As published in Scotsman Guide's Residential Edition, July 2005.
Creating wealth in the mortgage business starts with discovering what you are really good at. Then, it’s a matter of marketing around your own personal niche.
When marketing and prospecting, many mortgage originators instead fall into the same trap of having no focus and no niche. They have so much going that they really have nothing going. They start too many projects and finish too few. They put forth scattered efforts to produce inconsistent results. They work too hard for too little, and there are too many of them.
Life is too short to have time to perfect your weaknesses. That’s what most underachieving salespeople do all day — sell products they don’t have, offer services they can’t provide or use strategies that don’t match their strengths or style. Basically, these salespeople focus most of their time, effort and energy in areas where they will experience the lowest return. When this occurs, your results will suffer. You won’t be able to last long enough to get good.
If you are not getting a high return on your efforts, it may be time to call a timeout and regroup. Understanding your product and selling what you have is a course of action that will produce more sales, as well as repeat business.
I believe if you match your strengths with marketing strategies that complement them, you can get rich in your niche. For example, if you like speaking in front of a group, spend more time seminar-marketing or networking and less time telemarketing. If you are good on the phone, spend more time on the phone. What you are good at, do more of. The more you do, the better you will get. And the better you get, the more money you will earn.
It also might be a reality check to better define your core strength. Draw a line down the middle of a piece of paper. On one side, write all of your personal strengths. On the other, write your weaknesses. Be honest with yourself. When you’ve completed your list, see what is revealed. There may be something right in front of you that you have been missing. Where have you been spending most of your time? Have you been working in areas where you are the strongest or the weakest? The answers might tell you more about the results you have been experiencing.
The next step is to look at your prospecting and marketing campaigns and see if they match your style, personality and strengths. If they don't, adjust your marketing plan. Options are plentiful. If you are struggling or not producing consistent results, you just might be trying to get rich in someone else’s niche.