THROUGHS FROM A BLIZZARD

After several winters of less than average snowfall in Colorado, we were "blessed" with a years worth of snow in two days. This blizzard had extremely heavy, nearly immovable snow virtually shutting down the city for two days and leaving many people stranded in their homes for nearly a week because snowplows could not get to their neighborhood. 

I know most of you could care less, but as with any difficult circumstance, we can learn for the future. With that said, there are a few preparations everyone can take to making being stranded at home less taxing. This kind of thin can happen to anyone anywhere thanks to Mother Nature.

Food -- keep plenty of canned goods, dry-milk and non-perishable food on hand,

Batteries -- natural disasters usually are accompanied by power outages and without batteries; it can be a dark world.

Tools -- depending on where you live you may need anything from snow shovels to boards for your windows. Moreover, do not try to buy them after the fact. Everyone else has the same idea.

Vices -- stock up on those items you consider essential. The saddest phone call I received while stranded was from a chain-smoking neighbor looking for cigarettes. Even if I did have any, the walk probably would have killed him. Going through withdrawal just adds insult to injury during a crisis. 

THE GROWING TREND

We mortgage lenders have shifted quote a bit of our marketing efforts towards our previous customers over the past several years. That trend, my friends, is growing into one of the great importance for the health of your business in the future.

What has happened over the past few years is that most of us have had much more contact with our customers than their Realtors have because of the refi boom and the Media Center. The fact is, most of your customers are more aware of your services than the services of the Realtor who originally referred them to you. Because of that awareness, they are more likely to call you when they begin the home buying and selling process again.

This gives us an unprecedented opportunity to "pay it back" with our Realtors not only by guiding our borrowers back to their Realtor, but also by having a source of other referrals to give to our best customers. So keep marketing your past customers and take great care of them. They are your future!

SAY GOODBYE TO COFFEE!?!

If you are feeling stressed out these days, try eliminating coffee from your daily routine and you just may feel a whole lot better!

Many people have already stopped reading this, but for those of you who are still here consider these factoids...

According to Dr. David Posen, the author of "Always Change a Losing Game", eliminating caffeine is more effective than any other stress reduction technique. Studies show that most people who eliminate caffeine feel significantly more relaxed and they feel more energetic primarily because of better sleep. 

Caffeine is a liquid stress, simultaneously boosting adrenaline production and suppressing adenosine, a natural relaxant of the brain.

To avoid the dreaded withdrawal headaches experts say to gradually cut back one cup at a time, beginning with your last cup of the day.

Sorry to be the bearer of bad new but the good news is that it works! Try drinking water or juice in the morning and you just may enjoy your entire day a whole lot more!

SALES CALL BASICS

Keep these tips in mind whenever making sales calls on Realtors and builders...

1. Never show up empty handed- try to bring something of value to your prospects.
2. Have a purpose and plan of what to talk about.
3. Keep in mind that they are probably busy and you may be interrupting. Ask "is now a good time?"
4. Smile and maintain a positive attitude.
5. Try to schedule an appointment.
6. Ask for business!!!

RULE #1

If there is one key to the mortgage business, it is this...

There must be value in your services; otherwise you are only selling a commodity.

It sounds simple, yet it encompasses so much. A successful Loan Originator must create value through knowledge, expertise and trust. If the customer does not perceive value in something other than the mortgage loan itself, they will shop for price and price alone.

Fortunately, there are hundreds, maybe thousands, of ways you can improve your value and your income. The key is discovering what works for you and combining it with basic knowledge and systems that are already available to you. In the days, weeks, months, and hopefully years ahead we will show you how to improve as a Loan Officer and enjoy the rewards.

We operate in a business and for a company where the possibilities are endless. Successful Loan Officers share many common attributes yet they all work somewhat differently. In other words, there is no perfect way to run your business but there are several basic ingredients required to do it well. The information you will read here is from hundreds of sources over the years. I have learned from Lon Officers closing $200 million per year and from those who close two loans per month. We all can learn so much from each other, which is what makes this format so appealing. 

BE A GOOD LOSER

There is an old saying that goes "show me a good loser, and I'll show you a loser." That is now what this is about. As we discussed the past few days, you never want to lose business, however, it happens to all of us at some point and if you can be a good loser, it could make you a winner down the road.

