The 3 Mistakes That Lead To Originator Frustrations and Lost Deals

Good Morning
Yesterday  I told you about the frustrations I have during December each year and how I truly hate
each December. I am sure many of you reading this do to.

WE WORRY ABOUT
What rates will be like.

– Who will continue to give us business or find a new favorite lender of the month.
-NOt knowing what to do or even having the money to implement what we do know
– Getting easily distracted by the snake oil salesman trying to sell us crap.

THEN WE VERBALLY MASTURBATE WITH OURSELVES AND MANAGERS
Hey if that term disturbs you then you probably should click off right now because it gets worse….

I am truly not sure what else to call it.

We are pressured to come up with a plan for the coming year in terms of volume and units but we have no idea how the hell the year will turn out- and neither they do ….

SO we put together a plan which is really no more than a prayer “HOPING” we can come close…

LET ME SHARE SOME OF THE MISTAKES WITH THIS PROCESS.


1. THE MAGIC PILL SYNDROME


 I have literally spent ( wasted) tens of thousands of dollars with the snake oil salesman myself.

The truth is that if you don’t originate NOW than HOW DARE YOU sell me anything since you have no idea of the challanges I face daily.

I hate to break it to you – but there really are NO MAGIC pills. There are tactics that work and some that don’t.

But regardless of the tactic or strategy – this is a people to people business.
So while all the new social media tools may have some life ( until they change – which they do all the time) you still have to understand that people do business with people.

I personally almost went bankrupt- twice in my career- mostly because of the magic pill bullshit.
You have to work hard and be smart and you can ) and will succeed !!!!

Next time one of these scumbags calls you — ask them how many loans they closed last month.

FUNNY!
Stop and think about that- if their  “tool”  – Magic Potion- Snake Oil – Social Media idea  was so damn good why are they pushing so hard to sell it to you —
Why don’t they just use it and originate themselves.

 

2. NO PLAN AND NO TRACKING– THE SWING IN THE BREEZE LEAF SYNDROME
I think I just invented a new phrase.. but isn’t that how many of us operate

We have an IDEA of how much we want to make in 2019 –
We have a rough idea of how many units that will take but really not sure how.

You MUST HAVE A PLAN- and YOU MUST TRACK IT TO MAKE SURE YOU ARE ON TRACK
If you don’t have a plan than you will look back next December and wonder what the hell happened . Of course this will not help your bank account either.. I know I always hate that sinking feeling.

 

3. You Don’t Have To Experiment – Just Use What Works.


I am not sure why we all think that we have to do all of the “new things” or why the term

“Going Old School” is such a bad term and frowned upon.

When I started – I had zero contacts-zero money – and a credit card with a 200 credit limit.
I am not embarassed to tell you that fast forward 30 years and I came back to the business in 2014 with the almost the exact same story.

HAD NOTHING- BUILT SOMETHING BIG- LOST EVERYTHING – BUILDING BACK AGAIN
Sucks to admit it but it’s true.

Started in 1985- built a 7 figure income business- lost it all – building it back to now in the six figures
Yeah- just need one more digit to be back at 7 figure.

I am NOT TELLING YOU ANY OF THIS to brag- but just to let you know it CAN and IS BEING DONE!!

I am sure more will pour out of me soon – guess I hit a button in my brain and these ideas started pouring out – so thought I would share as we make our plans for 2019 and hope it will help you avoid some of the issues and terrible feelings I had.

Stay tuned – I am sure I will share something important tommorow on this rant !!

Dedicated To Increasing Your Production,
Brian Sacks
PS- Would Love your thoughts – leave them below

Share This Secret:

Why Originators Hate This Time Of Year – I am sure you do too

December here in Baltimore is always pretty bitter both business and weather wise.

Things slow down and we are left wondering what next year will be like and what we did well and maybe not so well during the past 12 months.

Last December was a particularly brutal one;

I wondered what rates would do?
I hoped certain agents would give me business but they didn’t.
Three of my top loyal agents actually turned out not to be so loyal and to this day I am still wondering what I did??
Frustrating and confusing right.

BUT IT’S ACTUALLY WORSE THAN THAT AS WE ALL KNOW

I know I have to be on social media- but don’t really have the time or desire to post all the time.

I know I have to be everywhere and in front of everyone all the time but how?

