Mortgage Correspondent
Eight Cardinal sins Mortgage people often Commit
Eight Cardinal sins Mortgage people often Commit
If you identify errors that kill Your bridge game or your golf game or your workout routine, or your budget plan, or what would you take heed of that information and correct the error?
Of course would you, then and I. But what about the critical mistakes we often make as Mortgage Professionals? Have you found out if you make some major mistakes in your mortgage career?
Review the following points and then answer this question about each item: Am I guilty of this? A simple Yes or No will do. OK … here we go!
1st Failure to establish a unique market position. There are lots of mortgage people out there, and you must put yourself out from the herd. Most of us just not to be creative and innovative. The result … we do not separate us, our company and our products from all others in the group. It's the old "me too" thinking, and that's a big mistake.
The easiest way to solve this is to specialize. Pick an area, study it, concentrate on it and become an expert in this field.
As you know I love FSBOs to concentrate on. But you could be an expert in First Time Home Buyers, No Documentation Loans, VA Loans, FHA Loans, Sub-prime loans, or real estate loans, for example. The good thing about our shop is that there is tons of possibilities … choose one … and do it!
2nd Failure to appear professional. Have you taken a critical view of the image you portray to prospects and customers? Better yet, have someone review your materials to you and give you an honest opinion.
Now, I'm just not talking about business cards and stationary. I'm talking about every piece of sales, marketing and correspondence (including email) that a client or prospect ends.
Let me give you an example. Here are some of the addresses I see; millionaire, redlightlady, Redneck, hotnsexy, studman, foxylady, mrbig, to name a few. There are many more that I would not even publish here.
What on earth are you thinking people?
I certainly hope the e-mail address you use with your business, is considerably more professional. Even if you use multiple email addresses, you are not afraid of choosing the wrong identity for your message? I am … and none of my identities could ever be perceived as insulting.
You always seem to be morally, ethically and politically correct … whatever your personal opinion.
3rd Failure to set and periodically review your goals. Have you set some goals for your mortgage business? You know … things like how much you will do this year particular experience to achieve this goal … number of closures required for income … how many loan applications are necessary to actually close that many loans … number of applications from new perspectives and number from your existing database … and finally, how many calls I have to do every day to reach these applications.
Unless you go through the above logic several times a year, you will have a difficult time in this industry. Setting goals allows you to steer your ship by looking at the mortgage business in small, easy to follow steps. Post a picture or drawing of that particular treatment or goals you have set in a place as you will see many times through the day.
4th If you do not keep contact with customers and prospects (your database). If you are not consistent in contact with your customers and prospects on a monthly basis … you miss the boat … loans in your pipeline … and commissions in your pocket.
The amazing thing is …. it's so easy and inexpensive to manufacture. A good postcard and letter campaign and an up-to-date mailing list is all that necessary. Here is an example of what it means for you: Let's say you have a database with 100 names that you keep in touch with. One in five of these contacts will make a mortgage decision next year.
It may be a refinancing decision, a decision the purchase of a new primary residence, a second home purchase decision, or an investment purchase decision. If you believe that 20% figure is a little high … use 15%.
That being the case, 20 out of your 100 contacts provide a kind of mortgage decision in the next year. Do you get all 20? Of course not! But will you get your fair share, because every month you will have kept your name and contact information in front of your database.
If you've been in business for a while then you probably have 300 or 500 or more contacts on your list. This is your little "gold mine". How well you view your list will determine your return.
No contact list … then start one immediately. It is never too late.
5th Failure to prioritize. Just because we are busy does not mean we must be successful. Sometimes we get focused All kinds of activities rather than outcomes. So we think we are busy, and we are. Unfortunately, we are busy doing the wrong thing.
Do not forget the most important business for all … prospecting for new business. Set aside time each day to investigate new mortgage opportunities. You will not regret it.
6th Missing predict. Sometimes we get so involved with our schedule, we get blind-sided by something that we should have anticipated. Yes … it happens to all of us on occasion. But if you constantly is to extinguish fires then it's time to change the way you work. Look at these problem areas and work to remove them. Ask yourself why the problems arose and then correctly
them.
Consciousness is more than 50% of the match. By recognizing the problems that you have taken the first step on your journey to success.
7th Failure to listen. This is probably the most classic and common error, we can do. The mortgage person to hear but not listen … the mortgage, which constantly interrupt the prospects … mortgage person providing solutions that are off-target, or … mortgage person that overwhelms prospects and customers with verbiage that clearly shows the lack of really listening to anything the other person has said.
Learn to listen … and listen to learn!
8th Lack of investment in the necessary tools to improve and develop your business. My email in-box is always full of inquiries from people seeking help to get their mortgage business on track.
As you know, there is no single "magic bullet "to ensure your success. But are the things you must do" invest "in a timely and programs to grow and expand your business.
If you're a dedicated hours a day, every day, learning and studying the mortgage business … and you did it in a period of sixty days … you would easily know more than half of all working people in the mortgage industry today.
Continue to invest in your knowledge and skills, and you will take a big step toward success. Couple that with easy to use, time saving, editable marketing tools and … business is sure to follow.
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. Put your mortgage career on the fast track and sign-up for FREE at http://www.MortgageMarketingToolKit.com/