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…

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2 replies
  1. GD
    GD says:

    Brian your story is spot on. I was the LO with 1 referral source and lost it and my business came to a screeching halt that’s why I’m taking your advice with Renters into Loans system. I need a better now!

    Reply
  2. Gerard Dickson
    Gerard Dickson says:

    This article spoke to me. I actually had 1 referral source and this year it backfired on me big time, and that’s why I’m grateful I’m a member of TOMM and Renters into Loans. Here’s a little testimonial. I listened to all the videos in RIL and you mentioned a quick win about the 9 word email. I reviewed the 9 word email instructions and immediately implemented it last yesterday to all of the folks on the fence or I had prequalified/preapproved that hadn’t purchased. Well, to my surprise this morning I’ve had the privilege of responding to now 23 warm clients that I thought were long gone. Three of them are actively looking, 5 are waiting until tax time, 3 have already purchased and the rest are working on their credit. I couldn’t believe that simple 9 word email got that response. Thank you Brian for sharing.

    Reply

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