« tools and tips »
By Tim Davis
Vice president of marketing
Titan Home Loans
A New Decade, a New Outlook
Flip the calendar with gusto by following these five tips
Mortgage brokers saw a lot of changes this past year, and more are on the way. Many
brokers are asking themselves:
What’s coming next? •
how do i • handle it? and
What should i do • with my business
and career?
These are all good questions, especially at the end of a year that delivered
large blows on multiple levels. Since
the start of the year, many mortgage
brokers have left the business. Others
transitioned to become bankers. In addition, business guidelines and regulations have changed, as have mortgage
consumers’ buying habits. The clouds
of uncertainty floating over the mortgage market have been so dense that
many industry professionals have lost
their vision.
In light of this — and with a new year
and a new decade just around the corner — now is the perfect time to reflect
on the past and look toward the future.
As you do this, ask yourself what you
want to accomplish in the coming year
and how you want to get there.
While mulling these questions, also
consider the following five steps for
achieving and maintaining success.
1. Up your commitment level
Many opportunities exist in today’s
market. How you see those opportunities often depends on your level of commitment to your profession. The future
is wide open for brokers who commit
themselves fully to their career, their referral partners and their clients.
As you look toward the coming year,
you must understand that challenges
— including increased government
regulation and changes to how you
underwrite loans — will exist. When
you have a deep-rooted commitment,
however, you see challenges as opportunities. Part of being committed
to the profession means being dedicated to finding ways to meet new
requirements.
2. Develop a vision
Where do you see yourself going in
the next year? What is your vision of
your business? Do you see yourself as
a leader in the community? How about
with your employees, partners and
customers?
Having vision is powerful not only
for you but also for the members of
your team, whether they be your loan
officers, referral partners, clients or
anyone else. Once you have a vision
in your mind, you can move on to the
next step.
3. Write it down
Write down your vision and everything
you think of that relates to it, no matter
how tangential or small. After you have
it on paper, you can read through your
list and begin to tighten it. If you take
time to do this, you’ll be amazed at how
the cloud of uncertainty will lift from
your business.
Illustration: Dennis Wunsch
Ideas can’t develop into action until you write them down. As you do so,
you’ll begin to gain a sense of clarity.
Putting your ideas to paper also will
help you maintain consistency and
build a plan. Success requires commitment and vision, but until you put pen
to paper, those things remain fleeting
ideas rather than crucial parts of a tangible action plan.
4. Develop a personal brand
The question of being a broker, net
branch or retail banker plagues many
of today’s best and brightest mortgage
professionals. The truth is that as the
industry undergoes more changes, no
one can tell for sure which origination
channel will be best. Regardless of
which direction you choose, personal
relationships will remain at the core of
your business.
Clients don’t call a particular company — they call you. They want to know
that you can take care of financing their
home, but they also are looking for market leadership. To establish yourself as
a leader, you must develop your personal brand. You can do this by:
having • professional portraits taken
and using them on your business
card, letterhead and elsewhere;
developing • a logo and collateral
material;
establishing • ablog on which you
post educational information;
volunteering for industry-leadership •
boards and committees;
giving seminars and • speaking to possible referral partners;
Writing a book • ;
developing an audio • series on home-
ownership; and
establishing a video-marketing •
strategy.
You don’t have to do all these things,
but you should attempt to do most of
them. Each will help you build your
personal brand, establish your credibility and increase your influence. The
bottom line is that when you invest in
yourself, you don’t have to worry about
which origination channel you’re in. Referral partners and clients will follow
wherever you go.
5. Develop relationships
Behind almost every successful mortgage broker is a long list of quality relationships developed over time. Make
sure you have a plan in place for how
you introduce yourself to potential
clients and referral partners and how
you stay in touch with them. You can’t
control how people react to you, but
you can do everything in your power to
present yourself as a knowledgeable
professional with whom people want
to work.
Here are some strategies for developing high-quality relationships:
go after them. • Life is too short to
spend on people without morals, eth-
ics and integrity.
develop and maintain • a database or
relationship-management system for
tracking your interactions with clients
and partners.
find out the • dates that matter to peo-
ple, such as anniversaries, birthdays
and other special occasions. Send
cards on or just before these days.
make phone calls • and schedule one-
on-one meetings.
ask about • people’s families, goals
and businesses. Take a genuine in-
terest in people’s lives.
stay in touch • via e-mail and update
your blog with important events that
will impact the financial climate and
people’s businesses.
As we look to the coming year, take
time to think about your business and
how it will look. If you want to succeed
in today’s mortgage market, you must
take action. •
Tim Davis is vice president of marketing at
Titan Home Loans and a 16-year industry
veteran. He also is an industry author and
speaker and a nationwide coach on marketing
for loan originators. Davis hosts “The Originators Guide,” a free podcast for loan originators. Visit www.theoriginatorsguide.com or
reach him at timdavis@titanhomeloans.net
or at (615) 255-2352, ext. 102.
