Boat Loan Primary Residence
Eight Deadly Sins That Mortgage People often commit
Eight Deadly Sins That Mortgage People often commit
If you can identify mistakes that are killing the game of bridge, or his golf game, or your exercise routine, or his budget plan, or whatever, you take care of that information and correct errors?
Of course you will, and so I. But how about the critical mistakes we sometimes make as Mortgage Professionals? Determine if you are already making some significant mistakes in his career as a mortgage?
Examine the following points and answer this question about each item, I am guilty about it? A simple yes or no will do. OK … here we go!
1. Failure to establish a unique market position. There are many people there off, mortgages and you need to set yourself apart from the herd. Most of us simply can not be creative and innovative. The result … we do not differentiate us ourselves, our company and our products from all others in the package. It's the old "me too" thinking and this is a huge mistake.
The easiest way to solve this is to specialize. Choose an area, study, concentrate on it, and become an expert in this area.
As you know, I love FSBOs concentrate. But you could become an expert in First Time Home Buyers, no documentation loan, VA loans, FHA loans, Sub-Prime Loans, realtor or loan, for example. The good thing about our business is that there are tons of choices … choose one … and do it!
2. Failure to appear professional. Have you taken a critical view of the image that portrays the prospects and customers? Better yet, have someone review your stuff for you and give you an honest opinion.
Now, I'm not just talking about business cards and stationery. I'm talking about every piece sales, marketing and correspondence (including email) that a client or prospect ends with.
Let me give an example. Here are some of addresses that I see; millionaire redlightlady, hillbilly, hotnsexy, studman, Foxylady, mrbig, to name a few. There is much more that I would not even post here.
What in the world are you thinking people?
I certainly hope that the e-mail address you use with your business is much more professional. Even if you use multiple addresses, you're not afraid to take the wrong identity for your message? I am … and none of my identity could ever be construed as offensive.
You should always seem to be morally, ethically and politically correct … regardless of personal opinion.
3. Failed to set and periodically review their goals. Have you established some goals for your mortgage business? You know … things like how much you'd like to do this year, including treatment special to achieve that goal … the number of locks needed to make the income … how many loan applications necessary to actually close that many loans … the number of requests for new prospects and number of your existing database … and finally, how many calls I need to do each day to achieve these applications.
Unless you go through the above logic several times a year, you'll have a tough time in this business. Setting goals allows you to drive the ship, looking in the mortgage business in small easy steps to follow. Post a photo or drawing of that special treatment or a definite goal in a place you will often see during the day.
4. Failure to maintain contact with customers and prospects (your database). If you're not keeping in touch with your customers and prospects on a regular basis Monthly … you're missing the Boat … loans in your pipeline … and commissions in your pocket.
The amazing thing is …. it's so easy and cheap to make. A postcard and a letter campaign and a good discussion up-to-date list is all that is needed. Here is an example of what this means to you: Let's say you have a database of 100 names that you keep in touch. One in five of these contacts will be making a decision to mortgage the next year.
It may be a refinancing decision, the decision to purchase a new primary residence, a decision to buy second home or an investment purchase decision. If you think the number of 20% is a little … using a 15% increase.
Thus, 20 of its 100 contacts will be doing some sort of decision mortgages the following year. You'll get all 20? Of course not! But you'll get your fair share because each month you will keep its name and information contact in front of your database.
If you have been in business for a while, then you probably have 300 or 500 or more contacts on your list. This is their "gold mine." How well you bit your prospect list will determine your return.
No list of contact … then begin immediately. It is never too late.
5. The lack of priority. Just because we're busy, does not mean that we will be successful. Sometimes we stay focused on all kinds of activities rather than results. Thus, we believe we are very busy and we are. Unfortunately we're too busy doing the wrong things.
Do not forget the most important activity of all is … prospecting for new business. Take time each day to prospect for new mortgage opportunities. You will not regret it.
6. Failure to anticipate. Sometimes we get so involved with our programming, we have surprised by something that should have predicted. Yes … it happens to all of us on occasion. But if you're always putting out fires, then it's time to change the way they operate. Look problem areas and work to eliminate them. Ask yourself why the problems occurred and then correct
them.
Consciousness is more than 50% of the battle. By recognizing the problems that you took the first step on your journey to success.
7. Lack of hearing. This is probably the most classical error common and we can do. The mortgage person who listens but does not listen … the person who interrupts constantly mortgage prospects mortgage … person who provides solutions that are off target, or … the person who oppresses mortgage prospects and customers with verbiage that clearly indicates a lack of having really hear anything else said.
Learn to listen … listen and to learn!
8. The lack of investment in the tools needed to improve and develop your business. My email at home is always full of requests from people seeking help to get your mortgage business on track.
As you know, there is no "magic bullet "To ensure its success. But the thing you should do is" invest "in time and programs to expand and grow their businesses.
If you devotes an hour a day, every day, learn and study the mortgage business … and you did it for a period of sixty days … you could easily find more than half all the people working in the mortgage business today.
Continue to invest in their knowledge and skills, and you will take a big step toward success. Couple this with an easy to use, saving time, marketing tools and editable 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/
