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By Ken Taylor
The Secret to Building Business in a Downturn
Ken Taylor & Associates Inc.
Change your ways, change yourself — and create value in the process
In the past, when the mortgage market slowed down, business of- ten returned to mortgage brokers
because of falling interest rates or past
clients looking for new loans. So where
are those clients now? Perhaps unemployed, perhaps in financial trouble,
by Ken Taylor
“Simple Steps for Success,”
“Taking a Systematic Approach to
Marketing,” residential edition,
“Reach Out for Referrals,”
View these articles and more at
If waiting seems like your only option, think again. Today’s market differs
from nearly any other market brokers
have seen. The government has created stimulus packages, spent billions
of dollars to spark the economy and
likely set the stage for future inflation,
which means interest rates could begin
Brokers have two options:
Continue to ride out 1. the market
Take action 2. to build or reconstruct a
If choice No. 2 seems like the best
option, there’s good news: It’s easier
than you might think.
There has never been a better time
to grow your business. You might think
that’s a strange statement given the
economic times, but consider this: The
greatest opportunities often appear
in the toughest times. Why? Because
more problems need solutions, and
selling is all about providing solutions.
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If you want to see explosive growth in
your business, you must do one other
thing in addition to solving problems:
You must provide exceptional value.
Brokers who can identify a problem
and offer a valued solution often will
find success close at hand. If you’re up
to the challenge, the following two-step
formula can help you on your way:
1. Reinvent yourself and your business. By changing your ways, you
can change yourself. Brokers must
forget about the past two decades
— when great service and competitive pricing often yielded a profitable business and exotic mortgage
products could deliver market advantage — and learn to accept the
new reality. Brokers must discover
each client’s needs and problems
and build a superior offering that
fits each person. You must strive to
create exceptional value that your
competition can’t match. Merely
providing great service and pricing
will do little more than put you in a
horse race with everyone else.
2. Take your exceptional value to the
market. Clients aren’t going to come
to you unless you actively bring
them in. You can do this by learning
to take action based on knowledge.
One of the best ways to do this is to
develop your referral partnerships.
There are an unlimited number of
potential business partners and clients looking for exceptional value.
The key is to identify prospective associates and clients, to analyze each
based on specific needs and problems, and to formulate a plan to fulfill
those needs. Consider the following
list and possible solutions:
Real estate agents • need more listings and sales. They don’t need to
hear about a new mortgage program.
Consider an outreach plan that targets homeowners attempting to sell
their homes without an agent. If you
can convince these owners to work
with an agent with whom you’re attempting to build a partnership, you
likely will succeed in your efforts.
You might even be able to provide a
buyer for the property. If you can do
this, you create value for all parties
involved. You also likely could count
on the real estate agent for future
Builders • need to sell more homes.
One way to help them is to create
a system for keeping in touch with
homebuyers who preview a model
home. The goal is to keep those clients thinking about the builder’s
project and to promote the project
within the real estate community at
large. Brokers who help builders sell
their completed projects will create
strong business allies.
Veterans • often need a better understanding of the benefits available through the Department of
Veterans Affairs. The solution can
include a well-defined marketing-and-education program. Offering
on-base education classes advertised in military-base newspapers
can be a great way to kick off such a
program. Teaching on-base classes
can yield new clients and lead to
partnerships with real estate agents
who are veterans themselves or who
work with veterans.
delivering it to prospective
business partners and
clients, brokers can set
Divorce attorneys • need a reliable
partner who can help their clients
settle issues associated with property division. Brokers can offer a solution by designing a program that
incorporates mortgage counseling.
Corporations • need to offer better
benefits to their employees for lower
cost. The solution can include developing a mortgage-benefit program
that creates discounts from vendors
willing to team together. This can include title companies, home inspectors and insurance agents. It also can
include nontraditional business partners such as furniture-sellers.
By creating exceptional value and
delivering it to prospective business
partners and clients, brokers can set
themselves apart, attract new business and quit waiting for business to
Ken Taylor is president of Ken Taylor &
Associates Inc., a training and consulting
firm in Florida. He has written more than a
thousand articles on sales, motivation and
leadership. Taylor is a professional business
coach who works with some of the country’s
top loan officers, corporate executives, and
NFL and college-football coaches. He can
speak to your company about sales, marketing, Internet marketing and leadership. Reach
Taylor at email@example.com or (904)
280-3060. Visit www.coachkentaylor.com.