By: Karen Deis and excerpts by Robert Boduch, Success Track Communications
According to a recent poll, less than 20 per cent of loan originators (from throughout the country) have actually created a “living and breathing” database. However, the remaining 80 per cent realize and understand how vitally important a database is to the future of their business.
So, WHY don’t more originators take the time to create one?
Often the project seems overwhelming.
You know you have to get it done. Not having one could mean a loss of hundreds of thousands of dollars in future income.
So, what is it that prevents you from getting started on the project?
It’s that 15-letter word called P-R-O-C-R-A-S-T-I-N-A-T-I-O-N! The American Heritage Dictionary of the English Language defines procrastination as: to put off doing something until a future time. 2) to postpone or delay needlessly.
If procrastination is one of the diseases that afflict you, here are some ideas to help you cope and get the job done. And read on for step-by-step ideas on exactly how to start your database-building project.
- Weigh the consequences—what’s the WORST thing that could happen if you don’t complete your task? Conversely, what is the BEST possible result for getting it done? Answering these questions FIRST will determine whether you should start the project AT ALL.
- Recognize why you are delaying your project. How many times have you talked yourself out of it because it was too difficult; too inconvenient or unappealing? Could it be a lack of confidence in your ability? Be prepared to overrule your inner voice and take action.
- Play a little game with yourself. Draw a line down the center of a piece of paper and list the all the reasons for NOT doing the tasks and then list all the reasons FOR getting it done.
- Break it down into smaller pieces—by dividing the project into sub-components and smaller, easier tasks, it becomes less of a monster.
- Change your attitude—don’t moan about the job you have to do. You can often spend more time griping about what you have to do—than the time it would take to complete it.
- Start with the end in mind—visualize the task already completed. Internalize the feeling of success and accomplishment. Feel the joy!
- Make it fun. Turn it into an adventure, a challenge, a competition. This will move the “perceived pain” into the “perceived pleasure” category.
- Make a public declaration to reinforce your commitment. Find someone who you’d be embarrassed to let down by not completing the project. Share your timeline and objectives with that person. Ask them to make you accountable—report your progress to them on an ongoing basis—or until you have completed the job.
- Who can help you? Are there some tasks that an assistant can help you with? Do you know someone you can hire on a temporary basis? Realize that delegating some of the work could bog the project down; so be sure to give them a deadline for completion.
When I realized that a database was the key to my continued mortgage success, I got off my duff and broke the project down into smaller tasks.
First, the most important information, on each and every client, is contained in your closed loan files. I personally had 3 years’ worth of closed loans, but elected to start by only entering those that closed within the last 12 months.
Determine what you want to know about your past customers. Begin with name, address, loan amount, loan type, interest rate, purchase or refinance, name of Realtor, name of appraiser. All of this information can be found on either the 1003 and the HUD 1.
Copy the 1003 and the HUD 1.
Enter the information into an excel spreadsheet. Keep it simple. You can always download the information easily into any database software later.
If you don’t want to do it yourself, hire someone to help you. It may just be the best money you have ever spent.
Set a deadline. I gave myself 45 days to get the job done. It was completed in 30 days!
An amazing thing happened. Once I tackled the first set of files, we were able to enter the remaining 2 years in a record amount of time.
It’s time for you to get started! Just close your door, roll up your sleeves and begin.
