|
SCOTSMAN GUIDE
RESIDENTIAL LENDING
MAGAZINE
Publication Issue:
January 2004
10 KEYS FOR A SUCCESSFUL
2004
It is no secret that the
mortgage lending industry has moved from a “service “
focus to a “sales” focus. What this means is that volume
via refinancing will not materialize in 2004 to the extent
it did last year. For those with a historical perspective
in this industry, (longer than 5 years), you are aware
that mortgage lending is a cyclical beast. For those with
less experience, you may have never seen the market
contract. Don’t panic. Projections for volume are still
considerable and rates are still exceptionally low
historically. But one thing is certain; all brokers will
have to apply their sales skills more effectively. Here
are ten keys to your success as a broker in 2004:
# 1 Make Every Call
Count – Last year it was possible to generate loan
volume without beating the bushes and being “out and
about”. You either did not make calls or only called on
friends or buddies in the offices that you did call
on…can’t do that next year.
# 2 “CDM” Positioning
– “Consultative Deal Maker” – become known for your
ability to structure a deal to work, don’t just “take”
the business – become a “co-generator” of the
business.
# 3 Identify and
Prioritize “RPA’s” – “Revenue Producing Activities” –
Last year you were so swamped you did not know whether or
not you were coming or going. This year you must work
smarter. Analyzing and maximizing where you allocate your
time and energy will help you identify your “RPA’s”. Once
you have, you will use your time differently.
# 4. Leverage Each
and Every Deal – Last year you may have taken a deal,
worked on it, gotten it closed and moved on. This year it
is imperative that you generate additional volume or leads
out of every loan. Listing agent, selling agent,
title, escrow, attorneys whatever – make sure you are
leveraging every transaction to the fullest.
# 5. Acknowledge and
Strengthen Each Business Relationship – When business
is rolling in the door, it is easy to fall into the trap
of taking your business for granted. Bad idea. It is
critical that you acknowledge and strengthen every working
relationship you have. Figure out a way you can become a
“Value Added Resource” for your Realtor/Builder customer –
providing additional leads/referrals to your
brokers—offering training sessions so his agents
understand the nuances of today’s financing alternatives.
# 6. Diversify
Volume Sources – Last year you were so busy you did
not make the time to assess your current business sources.
In 2004 you MUST diversify your lead sources to increase
volume – attorneys, CPA’s, Doctors, Credit Union contacts,
whatever. Not diversifying means too many eggs in one
basket. If, for any reason, the relationship goes in the
tank, volume falls. Want to “fly” in 2004? DIVERSIFY.
# 7. “One Hour a
Deal” – Seldom do we assess where we can save time.
Last year no one had the time to save time because they
were so busy. Set a goal to save one hour a deal for every
loan you do in the first quarter of this year. Anticipate,
think way ahead – save an hour a loan by being more
prepared, by taking a complete application, by doing
whatever you can to save a minimum of an hour a deal. You
will then have more time to do what you need to do.
# 8 “Address a
Different Group a Month” – Research your market and
identify the myriad of groups, community, service,
whatever you could address for a short overview of
mortgage financing. Last year volume may have been used
an excuse to not go out after additional business. This
year you can’t afford not to.
# 9 “Originating”
versus “Keeping Together” – What percent of the time
do you spend originating and what percent of the time do
you spend keeping your loan packages together? Your
response must equal 100%. This question has been posed to
thousands of brokers nationally and the average response
is 20% “Originate” and 80% “Keep Together”. This is not a
good average perception of broker loan production efforts.
80%-20% would be much better. The question therefore
becomes what must you do to turn your own numbers around?
Doing it right the first time would be a great start.
# 10 Data Base
Management – Within the world of customer service, the
following statistic is a revealing and scary number: The
average business spends six times more to attract new
customers that it does to keep old ones. Your past clients
are a wealth of potential leads and referral sources, but
ONLY if you maintain and manage your database. Not having
one or not actively marketing to the one you have means
you could definitely be working smarter.
Bill Evans is president
and founder of the Institute of Professional Training. He
is an industry sales trainer, consultant, speaker and
seminar leader for both production and operations
personnel. He may be reached at 360-981-4026 or email
bevansipt@aol.com. Visit Evans online at
www.billevanspresents.com.
Back to Solutions
|
