A tough mortgage market requires a tough approach. This is when we all must look back to our beginnings to revisit the fundamentals of what made us successful in the first place. When we first broke into the mortgage industry, we focused on launching our new careers, paying attention to the details and following up on every opportunity or lead. Today, without a doubt, the market has changed and most people in our industry have less than 10 years experience and have never had to work through a recession. The qualities we adopted and the intense sense of focus we demonstrated at the beginning of our careers are the very characteristics we need to embrace once again.
Most mortgage professionals are continuing to do business the way they did yesterday, even though the market has shifted. For anyone who has never read the book “Who Moved My Cheese” this is a great time to read it. Different conditions will require a different approach. The business is still out there, it has just moved. What I mean by that is, here are houses still selling, buyers still needing mortgages and people still taking equity out of their homes for debt consolidation, restructuring and renovations. The questions is, what will you do to get your piece of the market?
You need to identify where the likelihood of your best opportunities are and make sure you focus most of your energy on the activities that will get you the greatest number of new leads. For example, identify the real estate agents who continue to sell homes in this market and create a drip campaign to keep in touch with them. To learn more about great client follow-up systems, feel free to contact our office anytime. For my past students, you should review the “lead generation” section of your manual again. There are a tremendous amount of opportunities still out there, you just need to be proactive in finding them because they will no longer be coming to you.
Once you’ve identified WHO your best lead opportunities are, you need to ask yourself what you are going to do with them. Make sure you set aside time every day for business development and reconnecting with past clients and referral sources. Your ability to spot opportunities and act on them quickly will determine if you succeed in this market or become a statistic. Leave no stone unturned. Learn to time block business development on your calendar every week to ensure you work from a position of abundance.
There is business out there, you just need to look for it.
I wish you great success this month.
President, Leader’s Edge Training