How to Thrive is a Challenging Market - Part 2. Patience

By
Mortgage and Lending with Chartwell Mortgage Corporation

Million DollarsIn the first installment of my blog series "How to thrive in a Challenging Market," I wrote about the value of having the perspective in order to settle your client's fears with facts allowing them to gain perspective as a buyer or seller. Part 2 will cover "Patience," which is an essential ingredient of success in a challenging market.

How to Thrive in a Challenging Market - Part 1. Perspective

#2. Patience

I want to stress the importance of being patient as you navigate these choppy waters in an effort to provide your clients with the best advice on how to proceed with their sale or purchase.

A.  First be patient with yourself by giving yourself little grace in evaluating your production numbers and pull through percentages as you build your business in a difficult environment. Remember that fear is infectious and by equipping yourself with a firm knowledge of the factors that have lead to the present mortgage meltdown and ensuing issues; you can instill a sense of confidence among your client base and demonstrate that you are the expert in your market. As you go about planning your work be sure to focus on winning the day.

B.  Be patient with your clients, agents on the other side of the transaction, the lender, seller or buyer. They will bring their own set of fears to the transaction and they will without a doubt form opinions based on what they read in the media regardless of how inaccurate their interpretation may be; this is were your expertise comes in to assist them in determining what applies to them and what does not apply to them.

C.  Be patient with the process from start to finish. Regardless if your client came to you by personal referral or other methods; you have an opportunity to slow down the process to the extent that there is greater understanding and more realistic expectations established.

Here is a strategy to assist you in creating and encouraging patience in a difficult market:

1. Choose a reliable news sources like CNBC Realty Check, The Wall Street Journal or www.SmartMoney.com to ensure that you are gain opinions from industry professionals from an institution point of view. These news agencies cover the topic daily and welcome contributors with opposing views followed by practical recommendations for the consumer.

2. Practice the daily formula of 5+5+5 to win the day. Make 5 outbound phone calls to your client base, write 5 personal notes to your clients or referral partners and send out 5 emails that are marketing oriented. Do this task first, prior to logging on and opening your email in box. Treat your inbound email as a reward for completing the task and winning the day.

Demonstrating patience will allow you to settle your client's anxiety and build their confidence. Part 3 will cover "Perseverance," which is a quality of character and an essential ingredient of success in a challenging market.

Contact James A. Holmes, CMPS, CML, Director of Private Mortgage Banking, Cherry Creek Mortgage Company or by calling me Toll free at 888-850-6100 or email at: james@privatemortgagebankinking.net

Comments (9)

David Patterson
Columbia, SC
ibdp3

James:

Depending on the situation, patience is/is not my strong suit. I am very patient with my clients. Regardless of my personal feelings and struggles, I do a decent job of exhibiting patience in that area.

Unfortunately, when it comes to growing my business, I AM EXTREMELY IMPATIENT. I'm very ambitious and would love to be doing at least twice my average annual productivity.

However, I will use your 5+5+5 System to work towards my growth goals.

Have A Great 2008!

Jan 28, 2008 06:03 AM
Kate Elim
Dockside Realty - Spotsylvania, VA
Realtor 540-226-1964, Selling Homes & Land a

James...You have brought up a very important point.  Patience is essential at all times and especially now in a slower market.  Patience is a virtue that is vital in my market all of the time.  We deal mostly with second homes and retirement homes.  Most of the time purchasers are not in a rush to buy, in fact it often takes years (yes, I mean that to be plural).

Cheers,

Kathleen

Jan 28, 2008 06:06 AM
Antoinette Gabriel
Remax Flagship - Windsor, CT

Wow! What a great way to start my day with formula of 5+5+5 to win the day.  I will certainly use that formula each day and I feel I'll accomplish much more.  I can't thank you enough.  Love it.

Jan 28, 2008 06:21 AM
Dee Copeland
Copeland Group Realty - Austin, TX
Principal Broker
I'm pretty impatient. My Buffini goal was 5 notecards, 10 calls, and 5 visits a week. I'm good at the visits and notecards, but the calls are killing me. I'm going to start doing some voice blasts using Patlive's system to help meet some of the call goals.
Jan 28, 2008 06:38 AM
James Holmes
Chartwell Mortgage Corporation - Denver, CO

David - Thank you for your comments. I love ambition and your results will become manifest if you maintain your prosperity mind-set. Best wishes for your success in completing your objectives. I appreciate your comment.

James

Jan 28, 2008 06:53 AM
James Holmes
Chartwell Mortgage Corporation - Denver, CO

Kathleen - I love the part of the Country you live in; I have been in your neck of the woods pursuing some of my equestrian interest. Years, wow - it sounds like you get to be a dream stoker, which is a nice role to play as long as they eventually buy. Thank you for commenting and best wishes to you!

James

Jan 28, 2008 06:56 AM
James Holmes
Chartwell Mortgage Corporation - Denver, CO

Antoinette - Thank you! You have made my day. My objective is to sow increase into the lives of others and I am gald this post has brought value to you.

James

Jan 28, 2008 06:58 AM
James Holmes
Chartwell Mortgage Corporation - Denver, CO

Dee - If you are a student of Brian Buffini, you are in the elite group as a result of the productivity of his clients. I heard him speak on this subject a few weeks ago after his house burned down in the California wildfires. I made reference to this in Part 1. The 5+5+5 works for me as I find this number consistently doable. I would love to learn more about the call blast system - can you send me some info?

Thank you for commenting.

James

Jan 28, 2008 07:01 AM
Richard Ives
Chicago, IL

Great post, James.

Have a great week!

Mar 24, 2008 05:05 AM