The $20 for that credit report? The $15 to run automated underwriting? $400 for an appraisal here & there? The gas burnt driving buyers around? At one time or another I've heard each and every one of these things referred to brushed off as "the cost of doing business". Let's say a loan officer closes 5-6 loans/month with a few of the above costs considered "the cost of doing business". That's $2175 in a month, minimum. Now being a licensed loan originator isn't cheap, but it also sure as heck isn't that expensive. I've noticed a … (40 comments)
There are few phrases that anger me more. No, I don't particularly enjoy having to "press 1 for English" when I make a phone call, and I absolutely understand that English is the predominant language in our country, but to treat someone differently because they don't have a perfect grasp of the English language is doing yourself a disservice, and showing you for what you are - ignorant, and closed-minded.
I am an English speaker. I was an English major. I was a French minor. I've dabbled in Spanish & Italian. Of all the languages I've … (50 comments)
Referrals. They're the key to building a business. Repeat clients, referrals from past clients, and referrals from referral partners should be your foundation and primary focus in marketing if you plan to work in the mortgage business for any length of time. In fact, I can take a look at referral partners, and my very best ones have referred me millions in loan volume over just the past few years. I work hard to get referrals, and I work just as hard to maintain a relationship, manage my book of business, … (38 comments)
We all know the recent changes made to the FHA loan program are a good thing for business going forward, but are you taking advantage of the change in all ways possible? As a mortgage banker, it's my job (if I want my business to last) to keep my past clients in mind when programs change or rates drop, but as a real estate agent, title agent, or any other non-mortgage entity to a transaction, you probably don't give thought very often to your past client's mortgages. You should.
With the holidays coming to a close for 2014 I've heard many people discussing what their big resolutions for 2015 will be. I thought I'd make a suggestion of adding this word to your regular rotation of things you say often. In fact, if there was a study done on the easiest, most efficient ways to free up time, help you focus, and improve your business and personal life, I think "No" would be the winner - after all, it doesn't get much easier than 2 letters.
Like many of you probably relate to all too well, the first thing I need to do when I check email each day is sort through the important emails and weed out the crap marketing and spam that my filter didn't catch. More and more these days, there's a lot of it. From Nigerian Princes to company's with a system to net LO's 20+ deals/month! (if they figured that out, why aren't they LO's?), I get all sorts of crap. I also occassionally get legitimate marketing emails from companies that … (38 comments)
This will be my second "winter" in Southern California, and since moving here I have lost my recognition of the change of seasons. Just last week I was diving into the Pacific without a wetsuit, and back east I'd have been bundled up by a fire in a jacket roasting marshmallows. Technically, though, winter is coming, and traditionally my business has picked up at this time of year. When many hit that "valley" I've had some of my best months. This month AR issued a challenge to share what we do to keep business moving … (17 comments)
The worst you can be told is 'no'. If you don't ask, that's the answer you're sitting on anyway. So why not go ahead, put out a request, and see what happens? In reality, you'll likely be surprised by how often 'yes' is the answer. Human nature avoids confrontation and for that reason people don't like to say 'no' by default. Other times, you might catch a 'no'-type person on a good day and get a 'yes!'.
I was recently reminded of this with a loan file we're working … (38 comments)
For real estate agents that work with buyers, it makes sense to have one or more preferred lenders to refer buyers to; lenders they know can get a deal closed (on time), know aren't going to rip their clients off, and lenders they know are competent enough to get buyers a great deal and the right mortgage program. It makes sense. What doesn't make sense to some listing agents is why they also need a preferred lender for a multitude of reasons.
Oh, sorry, we're getting business WITH Realtors, right NAMB? Not FROM them.
If you've followed my blog for any period of time, you may recall snarky comments or entire blog posts about my disdain for NAMB as an out of touch, late-to-every-party, ineffective, intelligence-insulting, inside-the-box, worthless trade organization (and this is me being nice!).
