The new year is upon us, and most of us set goals that we want to accomplish. Many of these relate to money. If you are a mortgage professional who could handle more bucks in your bank account, employ these six New Year's resolutions to help you close more loans in 2016.
#1: I will educate myself on all mortgage aspects. Consumers have lots of questions during the mortgage process, and it pays to be able to answer them in a concise, understandable manner. Mortgage professionals who "don't have time" to give their customers the 411, or who aren't prepared for the barrage of questions will most likely end up with big, gaping holes in their schedule.
Resolve to: read industry blogs, attend training webinars, and in-person presentations about current industry trends, credit scoring, appraisal requirements, and any other pertinent coaching. Cultivate yourself as an industry expert, and consumers will flock to your door.
#2: I will share my expertise through content. If you know everything there is to know about the mortgage process but don't share it, you become the Invisible Man of the mortgage industry.
Resolve to: Write a blog, post on social media, send out a newsletter, and volunteer to speak at community presentations. Finding ways of sharing your knowledge, and giving value upfront, attracts interest from would-be homebuyers. We like interest. Interest turns into moola.
#3: I will dig for gold with my satisfied clients. Even in this digital age, don't overlook the power of word of mouth. For a mortgage professional, referrals are the gravy on your work's potatoes.
Resolve to: Always ask your clients to refer you to family, friends, and co-workers. Don't let a customer leave your office without several business cards, and periodically touch in with them to gently nudge them for referrals. Imagine if every one of your clients from last year referred two homebuyers to you this year. Wow!
#4: I will choose vendors who focus on my success. "Press 1 here" is not the right idea of customer service. Vendors should be more than simply a supplier of required services or products. They should invest in your success, and offer valuable assistance where they can.
Resolve to: Review your current vendors. Who is helping you get to the next level of succes? Which ones offer value-add information and helpful education about upcoming industry changes and trends? If you can't think of instances where vendors have assisted you, it may be time to look for new ones.
#5:I will streamline my processes. Digging through paperwork, making multiple phone calls because of a singular issue, and dealing with delays frustrate you and keep you off track.
Resolve to: Get organized and work with organized people. Shelve paperwork in a system so you can easily find it, and work with vendors, appraisers, and realtors who return calls promptly with little follow up on your part. This practice frees you up to track down and close more business.
#6: I will save every deal possible. Putting yourself out there, sharing your expertise, and attracting a greater number of home buyers yields zero results if the deal falls through!
Resolve to: Peel your eyes for out-of-the-box solutions to make sure the mortgage process is successful. Whether it's finding different investors, working with the buyers on a smaller loan, or helping them increase their credit score, it's essential to your bottom line to push through the obstacles to make if happen.
The mortgage business isn't easy, and it's never going to be. By putting these practices in place, a mortgage professional can close more loans in 2016, increase their income, and end up with happy customers who will referral friends and family.
Happy New Year!