4 keys to taking control of your business!

This is an article I wrote that can apply to Real Estate Agents and Loan Officers

One For The Money!

The number one thing you need to do in the mortgage business is to make loans. That is how we earn a living. Most Loan Officers are looking for ways to build a referral business and get a constant stream of highly qualified ready-to-go clients. So, the question becomes, "How do you do that?" How do you get Realtors to send you business? How about CPAs and Financial Planners? You have to be a problem solver. I see a lot of loan officers spending an inordinate amount of time in the planning stage. What to say, how to say it, when to say it, what the best day of the week is to say it, yada yada yada.  

Do you remember the song lyrics, "One for the money, Two for the show, Three to get ready...Three to get ready ...?" Most people's records get stuck on the "three to get ready" and they never advance to the "Four to go." Sometimes we spend so much time planning that when we finally do bring our solution to the market, it is not the right solution. Why is that? It is because we are not asking the market what the problems are.  

You see problems are everywhere and everyone has them. Your job should be to find out what they are and provide solutions. When Realtors, CPAs, and Financial Planners see you as a problem solver they will turn to you for advice and send you referrals. Tony Robbins said it very well: "People make decisions based on avoiding pain or gaining pleasure." If you can uncover someone's pain or frustration, you can then provide a game winning solution that will catapult your origination career.

Here are the keys to becoming a problem solver.

You must find out what the problem is. Everyone you meet will have some hot button that they are looking for an answer to. Your job is to find out what that is. You do that by asking some simple questions.

1. What is your biggest frustration with your (type of career) right now?
2. What would you most like to change?
3. If you could avoid one thing about getting a loan, what would it be?
4. What concerns you most about getting a mortgage?

You need to explore the problem to make sure it is really the source of concern. Sometimes people will give you an initial concern, but isn't really what is bothering them the most. You should always dig a little deeper to make sure you have uncovered the real sore spot. Here are some more follow up questions.

1. Why is it important to you to remedy this __________ frustration?
2. If you could change ________, what would that mean to your business?
3. By avoiding __________, how would that make you feel?
4. If we eliminate the concern of __________, would you be able to move forward?

You must provide solutions. In the beginning, as you have these types of conversations, you may not readily have a solution. That is Ok. This is a process that you develop over time. What you will find is that there are some very common problems that people have. Here is what you should do each time.

1. Write down the problem
2. If you do not have a solution, offer to get back with them after you have done some research.

Compile your solutions into a ready to have guide of forms and frequently asked questions. As you learn and grow, you will be able to compile a FAQ list. This will put you in a position of authority and also relieve the anxiety your clients have.

If you keep in mind that buyers are usually anxious about the lending process and your referral partners are struggling in some area of their business, all you need to do is uncover their problems. Every solution to an existing problem that has ever been created has been through problem-solving. Become a problem solver and you will have the world at your feet. People are looking for answers all day, the question is will you know their questions to be able to provide the right solutions?

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