This is probably the number one general question I get emailed from Better Closer readers. Obviously, this is the whole subject of Better Closer, but I will try to create a Build My Mortgage Business 101 starter kit in this post.
The fundamental key to all of this is start small and focus on execution. You are building a solid foundation that you can grow on.
I always find these to be the foundational building blocks (and in the correct order):
- Attitude–I know you have heard this, but it is important. You have to believe you can do it and have confidence you will get there. That is easy said, but what most people don’t get is that it is more than a state of mind. It takes action. You have to read, learn, practice, and train to have the confidence that builds a winning attitude. Albert Pujols did not have confidence or the attitude to face any major league pitcher when he was 12, but he certainly does now and it was not all just training his belief–it was work
- Knowledge–This is fundamental to attitude and to your plan, which is the next step. Being the best and most knowledgeable at what you do creates opportunities for success. Again this is work. That work, for you in the mortgage business, includes learning about the markets and what makes them change, learning about financial planning and what financial objectives people need to accomplish at different stages of their life, learn about mortgage products and what they do or don’t do for a borrower, watch and listen to other successful professionals in your business.
- Execution–Now you have the right attitude and the knowledge to be valuable. All you need to do is to develop a plan to distribute that plan. This is where a lot of people get too broad too fast. I subscribe to the get small, grow fast philosophy of business. If you pick one thing, do it well, then you can build on that solid foundation to get bigger. Next are some ideas.
Ideas to build your client base and distribute your value:
- First, determine the audience and client type you want to target–good credit, poor credit, early life, late life, average home, high-end homes, etc.
- Start a blog–make sure you are talking to your customers and prospective customers, NOT yourself or your colleagues
- Start an email newsletter–don’t do it more frequently than weekly and send out rate watches, market updates, financial strategies, product education, or other information that will inform customers when they should be talking to you
- Offer complimentary credit or equity analysis–consumers are always curious about their credit and how much their home is worth
- Write handwritten notes to your clients–send birthday cards or mortgage check-up reminders
- Start speaking and giving seminars–Mortgage101, Surviving the Crash: Are You in the Right Mortgage?, etc. Start at your local civic clubs
Here are some excellent resources to get started:
Real Estate Market
Hope this helps. Drop me an email anytime to ask questions and tell me how it is going.