When you lose a deal the first rule is not to burn any bridges. By going off on someone or slamming your competition (who they have decided is better than you), you have nothing to gain no matter how good you may feel when you say it!

The second rule is put them on your mailing list. Yes that's right! Chances are that that person will need a loan again some day and if you lose gracefully and stay in touch with them, you may generate future business and referrals from them after all. Also, the lender they originally chose just may have done a poor job, immediately elevating you to number one status in their minds. 

TWO GREAT QUESTIONS

• Is this a good time?

Or...

• Do you have a few minutes?

Please use one of these questions whenever you call someone who may be on a cell phone, home phone or busy at work.

Keep in mind that frequently when you receive a call it may not be a good time because you may be engaged in something else more pressing than talking to the person on the other end of the line. Which begs the question why did you answer the phone? However, many of us just answer our phones out of habit despite what may be going on at the time.

People will appreciate and respect these questions and you will know when they say "yes" that you have their undivided attention!

TALKING TROUBLES

“I found out that it’s not good to talk about my troubles. Eighty percent of the people who hear them don’t care and the other twenty percent are glad you are having trouble.”

— Tommy Lasorda

This statement is hopefully not 100% correct for anyone of us because everyone needs someone with whom they can discuss their troubles.

However, Lasorda's quote is almost 100% correct in that most people do not care or at least they do not care to hear about it. No one enjoys the company of someone who complains too much. We are all naturally drawn to people with positive attitudes who speak in positive terms and few things are more important in the world of sales.

So remember, if you are talking about your troubles, chances are the person on the other end of the conversation does not care!

WHICH ONE ARE YOU?

Loan Officers who call on Realtors and Builders fit into a few categories in the eyes of their customers...

• The feeder- brings donuts, bagels, candy etc. thinking that the quickest way to a person's hear is their stomach. While food is nice, this is a classic example of under-estimating your prospects.
• The bleeder- walks in with their shoulders hunched over, looking at the ground and generally has something to complain about or something negative to say in every conversation.
• The breeder- the good looking person who knows that their looks are their number one assest and if they flash a few nice smiles they may get some business from those that admire them, but it won't last long.
• The joker- friendly with everyone and appreciated for his or her personality but rarely anyone's #1 lender.
• The winner- the person who combines friendliness, a positive attitude and a strong desire to help others along with asking for business!

So next time you make sales calls; stand tall, smile, be positive and ask for the business!

KILL THEM WITH KINDNESS

Have you ever encountered a customer so ornery and difficult you felt like telling them to @#$% off? Or a person so grouchy you wish they had called someone else?

We all have. Many times the difficult customer ends up being a huge waste of time because we try to please them, they are never happy, and they go elsewhere or trash your name and complain non-stop.

You have two choice here...

1. You can politely "fire" them by explaining that you do not think you can help them under the circumstances. The problem with this option is that it is quite often not an option. What if your best Realtor referred this customer? What if they know several of your friends and/or family? What if you really need this transaction to achieve your goals for the month? If so, then it is on to option #2.
2. Kill them with kindness! The difficult customer is defenseless if you shower them with kindness, compliments and smiles. Avoid argument by maintaining a positive attitude and staying polite no matter how much you dislike the person. Many times the difficult customer can be an excellent referral source if you can keep them happy. Keep in mind that probably everyone they know knows how tough they are and they will be impressed with you before you even meet them just by knowing that you satisfied such a person!

A NEW YEAR TACTIC

As we start a new year, it is time to make contact with your Realtor/Builder/Financial Planner partners to find out what you can do to help them achieve their goals in 2003.

By simply making a phone call to inquire as to how you could assist them, you will score big. Ask questions such as...

• What are your goals for this year?
• How do you intend to accomplish those goals?
• What are your biggest obstacles?
• How can I as a partner help you achieve your goals?

Keep in mind that most people have the "WIFM" (what's in it for me) outlook and if you present the call as a sincere effort to assist them they will be much more receptive!

DO IT NOW!

DO IT NOW! In business, few words are more important than one of the shortest complete sentences in the English language. If you want to accomplish the maximum amount possible with your time, take this short sentence to heart. Do it now!

The benefits are huge. By doing something now that you know you will have to do later anyway, you avoid wasting time thinking about it, writing it down etc.. So why procrastinate when you can do it now?!?

MAKE IT REAL

As we start a new year with new goals, a little inspiration is in order. The following are the words to a song that is over twenty years old but the words could carry on as a salesperson's creed forever...

