Written By: Karen Deis
Did you hear the one about the guy who prayed to God every day "Please let me win the lottery, please let me win the lottery!"? One day God's voice booms down from the heavens and says "You have to work with me on this one - you need to buy a ticket"!
Translation: In order to be successful in the mortgage business - you need to invest in yourself!
How do you insure that you win the mortgage lottery? By honestly assessing your skills, current business and opportunities.
I receive calls and emails that go something like this: "Help! I've been in the mortgage business for a few years now and since business is down, I need a quick fix that will keep money coming in the door. What should I do now to generate leads?"
Based on this limited information - it would be like a doctor diagnosing an illness without interviewing (or seeing) the patient.
However, the real answer is a question - did you buy a ticket? Which seminars have you attended lately? Have you read any mortgage magazines? What associations or clubs do you belong to? Do you have a database?
In 1991, I made the conscience decision that my mortgage practice would consist of A-paper, conventional loans. I would spend my money marketing directly to the consumer. I wanted to be in control, close the easy deals and have more time with my children who would be teenagers within a few years.
I referred out the sub-prime deals to my competitors.
I did not call on real estate agents.
It was as difficult - and as simple - as that!
Sure, I lost some business by not doing sub-prime loans but I closed twice as many A-paper deals in the same amount of time. Sure, I lost real estate agent referrals - but I generated enough leads on my own to refer clients to real estate agents that I chose to do business with.
The self-assessment process has to start with YOU.
Which types of clients do you enjoy working with the most? (1st time homebuyers, refi's, luxury home market, new construction - for example)
What loan programs do you know inside and out?
Why do you think you could be successful if you choose this niche?
How will your choice of niche markets affect your personal life?
How much do you plan to invest in yourself?
Let's start with attending seminars - either live or online! An excuse I hear over and over again is, "I don't go to any of those seminars because all they want to do is sell me something."
Superstar loan originators are doing you a favor by offering to share their systems with you so you don't have to reinvent the wheel. You don't have to buy anything but even if you walk away with one or two tips, it's more than you had before you attended. (Beware of people who don't walk their talk or speakers who you can't trace their backgrounds. There are plenty of them out there who claim to know the mortgage business but have never closed a loan.)
Subscribe to mortgage publications, both online and printed versions. Swipe ideas and make them your own. If the authors did not want to share the ideas with you, they would not have written the article in the first place.
Do you attend your local mortgage association conventions? Take time to visit sponsors' booths and see what's new or improved.
What have you done to invest in technology? Building your website? Creating a database? Voicemail mortgage alerts?
Read business books or download the audio versions to your MP3 Player. A few of my favorites are:
- Think & Grow Rich - Napoleon Hill
- What Clients Love - Harry Beckwith
- Purple Cow - Seth Godin
- The Big Moo - Seth Godin
- Marketing Warfare - Trout & Ries
- Walk Like a Giant - Sell Like a Mad Man - Ralph Roberts
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You can find free audio interviews, free newsletters and free reports with a quick Google search with the key words "loan officer training".
Who are your favorite business authors? Visit their websites and subscribe to their e-newsletters. Participate in their blogs.
Attend seminars that have nothing to do with mortgages. Some of your best ideas will come from outside the mortgage industry! I recently attended an email-marketing seminar and learned how the Ebay pros use auto responders to create more referrals.
To subscribe to free newsletters and marketing tips, checkout:
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Psychologically, when you spend money, you commit yourself to getting value out of what you spend in both dollars and time.
While free marketing materials will help you decide which niche market is right for you, "free" is still no substitute for investing in yourself!
Copyright - 2006 - LoanOfficerMagazine.com
