by Bubba Mills
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“Master the Conversion Game,”
“You Must Give to Receive,”
Noted American author Henry James once wrote: “Summer afternoon — summer afternoon; to me those have always been the two most beautiful words in the
English language.” We don’t know what James liked
so much about summer afternoons, but it’s obvious
why mortgage professionals should like all of summer:
It’s when they can make some serious money.
Take the National Association of Realtors’ (NAR’s) word
on the subject. The NAR has conducted a study every
year since 1999 and found that the seasons do, in fact,
play an important role in the housing and mortgage
In short, NAR says homebuying and home-selling
activities swell during the spring and summer
months of the year, and then trail off during the fall
and winter. During pretty much the entire second
quarter of each year, existing-home sales start a
steady climb with an average month-over-month
growth rate of 10 percent each month from April to
June. As a result, May, June, July and August become
the four heaviest home-selling months each year
and end up accounting for 40 percent of an average
year’s total home-selling volume.
NAR also found that home sales begin to drop in
earnest in September. Existing-home sales fall by an
average of 16 percent from August to September each
year, and then fall by another 10 percent in November.
The slowest period each year is from November to
February. Those four months account for just 27 percent of an average year’s total home-selling volume.
NAR also determined that mortgage applications
— not surprisingly — follow these seasonal trends as
well, but slightly earlier. So the big months for mortgage applications are primarily April through July.
That means it’s time to get busy and capitalize on
the upcoming summer. Here are some suggestions to
help you make the most of this coming summer.
Hold a special event
Take advantage of the warm weather and hold a
special event at a local park. This could be a picnic, a
client-appreciation cookout, a summer staycation party,
a cook-off or an ice cream social — anything fun.
Toss in a freebie or two related to your business —
maybe summer-related offerings like water bottles,
beach towels, or sunscreen with your company’s logo —
that you can hand out to potential clients or partners.
You also can research summertime events that you
might piggyback on. Just about every city has some
Memorial Day festivities, for example. Is there a festival that makes sense for you to partner with so you can
get your name (or your company’s name) out there?
Or are there some that are worth buying a booth at?
In general, think about where the crowds will be gath-
ering this summer and be there, too. There are plenty
of options during these months, such as local festivals,
outdoor shopping areas, beaches and recreational areas.
Find some that make sense and make an appearance.
Refresh your referrals and your look
To get your business really warmed up for the summer, ask your former clients for referrals. Outbound-Engine, a marketing-automation company, found that
83 percent of clients are willing to provide a referral
after they had a positive experience, but only 29 percent
actually give referrals.
Why is that? The main problem seems to be that few
past clients are ever asked to give referrals. Remember
this three-letter word to change your life: ask. You should
ask your happy clients for referrals, and perhaps ask
them to jot down some positive comments about you
on popular review websites like Yelp.
Spring and summer also are made for cleaning, and
the same is true for your marketing materials — both
hard copy and digital. If it’s been awhile since you’ve
added anything to your campaigns, it’s likely time for
Pull out all of your materials and give them a good
looking over. Update your website and social media
with new copy and images as well. This even might be
a good year to hire a professional to help you stand
out. At minimum, get another set of eyes to review
your materials to make sure your look and feel — as
well as your messaging — still have the spark that
speaks to your target audience.
n n n
If you take some time to think through these items and
really plan out your summer, you might find a few extra opportunities to increase your business. Go back
and think about each of these points, and see how you
can expand on them to make your summer a season
to remember. Then, as you think about this summer,
it will pay to ask yourself some questions about your
Do you feel you’ve given enough thought about
how you might capitalize on market forces during the
summer? Have you looked back at past summers to
see what opportunities presented themselves that you
may not have noticed? Have you considered specific
activities you can do to increase your business during
the summer months? You can even share your answers
with a colleague or a friendly mortgage coach. n
Bubba Mills is CEO and owner of Corcoran Consulting and
Coaching Inc., an international real estate, mortgage and
small-business coaching company committed to helping clients balance success in business, while building value in life.
Mills is a nationally recognized inspirational and education
speaker, coach and mentor to the top real estate agents and
mortgage companies. His articles do not necessarily represent the views or opinions of Corcoran Consulting LLC clients
or other entities he represents. For more information, call
(800) 957-8353 or visit CorcoranCoaching.com. Reach Mills at
Time to Heat Up Your Business
Summer is a hot season for the mortgage industry
By Bubba Mills
“Bringing Teams Together”