Douglas Smith is president of Douglas Smith & Associates,
a sales-training and performance-coaching company specializing in the banking and mortgage industry. He is a nationally
acclaimed speaker and author who helps lenders find more
customers, close more loans and make more money. Visit
dougsmithonline.com. Reach Smith at (877) 430-2329 or
Cash in on the Homebuying Season
Prosperity happens when you execute plans to become successful
By Douglas Smith
The 2018 spring and summer homebuying season promises to be a prosperous one for the housing industry. Still relatively low interest rates and a booming economy are
fueling an explosion in home sales and new housing
starts across the country.
Thousands of people are applying for mortgage
loans every day. Those originators who are positively
positioned to capitalize on new business will find more
customers, close more loans and make more money
than everyone else.
If you plan to profit from this seasonal upswing in
activity, there are some actions you should take to
maximize your opportunities. It starts with making
sure you get out of the office.
Don’t get bogged down
Spending your day sitting at your desk studying a
guideline manual or reading and responding to e-mails
is no way to find more buyers. Schedule coffee or
lunch appointments with real estate agents. Meet with
builders. Show up at community and industry events.
Deliver homebuyer workshops. Attend area networking functions. Remember that in a purchase-loan
market, the business doesn’t come to you. You must go
out and find it.
Babysitting your loans in process is no way to grow
your business this spring and summer. Pre-qualify your
borrowers upfront, take a thorough loan application,
order the documents you need and then focus the
majority of your energy and effort on finding the next
customer you can help. The less time you spend working on loans you’ve already originated, the more time
you’ll have to go out and originate another loan.
Whether you spend two hours or two weeks working
on a loan, in the end you get paid the same. That being
said, the less time you spend on each file, the better.
Extremely difficult transactions and high-maintenance
clients can sap your time and energy, keep you stuck
in the office and slow down your momentum in this
busy buying season. In short: Originate good loans for
quality buyers that you know will close.
Market your services
If you maintain a database of personal contacts (past
customers, friends, neighbors, etc.) now is the time to
remind them that they have a direct connection to the
mortgage lending business. Send out a special letter or
e-mail, share a recent success story of how you helped
someone and offer your advice and expertise to those
in your network who may be looking to buy a home
You also should find and work with busy referral
partners. Although the real estate industry employs
many hard-working and successful people, it also is
riddled with thousands of part-time hobbyists and
low-volume agents who sell few houses every year and
make almost no money. If one component of your busi-
ness strategy for 2018 is to source more referrals from
real estate agents, be sure you are talking with and call-
ing on the busy, full-time, successful ones. All the others
will only monopolize your time and hold you back.
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