Sales, the Economy and Credit

So I was watching TV last night, when a story about decreasing home sales, car sales and various other big ticket items were declining. Well of course they are is what I was thinking. The buying power of clients is going down as the cost of things are going up. Worse yet, most potential clients' credit scores are too low to qualify for the best pricing to make things affordable. When I was originating loans, I had about a 40% decline rate just due to credit; and with the new guidelines I can only imagine what the new % for most loan originators are. The funny thing is that unlike most other industries, loan origination usually involves a lengthly process that involves more than just the loan officer.  Most of the time, especially on new homes, there is a realtor, sometimes a builder, and a processor etc. All of these people depend on the loan to fund so that they can get paid. Less loans that are able to be closed means less money for all. You can be the BEST realtor who ever lived, but if you have a client with a 500 FICO you arent going to get paid.  In this "lean" market it is best to maximize your leads. Scrub down the former declines that had decent credit but were a hard sell. This is a buyers market entice them with deals! Let them know that their credit is their future right now and protect it. Educating your clients or pointing them in the right direction makes them a client for life, and we all know that clients for life are the ones who refer the most quality referrals. Right now its our long term clients who can make the difference between making it and not making it. Put the extra work in now and it will pay off later, because we all know that when the economy does turn around, its going to be the Active Rainers who are leading the effort and reaping the rewards!!