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   ARTICLE   |   From Scotsman Guide Residential Edition   |   October 2013

Don’t Get Burned by Adversity

Follow these four tips for finding success in good times and bad

Don’t Get Burned by Adversity

In 2007, the mortgage industry took a nose dive. Although some may argue that the industry has yet to reach the pinnacle of its renewal, others say that the glory days are right here and now.

Either way, when faced with adversity, the important thing to remember is that the challenge can be resolved one step at a time — and that resolution starts with you. Regardless of the scope of the problem, following a few simple rules of thumb can ensure that your business stays its course and passes its test unscathed.

Whatever problems mortgage brokers or the industry as a whole may face, adversity should be welcomed by those who have done their due diligence. If you haven’t done yours, now is a great time to start. Consider these four strategies to help you secure your future in the mortgage industry — and perhaps lead to increased business, as well.

Remember your core values

Let’s face it: For some, originating mortgages isn’t their greatest passion (although it certainly may be for others). Rather, it’s what many do to support their passions, fueling their journey through life. Remembering your core values every day can be a challenge, however, so you must surround yourself with what matters.

With that in mind, fill your business world with constant reminders of why you do what you do. Photos of your family, mementos from vacations you’ve taken, written expressions that remind you to keep going, pieces of artwork that your children took the time to create for you — all of these things can help put you in a more emotional state of mind, which actually may help you sell better.

Remember: Customers want to hear that you care about their situation. To them, it’s not about the savings that you can provide or the house that you can help them purchase; it’s the memories that are created as a result. Surrounding yourself with the aforementioned tokens can go a long way in showing your customers that you’re not so different from them.

Forget the naysayers

Either cut the naysayers out of your life or get them aboard on your locomotive of positive energy. Remind yourself that success in a challenging market can be achieved, and remind yourself that it’s not as though every mortgage professional working today is going to go out of business because of a few increases in mortgage rates.

Of course there will be champions in every battle, but it’s your task to decide whose side you’re on. Do you want to spend needless time lamenting with those of your coworkers who will be looking for work in a few months, or when faced with a challenge, would you rather grab the proverbial bull by the horns and make the best out of a bad situation?

Surround yourself with people who are proven champions and have a can-do attitude. If you’re the only such person in your office, then it may be time to step up and become the leader you were meant to be.

Avoid negative news

For some, this may go against the tradition of reading the morning news, but in today’s world, the news rarely feels positive. Why should you start your day with it then? Whether you’re politically conservative, liberal or somewhere in the middle, there’s often something happening every day in the news that could sour your mood. It’s said that ignorance is bliss, and although this approach shouldn’t be taken with all things, it can be best to avoid starting your day with negativity.

What should you do with your mornings instead? Exercise or meditation are certainly two options. Both of these activities can improve your learning ability and mood throughout the day, giving you an obvious edge in taking things to the next level.

Prepare for turns ahead

Although avoiding negative news to start off your day can be helpful, make sure you still stay on top of industry changes and trends. Watch for patterns. Look at historical data to see what happened the last time a given event occurred, as well as any backlash with which it may be associated.

For instance, at times when rates go up and refinances are more difficult to sell, perhaps you should focus only on purchases. If you’re not good at networking with Realtors, that’s all right; explore alternative networking opportunities. The bottom line is to prepare ahead of time and devise a strategy for success. If it takes more calls to get more customers, you may find you already have the time.

Here’s a brief exercise to put things in perspective: Count the number of hours that you spend prospecting on the average day, then divide the amount of money you average per month by the number of prospecting hours to see how much those hours are worth to you. If you, for example, make about $10,000 per month with two hours of prospecting each day, then if you spend three hours per day you could make $15,000. To put it another way, that’s just one more hour per day for a 50 percent increase in your pay.

•  •  •

The mortgage industry has been a difficult landscape throughout the past few years, and now that the economy is getting back on its feet, some professionals may find that business is coming easier and easier. Even so, that’s no excuse to rest on your laurels — or to leave yourself unprepared for future trying times. If more bumps in the road appear, proper preparation is key to not only staying afloat, but also prospering.


 


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