Written By: Kelly McGuinness, President, United Mortgage
I am reporting back to you on the first “leg” of my marathon! I have been busy since I launched the $100k production initiative. BUT, before I report back to you on my specific progress I want to share with you the very first thing on my “to do” list as I began this campaign.
No doubt, if you are interested in my article, you have been in the mortgage business. Just like me, you may be looking for ways to transform your business and re-capture income that has been compromised by today’s lending changes or perhaps you simply want to do more business. Me, too! Remember I’ve spent 25 plus years in this business as a non-producing owner/manager. (I do a handful of loans each year.) It is essential to my success as a new “loan officer” that I maintain enthusiasm and determination in the face of some challenging obstacles and time traps.
I found myself straying from my goal. It was easy to get distracted with the 6/30 closing date for tax credit; studying to take the CT state exam and a quick trip to Wisconsin with my Mortgage Mastermind Girlfriends!
My first priority was to develop a daily ritual that would keep me focused on the most important aspect of the $100k Marathon: Business Development.
I have adopted a plan that I call “One A Day”. I have determined that I can NOT leave my office or end my work day unless I reach out and connect with at least one of the following source opportunities each day: Corporation, Local Hero, previous customer (can be substituted with personal contact), Realtor, affinity source (defined as an attorney, financial planner, builder). That’s 25 new places to get loans each week!
I write, email, phone, call and even cold call on five new sources per day. I’m using this simple plan to keep me from becoming distracted by other responsibilities. And it’s working. I may change the numbers as the month progresses and certainly will have a lot of follow up required to get the connections solidified but it’s keeping me motivated.
So I ask you, what daily ritual can you adopt that’s going to keep you humming in business development and not get bogged down by loan problems and other handy distractions…excuses, really?
Okay, let’s look at my progress in the last two weeks:
Corporate program:
- I adapted the letters and presentation in Karen’s corporate benefit kit.
- I created a package of savings by identifying three Realtors who are willing to contribute discounts toward closing costs. I also identified two financial planners and accountants who would provide one-hour complimentary reviews.
- I included credit repair as a benefit in the corporate package.
- I have reached out to friends and previous clients to identify quick sign ups to get “referrals”. I have identified 5 companies from this search and will have intro letters mailed just before I return from my vacation.
- In addition, Karen suggests targeting 5 new corporations each month.
- As a sub-group of the corporate benefit program, I have created a local hero program that targets firefighters, teachers, police officers, health care workers and veterans. My goal is to drop my “Local Hero” information in at least 5 places a month. I plan to walk into firehouses, police stations, VFW halls, etc. and get them to display the brochures I created!
Credit Repair:
Per Karen’s instructions, I signed up for the USCCRA system. Since a large majority of consumers have lower credit scores…it’s a way to help them improve their credit and build a pipeline of future home buyers.
The next step is to:
- Create a series of 3 emails for your real estate agents to be sent out once a week and swipe the credit repair articles/info from the USCCRA website site.
- Post info (same type of stuff) about credit repair on your Facebook page.
- Email your database of past clients (2 times within the next month) asking if they know of anyone OR if they simply want to INCREASE their scores.
- Delve into the USCCRA website and system.
Finally let’s talk leads and loans:
I have not received any leads from the corporate program yet BUT I did receive 3 leads when reaching out to my friends/previous customers when identifying corporations. Two were refinances that became loan apps totaling $850,000 and one is a pre-approval pending acceptance of an offer!
I’m off to Ireland for 10 days but am excited to really ramp up and hit the street when I return.
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