Squeeze 10 Lemons

By
Mortgage and Lending with Guaranteed Rate NMLS# 2611 NMLS #208860

lemons I was talking with one of my loan officers yesterday who was struggling with putting deals together and finding leads.  He was telling me how hard things are and how it seems like lenders are constricting their guidelines.  True.  He mentioned how difficult it is to put loans together.  True.  He talked about the credit issues, lack of down payment, and general shortage of commitment on the part of clients.  True.

And then this popped into my head.  Yes, 2 years ago, you could squeeze one lemon and get a gallon of lemonade in return, but in this challenging market, you've got to squeeze 10 lemons to get a glass.  He looked at me kind of funny and then a tiny smile appeared in the corner of his mouth.

So the question is, "Are you going to keep squeezing?"  If you're a realtor, you need to list 5-10 times as many listings to get the results you want.  For us in the mortgage profession, we've got to talk with 10 times as many people and take triple or quadruple the applications to get one loan to the closing table.  Does this mean there isn't any business?  Of course not.  But how bad do you want it?

I guess it's up to me to determine the daily, even hourly, disciplines of squeezing.  What does that look like for your profession?  For me, it's picking up the phone.  It's marketing my past client data base.  It's attending networking events and real estate clubs and board meetings.  So I ask whoever is reading this, "Are you going to keep squeezing?"

Comments (15)

Matt Crow
Huntley Realty - Huntley, IL
www.mattcrow.com 630-728-6051

Squeezing away, here!  Here's to a GREAT '08!

Be of service!  The rewards will come!

www.mattcrow.com

 

Jan 03, 2008 01:37 AM
Colleen Fischesser Northwest Property Shop
NextHome Experience - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!

Great visual Mike and an analogy I may borrow for my Associates if you don't mind. More More More....

-Colleen

Jan 03, 2008 01:37 AM
M A
Boston, MA

Mike,

Well said.  Gotta keep squeezing those lemons!  The added benefit of this technique is that when the market turns in the other direction.... you have a serious foundation of lemons to build on and you will skyrocket!

Jan 03, 2008 01:38 AM
Mike Tullio
Guaranteed Rate NMLS# 2611 - Sarasota, FL
VP of Mortgage Lending

Matt - Good for you!  I love your closing phrase "be of service".  Very much the reap what you sow principle.

Colleen - Thanks for the comment.  The more shots you take the more goals you make!

Jan 03, 2008 01:41 AM
Eric Kodner
Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes - Minnetonka, MN
Wayzata Lakes Realty: Twin Cities, Madeline Island
In a way, this is good.  The easy transactions may be gone in this market, but there are still opportunities if you are willing to roll up your sleeves and work hard.
Jan 03, 2008 01:43 AM
Mike Tullio
Guaranteed Rate NMLS# 2611 - Sarasota, FL
VP of Mortgage Lending
Martin - Great point!  So instead of having a lemonade stand in a few years, you'll have a franchise store with a drive-thru window.  I have to chuckle thinking of a house made of citrus.  Ha!
Jan 03, 2008 01:45 AM
Scott Guay
Berkshire Hathaway Home Services PenFed Realty - Ocean Pines, MD
Associate Broker. Ocean City and Ocean Pines MD
This reminds me of the Babe Ruth theory. Most people remember The BABE (remember a time before steroids!) as hitting the most home runs.  He was also a leader in Strike Outs.  The point of the story is you have to swing to Get a Hit. Let's keep that bat moving in 2008 and hit it out of the park!!
Jan 03, 2008 01:47 AM
Mike Tullio
Guaranteed Rate NMLS# 2611 - Sarasota, FL
VP of Mortgage Lending
So true Eric.  Aristotle said that "We are what we repeatedly do."  That couldn't be more apropo in this real estate environment.  I need to repeat the phrase you started with...this is good.  Thanks for the words.
Jan 03, 2008 01:48 AM
Mike Tullio
Guaranteed Rate NMLS# 2611 - Sarasota, FL
VP of Mortgage Lending

Hey Scott.  Aren't sports an amazing metaphor for our lives?  So many examples to choose from and so many lessons on conquering fear and dealing with failure.  Thanks for mentioning the Babe; great tie-in.  Best of luck swinging and squeezing this year!

Jan 03, 2008 01:53 AM
Sean Allen
International Financing Solutions - Fort Myers, FL
International Financing Solutions

I'm too busy trying to stay warm this morning to worry about sqeezing.

Sean Allen

Jan 03, 2008 01:56 AM
Mike Tullio
Guaranteed Rate NMLS# 2611 - Sarasota, FL
VP of Mortgage Lending
Sean.  How about some lemon-flavored Italian ice then?  Good luck staying warm!
Jan 03, 2008 02:01 AM
Jo Olson
HOMEFRONT Realty - Kettle Falls, WA
Retired - HOMEFRONT Realty @ LAKE Roosevelt
Mike, I opened your blog because of your title. I was thinking it was a "get lemons make lemonade" type post - great analogy.
Jan 03, 2008 04:47 AM
Mike Tullio
Guaranteed Rate NMLS# 2611 - Sarasota, FL
VP of Mortgage Lending

Hi Jo.   Funny how many analogies the little yellow lemon provides us.  Wonder why the lime doesn't get as much play?  Thanks for lemon-dropping in!

Jan 03, 2008 04:50 AM
Dan Forbes
Bradenton, FL
I'd much rather be the squeezer than the squeezee!  Good analogy.
Jan 03, 2008 04:54 AM
Mike Tullio
Guaranteed Rate NMLS# 2611 - Sarasota, FL
VP of Mortgage Lending
Very funny Dan.  But don't you use a squeezee to clean your windshield?  Welcome back to FL.  Let's make this your best year ever.
Jan 03, 2008 05:23 AM