We are now mid way thru 2015 – six full months worth of business yet to be done.
SO HOW WAS THE FIRST HALF OF 2015 FOR YOU?
This week I am taking my son to college in South Carolina. He was recruited to play D-1 Lacrosse at Furman University and one of the ways they assist their student athletes is by giving them a free summer session so they can get some classes under their belt and not have to take a heavy course load during their sports season.
We are packing up today for the 10 hour trip from Baltimore to Greenville. There are a number of routes we could take but we have mapped out one that seems to be the fastest and easiest way to go.
THIS IS EXACTLY WHAT YOU NEED TO DO WITH YOUR MORTGAGE BUSINESS
Sounds strange huh?
But stop and think about this for a second. Hopefully you have set a goal for 2015 in terms of how much you want to earn and how you will accomplish that goal. If you haven’t you NEED TO DO THAT RIGHT NOW! I’ll wait.
EXAMPLE– If you want to earn 100,000 and your average loan is 200,000 and you earn 100 basis points then the math is pretty simple right?
You need to originate 55 loans and close 50 loans – ( 50 x 2000= 100,000) The extra five are for loans that don’t close – you really should not have more than a 10% fallout rate on loans you originated.
NOW THE BIG QUESTION– HOW WILL YOU ACCOMPLISH THIS?
This is the most important question you can ask yourself. Here’s what my list looks like ( my figure is higher than 100,000 in income so adjust yours accordingly)
Realtors – 7 deals per month
Referrals- 2 deals
Direct Marketing- 3
Boomerang Buyers- 3
Now take a minute and write yours down. Realtors and Referrals are self explanatory. For direct marketing I include You Tube ads /videos – Facebook and Direct Marketing to renters ( see http://www.RentersIntoLoans.com for more information but this involves targeting a specific complex (s) and putting them thru my system so they can then be a pre-approved buyer I provide to Realtor partners)
The Boomerang Buyers are also targeted buyers that I market to who have a credit challenge or bankruptcy/foreclosure but are approvable with current guidelines. Very few originators are marketing to them but there are 7.3 Million of them and they are eager to rebuild their credit and own a home.
NOTICE- I ONLY market to those I know fit current guidelines for FHA -VA- CONVENTIONAL and other non-QM programs.
( you can learn more about these buyers on a webinar I recently conducted – http://www.BoomerangExpert.com/replay
Now you have a plan – You know exactly where you want your business to come from- you know exactly how much you need from each source.
EVERY MONTH YOU NEED TO take out a sheet of paper and see if you are on track!
This is exactly what I will be doing on my trip to Greenville. I need to constantly be checking to make sure I am on the right road and headed the right direction. Am I on time? Am I lost?
Now that we are mid way thru the year you should be reviewing these figures for the year and adjusting your goals and plans for achieving them so you can have a great second half of 2015.
Here are some questions to ask:
Did I originate the correct amount of units?
Did they come from the sources I anticipated? If so great- can you kick it up?
IF NOT- what worked – what didn’t – why?
Should I replace that strategy or try to tweak it?
Please don’t just read this article but actually take out your pen and paper – or laptop and excel sheet and start planning your success for 2015 part 2
Brian Sacks – Top Originator