In 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
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