whichever platform you listen to or watch the podcast. I've gone on this week a little bit more about accountability partnerships, which has taken a bit longer than normal. However, hopefully that made sense. Any other thoughts or comments? Please leave a message, anything that you think more and be part of the podcast. When you get suggestions like that, then again please reach out and leave me a comment or send me a DM or whatever. And, yeah, thank you for listening. Thank you for subscribing. Hopefully you found this accountability series so far useful. We've got one more episode in this series next week and, as always, don't forget to run your own race.