As published in Scotsman Guide's Residential Edition, December 2005.
The constant media attention surrounding the potential slowdown in the mortgage and real estate industries is at best intimidating, if not altogether overwhelming. The industry has grown exponentially in the 21st century, as staggering numbers of new faces are entering this lucrative and exciting career. However, as 2005 winds down, there are many predictions from top economists that the housing and refinancing boom will slow down, or at least plateau.
The media have everyone wondering if and when this will happen and whether we will all find ourselves without jobs if the predictions come true. Although some of the more-vehement proclamations of a bubble-burst may not rattle experienced loan officers, it's important to note that some of the industry's newer players may be terrified of a slowdown's repercussions.
It falls on the shoulders of those with longer tenure in the industry to keep the newcomers motivated and supported in this potentially uncertain market. Using a three-pronged approach to keep your loan officers motivated when faced with adversity will help ease their minds and keep your mortgage company ahead of the bubble-burst curve.
It is important to become proactive instead of reactive in your campaign to keep your loan officers motivated. This involves:
Building a solid foundation: There's no time like the present for your loan officers to begin forming solid relationships within the industry. Encourage them to build relationships with Realtors, attorneys, collection companies and other beneficial allies. If they must be out of the office a few days a week to assist at open houses or meet new Realtors, remind them that being proactive in the short term is paramount to their long-term success. Having these referral-based relationships in place will help your loan officers should business begin to drop off later.
Emphasizing the need for follow-up with past clients: Remind your loan officers that following up with and marketing to past clients will help now more than ever. Encourage them to reach out to previous clients with ways that they helped them in the past and ways they can help them in the near or distant future.
Implement continuing education: Knowledge is definitely power, and it's important to educate your loan officers. By keeping them abreast of the changing industry, you will empower them with information that others may lack.
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