Their most recent offer? A webinar to teach loan officers how to get business with Realtors. For non-NAMB members, it's only $65 … (5 comments)
Have you ever wanted to accomplish something, or do something, and have thought to yourself "I'm going to get started on Monday!"?? How about "starting the first of the month"? How about "you know, for New Years I'm going to do this..."? I sure have. Monday's seem to be like a great time to start things. It's a fresh start, and a new beginning. Makes sense, right?
Over time, I've started to believe this is one of the most counter-productive mindsets anyone can have. … (13 comments)
I don't normally watch the "National Real Estate Post" daily show that Brian Stevens and Frank Garay put on. I used to, and then it seemed to turn into little more than snippets of info followed by too much ad space. Today though, they discussed something that's near and dear to me - the fact that no one answers their phone anymore.
In their show, they discussed reaching out to 13 loan officers and leaving voicemails that were vague, simply stating that "ABC Realtor referred me to … (31 comments)
If you're anything like me, you either clicked this post out of curiosity, because we're AR friends, or out of pity (A "good lord does this guy know how badly he butchered that sentence?" kind of pity).
The importance of correct spelling & proper grammar - perhaps it's the English major in me, but I cannot get past consistently poor spelling & grammar, especially when someone is trying to sell me something, either a product or … (65 comments)
Over the years, I've received a lot of testimonials, both from clients and business partners. While many of them vary in what they have to say, one testimonial in particular sticks in my mind, and has become extremely important to me over the years -
Back in 2008, less than 2 years out of college and in the mortgage business, I did some marketing to local agents - it's not easy being 23 years old and convincing industry vets to give you a chance and entrust you … (30 comments)
"If your actions inspire others to dream more, learn more, do more, and become more, you are a leader."
-John Quincy Adams
Have you ever met someone that's a great leader that is also unsuccessful? Me neither. Over the years, I've been fortunate enough to meet many great leaders, and there are a few characteristics that make them stand out. They are successful, they are well-networked, they are educated, interesting, and … (10 comments)
"We are always getting ready to live, but never living"
- Ralph Waldo Emerson
I've got no problem living. At 29, I've done more craziness & have seen more things than many people have the opportunity to in their lifetime. Life comes easy to me most times, but in my business, I have a preparation problem. Not a problem where I do things half-assed or don't prepare enough. My problem … (30 comments)
"Today I do what others won't, so tomorrow I can accomplish what others can't." -Jerry Rice
Apparently there was a football game on last night that was of some importance (especially to our Seattle area AR friends...congrats to the Seahawks on an impressive win), so I thought a football inspired quote was appropriate today.
Jerry Rice is one of my favorite athletes. Not for the plays he … (10 comments)
business advice: Monday Motivation - Move!
- 01/20/14 05:17 AM
Monday Motivation - A new blog post each week intended to inspire and motivate. Hope your week's off to a great start!
"If you can't fly, then run. If you can't run, then walk. If you can't walk, then crawl. But whatever you do, you have to keep moving forward"
-Martin Luther King, Jr
This quote was appropriate today for a couple of reasons, the obvious being that it's Martin Luther King, Jr day. The other reason I like it is as a reminder to just keep moving forward, no … (13 comments)
Networking (from Merriam-Webster) : The exchange of information or services among individuals, groups, or institutions; specifically : the cultivation of productive relationships for employment or business.
Did Merriam-Webster intentionally leave out "unsolicited bulk email" as a means of networking? Should they have included "find emails on the internet and immediately solicit them"? Or perhaps this definition came out before dialers were popular, and they should have added "put a person you've never met into your database & let a computer call them...if they want to talk with you they can press 1". I'm almost … (30 comments)
"Strive not to be a success, but rather to be of value." -Albert Einstein
My favorite thing about this quote is it's brevity. So much is summed up in such a small phrase. I find Einstein's quote to be particularly important to the real estate industry, as we are each in charge of our own business and strive the be a success in what we do. The point is, often times … (49 comments)
The Cost of Doing Business?
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