Hank Hong (affectionately known as Hank the Bank) is a multi-award winning mortgage broker from Vault Lending Solutions based in Sydney and is one of the most recognised names within Australia in our industry.
In the first part of this episode with Hank, we look at how you can create your own luck, discussing the importance of tracking your own progress and success. By the end of this episode, you’ll be confident in knowing exactly how you can create consistency in your settlements and be in control of the outcome every step of the way.
In part two, we look at how you can remain front of mind with your clients while discussing the importance of a solid contact program. By the end of this episode, you’ll feel empowered about how you can create a solid business structure that will withstand the test of time.
A quick snapshot of Hank:
I've been a mortgage broker for about 8 years, I'm currently running a partnership with a new gentleman and previously worked with a very well established mortgage firm for 7 – 8 years prior to that.
How did you get into the industry?
My story is quite different, I was 18 and studying at university. One of the guys I was studying with asked me if I wanted a job. I stayed there for 6 months cold calling the white pages and I realised I was working for a mortgage manager.
You eventually worked your way through?
I did three years as a basic receptionist doing data entry work and after that, I worked as a credit officer. After that, it was 7 years with Home Loan Experts and now for the past 8 months I've been working on my own company.
In that journey what sort of groundwork did it do for you?
The hardest thing about running a business now, is running a business. The past positions I was always just a contractor or an employee, but you have to build up a few more skill sets to run it.
What was the hardest skill to develop making that transition from employee to business owner?
You have to keep yourself accountable. Working as a contractor your employer is always giving you targets and quotas. But for your on your own business, you’ve got to make yourself accountable.
What do you do?
At the moment I have an 8 to 4 rule. We have to submit $8Mil and settle $4Mil a month. If we don’t reach it we have to make the difference up the following month.
What do you do to control that? Actionable items?
Well, we reach out to referral partners and existing clients. If you build up a book and are currently contacting clients there are always more points to get another referral.
When you get a coffee with a referral partner, is it social or business?
It’s absolutely social.
They know why you’re there. You know why you’re there.
They’re all referring business to you. Ask a couple of questions about clients and still link it to business, but the best referrers out there become friends. Working in different industries and departments, friendship is key.
Trust is important in this process. There’s a high chance the referral partner has three or four other mortgage brokers chasing them for business, so if you don’t have that friendship in place it's less likely you’ll get the referral.
What’s your daily routine?
5am I’ll go through all my emails. My email rarely goes over 5 emails. I use my inbox as a task reminder too. I start downloading all the applications and documents from emails.
7:30am Go to the office and get a coffee.
9am I’m already calling the banks regarding bills I need to chase up.
I’m ready to go by 830am and then chase the bank at 9am.
What would you say to brokers working 9am – 5pm?
If you want to be a self-employed broker you need to understand that you might have to go outside the normal hours. This isn’t a 9-5 job.
What has this allowed you to do?
I reply back to my clients faster and I can do more business. If you work hard you make more money. You’ve got to hit the ground and get those loans.
When you reply to your clients, you give them a timeline?
There are a few things I do when a client's email comes through I'll reply back 'received'. Every email that comes through I'll give them a timeline too. Even if they say thank you I’m always the last person to reply back and sometimes even with just a smiley face. My task is always being the last person to reply on the email chain.
What’s your end of day routine?
I usually finish at around 3pm or 4pm and I go home and watch cartoons. This is how I destress because I’ve done all the work during the day. By that time of day, everything's done and the banks close at 5pm anyway. I'll check emails but wind down watching cartoons.
You’ve got a journal that you throw all your issues into?
This is so important for all brokers. By the end of the day, you have deals that have been headaches. Write it down so it’s stated and get it off your mind. When I'd look back a few months later I'd realise those issues then weren't that bad, but when you’re right in the middle of the 'headache of that client' it can seem dire straights.
Journaling compartmentalises it.
My three takeaway points from this episode are: Keep yourself accountable – have goals and minimum benchmarks for everything in your business. If you’re short on leads, contact old clients and ask the question, you’ll be surprised how many introductions you get from past clients. If you’re not working 12-hour days, you’re not a broker. There’s more competition with online brokers but nothing can beat hard work.
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