Where is our business going to come from? I don't think I am alone in wondering this. After the rate and term refinance boom finally ended many loan originators were feel like lone originators. The phone stopped ringing after rates stopped falling. So where will it come from?
With any luck you built a database of clients, or at least you have a stack of lead sheets with their contact information. If you are still with the same company perhaps you can go into the loan software a pull out your pipeline and start to make amends with the people you set aside for later...later is now.
Many loan officers continued to write purchase business and stayed in front of the Realtors, Attorneys and other financial professionals. They are busy right now and will stay busy. They also have a lock on their book of business. They did not ignore this important part of the market.
The past few years have been spectacular. The numbers of loans written exceeded everyone's imagination. We made a lot of money. The problem is that we made a lot of money in an unsustainable market. We made money without really working too hard. Now we'll have to work really hard for the money, unless we work smart.
In an earlier post I mentioned databases and contact management. Now is the time to leverage this work and keep in touch with past clients and earn their referral business. Let then refer you to other homebuyers, their trusted professionals and Realtors. Ask them for the contacts. It will beat going into any of their offices cold. If you did a great job for them and really helped them, ask them to mention this when they refer you.
As you start to market to your contact list remember they can be a source of referral for the other professionals you want to work with. You want to market with these other professionals in mind. Many of your clients have other needs that you are not finding out about. Send your list your list of professionals. You know; your favorite CPA, Realtor or Attorney. You can become a source of expertise for your clients and a source of business for these professionals. You will build value for everyone. Most importantly you will look well connected to your clients and be viewed as a business partner by these referral sources. Wouldn't this be a fun way to market yourself this year?
This is called selling (not cold calling) and now we have to do it. Positioning yourself as a valuable resource is critical to your long term success. It will keep your clients coming back and your referral sources focused on you.
Best of luck with this.
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