“You can always trust your
inner feelings ‘cause they
always tell the truth Where did
it get you then your analyzing
Just do what feels right for you

If you take life as a crazy
gamble Throw your dice, take
your chance You will see it
from a different angel and you
too can join the dance Make it
real not fantasy

Did you ever have a secret
yearning Don’t you know it
could come true Now’s the
time to set wheels turning
Open up to your life for you

As you know there’s always
good and evil Make your
choice, don’t be blind Open up
your mind and don’t be trivial
There’s a whole new world to
find.

Make it real not fantasy”

GIVE TO LIVE

Excerpts from the song by Sammy Hagar

“If you want love, you’ve got to give a little

If you want faith, you just believe a little.

If you want peace, turn your cheek a little.
”

These are especially strong words for us at this time of year. We are so fortunate to be employed when so many are not. We are so fortunate to enjoy a booming business while others are struggling.

So share the wealth at this time of year. Give to charity and those less fortunate.

You've got to give to love!

SAVE TIME AND KEEP YOUR CUSTOMERS HAPPY

Another great time saver and people pleaser is to explain the mortgage process to your borrowers. Keep in mind that the majority of them have only obtained a mortgage a few times in their life. Therefore, if you just take their application without explaining what will happen next, you are apt to leave them confused, less happy and likely to be calling you about a function in the process that you have nothing to do with.

By taking just a few minutes to explain how the process works, who does what and what the expected time frames are you will spend less time taking their calls and more time bringing in new happy customers!

DO YOU WANT TO UPGRADE YOUR PROCESSING?

Of course you do!

No matter how great your processing may be, it could always be a little smoother and faster right?

Fortunately, the Processors all agree, there is something all of us can do for an immediate upgrade.

TAKE A COMPLETE AND ACCURATE 1003!!!

It all starts with you, and if you do your part thoroughly in the beginning, you will avoid problems and delays in the end.

The second most common complaint about us from the Processors is that the files are not being turned in to them quickly enough. Don't expect one week processing when you sat on the file for the first three weeks. That is simply a recipe for failure and something that should never happen. In addition, it will undoubtedly upset the other Loan Officers who share the same Processor and do their job on time!

Taking lousy applications and/or not turning them in on time will not only cost you money but it can cost you friends as well!

PRICE VS TRUST

The next time you deal with a rate shopper, consider these important facts...

A recent FNMA survey showed that just 20% of borrowers selected a lender solely based on rate and price. The most common reason for selecting a lender was a referral from a friend or family member. Realtors and builders ranked second and third respectively as referral sources for lenders.

The reason for this is simple. Most consumers are willing to pay for service and trust. Most of us would not choose a doctor, lawyer, or contractor just because they are the least expensive. So keep in mind that the vast majority of the prospects you speak to have the same mindset, because behind every rate question, there is a question of trust!

SMILE!

The first thing most people notice about you is not your hair, skin, clothes, shoes or even your eyes.

It is your smile!

So try smiling more. Not only will people smile back, but also you will make a great first impression!

TALKING ABOUT THE COMPETITION

Consider some of the political ads you have seen in the past. Think about how it made you feel to see politicians mud slinging and criticizing their opponent instead of telling us what they can do that is positive.

Talking about your competitors is generally a bad idea and criticizing the competition is definitely a bad idea! Nobody likes to hear it and derogatory comments reflect much more on the speaker than the accused. A much better alternative is to speak in positive terms about yourself and your company!

DO IT RIGHT THE FIRST TIME

Amazing as it may seem, most Loan Officers don't "do it right the first time". Despite the fact that we have all been told to do this our entire lives.

Doing it right means taking a complete, thorough loan application so you never have to see that loan again while it is in process. Incomplete and inaccurate loan applications will eventually cost you far more time (and money) than the time it takes to learn your profession and do it right. Not to mention the fact that you won't upset your customers and co-workers which tends to lead to better results in the future!

Rushing through an application, cutting corners, guessing at information when you can get facts instead, and relying on what the borrower said rather than the documentation they provide are just some of the ways Loan Officers sabotage themselves.

If you have been in the business more than two years and you have a hard time keeping up with 5-10 loans per month, chances are it all starts with your 1003s. Your applications and Good Faith Estimates are all that is left of your work by the time the loan is shipped. So take pride in them, they are a reflection of you!