As published in Scotsman Guide's Residential Edition, December 2005.
As the year comes to a close, ask yourself these two questions:
Were you happy with your production this year? and
In reviewing the business you conducted, what would you do differently if you could go back and do it over?
Business is not like a child's game -- you can't request a do-over. But you can plan for a better year next year. Increasing production tends to be the most common goal of mortgage originators. Here are some ideas you can implement for the coming year.
When we deal with past clients in the mortgage business, we often leave money on the table. Sure, you handled their needs once. But how good are you at serving them again? This depends on how much information you keep on your clients.
During my real estate career, I gathered so much information about my clients that I always had a reason to contact them. I knew their names, their children's names, whether or not they had pets, where they worked and what their interests were. I always had something topical to discuss with them. I had a plan to "get in front of them" at least six times each year. That way, when they thought about real estate, they thought about me. By my third year in the business, my business was 100-percent referral-based.
Back then, I visited them in person, which we consider too time-consuming today. You likely can't find people at home during normal business hours. You do, however, have a technological advantage. You can call and leave messages on clients' answering machines. You can send e-mails. You can create and send newsletters that you create yourself.
What do you know about your clients? Are they candidates for home-equity mortgages? Are they considering buying investment property -- perhaps where their children are attending college? Do they know what to do to improve their credit scores? Do they know where and how to get copies of their credit reports and what to do with them once they have them? Do they understand the value and power of managing their credit?
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