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   ARTICLE   |   From Scotsman Guide Residential Edition   |   October 2003

Are You Prepared for the Post Refi Boom?

One thing is for sure with the recent shift in the market, regarding interest rates, the next few months will surely be a “boom” for some loan originators and a “bust” for others.  I expect 30-35% of all originators to exit the industry within 90 days.  The number one reason for their exit is that during the last two years of prosperity in the rate and term refi frenzy, they were seduced into complacency in their marketing efforts.  And number two; they didn’t save their money.  I have been through three refi markets and can remember saying to myself after each came to an end, God, give me one more refi market and I promise I’ll save my money this time.

To thrive in the loan business today, it’s going to take some swift adjustments in your marketing strategy, and a willingness to get back to the basics, or what I call the “New Basics.” The bar has definitely been raised.  New skills are required, and a hunger for the riches this industry can provide must be “white hot.”  

Here are a few skills and strategies that will be paramount to your success:

  • “Adjust Your Game Plan” —Don’t wait until it is too late.  If the fish aren’t biting any longer—move the boat!  Or, at least change your bait.
  • “Sell the Dream” —Brush up on your sales skills.  You don’t have to be a great salesperson to sell 5%—30 year fixed rates.  Learn how to sell the payment.  Provide solutions for your customers situation, and “close the deal.  Don’t be passive.  Passive salespeople have skinny kids.  Ask for the order, and don’t give up.
  • “Diversify Your Prospecting”—Balance your time, effort and marketing budget.  Targeted Direct Mail, face to face, and telephone are still the quickest and most efficient way to build your pipeline.  “Audience Specific Marketing” is the key to your highest return on investment.  When your prospecting goes down, your business does down.
  • “Don’t Dabble” —Commit yourself to two or three areas to develop your business, and then leap in!  Don’t get so much going at one time that you don’t do anything well.  Go all the way.
  • “Get Excited”—Enthusiasm sells.  If you can’t get pumped up about the loan business, how will you ever get your customer excited to do business with you?  It all starts with your attitude.  Confidence grows out of attitude and passion.

Now is the time to knock your customer’s socks off.  Create a powerful, positive experience for everyone that chooses to do business with you.  Don’t hesitate.  The bridge between making a living and making a fortune in the loan business is ACTION.  Your leverage against a fluctuating mortgage market is to get rich!  I wish you a RICH life and continued success!


 


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