Mortgage Business
7 tips to help your Mortgage company survive the current Mortgage Meltdown
All the experts are referring to our current mortgage problems as a mortgage crisis … a needed adjustment … and even a mortgage meltdown. As might be expected that there is a lot of finger pointing and blame being levied all associated with the mortgage industry.
Most of the Mortgage professionals working today have never experienced a really "tight" mortgage market. It seems as though interest rates are low forever, the latest refinancing boom benefited everyone (including our current critics), and a huge amount of money has changed hands as a result.
Now do not get me wrong, the mortgage business was never easy. Must be really consistent and successful in originating Mortgages always demanded commitment, purposes and the proven systems to make it work. Over the past few years, competition has been keen to countless new sponsors have been attracted of the company.
But the handwriting is on the wall. Each day brings new changes. Lenders are retreating, and even exit the market. Loan programs are being revised and completely removed. Capital needs have been reviewed, amended and modified to reduce risk for lenders.
When dramatic changes in the market place as they are now, many people are taken by complete surprise. On the other hand, if you have prepared well, alert, followed some if not all of these tips, you can do business in any market … the best and the worst.
1. Re-state your goals and create a plan to accomplish them. Break all your activities down to the daily level and devote time to each function. Schedule a block of time for exploration, return phone calls, check and return e-mail send thank you cards, and contact members of your database.
The more detailed your schedule, the more effective you will become. The more you are dedicated to your schedule, the more successful you will be in mortgage business.
2. You must view daily. Exploration and originating loans is how you bring in business. Never stop exploring. You can even choose your access method. But, you must schedule at least one hour every day for exploration.
Prospecting is the most important activity you can do to overcome a really "tight" mortgage market. If you do it well, you will continue to be successful in the mortgage business. Do not do it, and you will fall by the wayside and become a mortgage dropping out.
3. Goals or re-target your mortgage prospects. Although there is probably still a mortgage for almost all, you may want to consider changing your marketing so you are working with mortgage prospects that is easy to place.
Even if you're a little desperate business, is it really worth your time and effort to spend time with clients that will consume all your time and disrupt your schedule. Make life easy for you self and target prospects you really want.
4. Define your mortgage market and purpose. You can call it a marketing philosophy or a specialty or a marketing niche. Whatever you call it, you can specialize in super-qualified prospects.
Most mortgage niches can and will generate skilled leads. You just have to ask better questions, seek more precise information, and better qualify each prospect on your terms to suit to the profile you set as the ideal customer. See those who do not fit the profile for others and you will prosper.
5. Develop your personal mortgage philosophy. This is what separates you from the hundreds of mortgage people working your marketing area. It defines your market, and it defines you.
This is what is unique about you and your mortgage company and what sets you apart from everyone else. By defining your mortgage philosophy help you confirm that your company is in action on track.
6. Be positive and stay positive. Any successful mortgage professionals need to perform a little attitude check. Do you really enjoy the mortgage business? Would you listen to your mortgage leads and customers? Do you enjoy working with people?
Our prospects and customers can quickly spot any kind of negative attitude, your lack of concern, the glassy stare, or the mixed messages you can send. People want to trust you … make sure you wake the right attitude to enable them to do so.
7. Do not forget your database. Market more to your database, not less. They have already raised their hand and have accepted your message in the past. This statistic has not changed: 15% to 20% of your database will make a mortgage decision in years. You can earn your fair share of the firm by maintaining contact with your database every thirty (30) days.
Here's an interesting fact for you to consider: For every thirty (30) days that you avoid contact your database you will actually lose about 10% of your list. Need we say more?
In summary, by concentrating your efforts on these seven points will your business better, regardless of market conditions, you will reach all your goals and you will be in full control of your business and your life.
About the Author
Tom Domin is the author of “101 Ways to Originate Mortgages” and publisher of “Tom’s Mortgage Tips” a twice monthly Mortgage Newsletter geared for Mortgage Professionals. Increase your pipeline and put your mortgage career on the fast track and sign-up for FREE at http://www.MortgageMarketingToolKit.com.