THEN WE HAVE THAT SAYING WE ALL KNOW SO WELL!
“you have to spend money to make money”

It honestly makes me physically ill when I hear  “Oh you have to sponsor our ads or pay for a desk”

Then of course we have all of the “snake oil” salesmen selling us all sorts of crap.
They have never originated a loan so how the hell do they know ( or even care) it works or not.

Looking back at my career and listening to the people I have coached many share the same issues.
and of course I was no different.

Here are the 3 categories I think we all fall in – choose the one the fits you – I have been all 3 at one time or other.
– Know what to do – but just get distracted and don’t do it

— Don’t know what to do

– Don’t know what to do AND Don’t have money to spend even if they knew what to do.

I HAVE HAD ALL OF THESE ISSUES DURING MY CAREER!

Its much worse when you have a family to support and have that sinking feeling of

  • Not knowing where your next paycheck is coming from
  • Spending your last money from a credit card and PRAYING that the tactic you just invested in will work.

THIS IS THE TIME OF YEAR- ALL OF THESE EMOTIONS COME OUT….

Then we “verbally masturbate” with our managers and give them some half baked prayer of a plan for the coming year with the volume /units we “HOPE” we will close.

TO put it simply – this SUCKS!!!!

But stay tuned because tommorow I will send you some ideas on how to fix some of this
I had to learn all of what I am about to share the hard way !

Dedicated To Increasing Your Production
Brian Sacks

 

Share This Secret:

HOW THE NUMBER 1 CAN DESTROY YOUR MORTGAGE BUSINESS

While we all strive to be number one in everything we do I think it’s important that we take a step back and actually look at the number one in a different way.

If you are an originator hoping to grow your production you need to pay careful attention to the number one. Let’s dive in and take a closer look at this numbers impact.

ONE WAY TO GENERATE NEW BUSINESS
Having one way to generate new business, regardless of whether it works or not, is very dangerous. Let’s think back a while and remember the blast faxes, then robo calls , then blast e-mails.
They are all now 100% ineffective and some are actually outlawed. You may also have had a website that ranked high on Google and then got “slapped” when they changed their guidelines.
If you used any of these methods than you probably already know the effects of being shut down and having your source of business come to a screeching halt.
To be effective you should at least 3 -4 ways of consistently generating new leads and clients.

ONE SOURCE OF BUSINESS
Did you know that the statistically the in -house originator in a Real-Estate office only does 27% percent of the business in that office. But imagine what happens when the in-house originator has a deal that goes south. Every agent in that office becomes aware of the problem and hesitant about using that originator.

I see many originators going after the top producer with the hope that just 1 or 2 top producing agents will set them up for a great year.
While that may or may not be true, it is very dangerous. Losing one of those agents means your production and income would decrease by 50%. Stop and let that sink in for a minute.

If you truly want to grow your production you must have a large and diverse group of referral partners so that if one or two or even three stop using you your business still keeps moving on.

Look at your current referral base and analyze it. If you have less than 20 active referral sources than you should immediately get started on building up your base.
Just to be clear, an active referral source is one that you can count on to provide you with 3-4 deals or more annually.

ONE STAFF PERSON OR ASSISTANT
This one is particularly sensitive to me. Let me share a quick story with you. During the last major refi boom I had one processor working with me. She was not what I would call a great processor but she was adequate.
As business began to explode she became less and less dependable and more hostile. One day I had enough and I told her that if she didn’t start performing I was going to fire her.

Her response was uncontrollable laughter. I was floored by this but then she clarified it for me. Since we were so busy and she was the only processor I had, she felt there was no way in the world I could even consider firing her.

Well I did fire her that day and I also learned a valuable lesson.
The number 1 is truly the most dangerous number in the mortgage business.

Now go back and think about your own production. Make sure you have diverse:
– Referral Base
-Lead Generation Plan
-Staff

Dedicated To Increasing Your Production,
Brian Sacks

BTW- If you have wondered how to convert people who are currently renting  into new deals – and then turning those new deals into “bait” you can give to your current agents or use them to get new agents
You have to be careful though- there are certain words you need to use when you give them to new agents and there are only certain agents that you should give them to ..
I cover it all on this training for the Renters Into Loans System
http://rentersintoloans.com/special-offer/

You will hear in the presentation that I am taking the program off the market which I will do from time to time since I offer one on one consultations with members and still originate every day just like you so my time is limited and need to make sure that I am available for you as a member.

BTW- I realize that it’s the holiday season and business may be slow for some — so there is an option to try it for a full six months before needing to make any payments…

Share This Secret: