593: 3 Steps To Kill Your Mortgage Biz (Hint: Do the Opposite)

I Love Mortgage Brokering

Want to guarantee you kill your mortgage business? Simply follow this 3-step plan.

In this short 10-minute podcast, Scott shares a tactic you can apply to your mortgage business today.

This idea comes from Charlie Munger. To solve a problem, Charlie suggests inverting it:

1. Don’t have a daily prospecting plan.
2. Don’t have any processes or checklists.
3. Assume no one can do the job as well as you.

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Hey, it's Scott Peckford, and in this episode of the "I Love Mortgage Brokering" podcast, I'm flipping the script to help you avoid business failure. Inspired by Charlie Munger’s concept of inversion, I’m diving into the three surefire ways to kill your mortgage business—so you know exactly what not to do. Whether you're just starting out or a seasoned pro, these fatal habits can ruin any business. But don't worry, once you know what to avoid, you'll have the keys to not just survive but thrive in today's challenging market.

Here are the talking points we covered:

• Examples of effective daily prospecting activities.
• The importance of having written processes and checklists.
• How inconsistency in handling deals can erode client trust and referrals.
• The "hamburger stand" analogy—consistency is key for repeat business.
• The toxic mindset of thinking you’re the only one who can handle tasks perfectly.
• The consequences of not delegating and scaling your business.
• Dan Martell’s 80% rule: Why letting others do tasks (even if not perfectly) is essential for growth.