I WILL SEEK WISDOM

Andy Andrews' second decision for success is to seek wisdom. 

Knowing that wisdom waits to be gathered, I will actively search her out.

I will seek wisdom. I will choose my friends with care, I will listen to the counsel of wise men. When I counsel with only myself, I can make decisions only according to what I already know. By counseling with wise people, I add their knowledge and experience to my own and dramatically increase my success.

I will be a servant to others for that particular attribute attracts people like no other. As I humbly sever others their wisdom will be freely shared with me. He, who serves the most, grows the fastest. 

THE BUCK STOPS HERE

Andy Andrews' first decision for success is "the bucks stops here."

From this moment forward I will accept responsibility for my past. Never again will I blame my parents, my spouse, boss or other people for my present situation. Neither my genetics, education or the circumstantial ebb and flow of everyday life will affect my future in a negative way. 

I will look forward and not let my history control my destiny.

The buck stops here. I control my thoughts and emotions. I accept responsibility for my past and I am responsible for my success.

I am where I am today because of devisions I have made. My decisions have always been governed by my thinking therefore to change where I am today I will change the way I think. My thoughts will be constructive, never destructive. I will not dwell on problems of the past.

My life will not be an apology, it will be a statement. Challenges are gifts, opportunities to learn. Adversity is preparation for greatness.

I will be prepared for something great!

LIST YOUR WORK AND WORK YOUR LIST (PART 2)

Yesterday we discussed the efficiency of working from a daily task list. Another great benefit of the "master list" is the ability to help you multitask. by having a separate section of "to do items" that don't take very long, you will have created a list of things that can quite often be done while you are sitting on hold, downloading the latest Marketer Pro release or waiting on your computer.

One of the keys to any good list is having your own special code or system that breaks tasks down by priority and duration. That way whenever you glance at your list you will know what to accomplish next, which is far better than trying to figure out which sticky note you should look at next!

THINGS YOU SHOULD KNOW ABOUT PROPERTY TAXES

Property tazes are used to pay for all public services including police, schools, libraries, fire protection and other city services.

Residential assessments are determined by the sales of similar homes within the community that are sold within a specific 18 month period. Property is usually re-appraised for tax purposes every odd numbered year.

Property assessment percentages are determined by the state legislature.

The mill levy is determined each year by the various taxing authorities including your city council, school districts, water, sanitation and any special districts in which the property is located. All of the mill levies are then combined into one overall mill levy.

Here is an example...

$250,000 actual value x .08 assessment X .098765 mill levy= $1,975.30 annual property taxes.

P.S.- If you are ever pulled over by the police, it is never advisable to mention the fact that your money pays the property taxes that pay them. They have all heard it before and they don't like it!

PERSISTANCE

One of the biggest mistakes salespeople make is giving up. Consider these facts...

  • 80% of sales are made after the fifth call
  • 48% of all salespeople make one call and quit
  • 25% of all salespeople call twice and quit
  • 17% of all salespeople call three times and quit
  • 10% of all salespeople keep calling

If you merely contact your clients four times, you have surpassed 90% of the competition. Especially in relationship sales, persistence pays!

REFINANCE "WISH LIST"

Here is a tip that absolutely works!

Thanks again to the Media Center for our recent "refi letter" mailing. While most people can currently benefit from refinancing many others can not intelligently refi at these levels. However, with a small market improvement, many of them can. Rather than telling them you cannot help them because the rates have gone up or are not yet low enough to benefit them, try this...

Analyze their situation and do everything you normally would as far as asking questions and building rapport. Then explain the situation in regards to interest rates recent volatility in the past month or so and offer to watch the rates for them and call them if and when the rates are such that refinancing would be wise. Then enter their name in any computer file that can be sorted. In this file be sure to include all of their basic information, current loan information and their desired loan.

Lastly, add a column for what the going "par rate" would probably have to be in order for their loan request to make sense. Sort your file by that required par rate and whenever rates go down, you will have an entire list of ready, willing and able borrowers who will be thrilled that you remembered them! 

ARE YOU GETTING BETTER?

One of the characteristics of any professional is that they never stop learning.

The fact that you are reading this space which is devoted to learning is a good sign.

However, if your idea of higher learning is to check LO Insights and the CNN bond market report every day, you are on the right track but there is so much more to learn.

Every day you may feel that answering the phone, checking emails and dealing with the day to day issues leaves you no time for leaning except what you learn in your daily dealings. This is known as "seat of the pants" learning and it is not especially professional. 

So try time blocking for just 10 or 15 minutes a day dedicated to furthering your knowledge. Make it a certain time every day such as right after lunch when we are all a little lethargic anyway. The benefits are enormous!

HAVE A PLAN

Sales 101 tells us many important basics, which we have discussed here before such as... Using the person's name often Smiling, Dressing appropriately, Looking people in the Eye, Never talking poorly about your competition, etc., etc. Another essential basic of sales is to always make a plan for the next appointment or contact prior to the end of the meeting. You will never have a better opportunity to schedule another get together than when you are already with someone and have their attention!

QUOTE OF THE DAY

“Experience is by industry achieved, and perfected by the swift course of time.”
— William Shakespeare

As any student of literature knows, English was a very different language back in the days of Bill Shakespeare. While the English isn't too wacky in this quote, it definitely needs a little 21st century revision. I think the modern day interpretation would be something like... 

“Experience is achieved through industry specialization and dedication. However, there is no substitute for the experience which can be gained by putting in your time.”

PLAYING OFFICE

Getting the phone to ring for you is ultimately the key to being a good Loan Officer. Unfortunately right now the phone is not ringing enough for most of us due to a shrinking market and we are all faced with a choice. In sports, it is always important for a team to control its own destiny rather than replying on other teams to lose. This also applies to life and career. You can choose to do what you have been doing, like playing office or making love to your computer. However, that will not get your phone to ring. This can lead to a slump in your career and even you sanity. Fortunately, you can choose to control your own destiny and make something happen. So if you are happy with your current production you can just keep doing what you have done before and hope your production gets better with the market, or you can just keep doing what you have done before and hope your production gets better with the market, or you make some calls, see some people, meet some new ones, challenge yourself, enjoy working while having fun, take some chances, and reenergize your career and feel better about yourself. The opportunities and rewards are endless. 

TARGET NEW REFERRAL SOURCES

The key word here is target. Most targets have a bull's eye and to hit that bull's eye takes preparation and skill. So choose your target's wisely. Your best bet is to ask your current referral sources for an introduction to their colleagues whom you may be able to help. Also, check your local paper and the internet to find targets and educate yourself about them a little before making contact. Most importantly, keep in mind the numbers. If you contact ten new referral sources you can expect some rejection and some success. However, the success usually won't happen until at least your fifth contact with that person which is long after most people have given up. The thing that makes this discipline difficult for most people is the fear of rejection. Get over it! First of all, as a salesperson some rejection is inevitable. If you don't strike out at least a few times it is because you did not get up to bat enough times. Also, keep in mind that person is not rejecting you; they are rejecting those before you, since they don't even know you!

TOP SIX LIST

If a Loan Officer wants to make a positive impression upon their co-workers and customers, these six characteristics, in nor particular order, seem to be the key...

  1. Honesty and being up front with customers.
  2. Turning in a complete loan application.
  3. Positive attitude and enthusiasm.
  4. Respect and praise for co-workers.
  5. Willingness to help others.
  6. Kindness and understanding

Conversely, if you are trying to alienate others, this is the list. If any of these characteristics describe your behavior, maybe a little change is in order...

  1. Yelling and visible anger/tantrums
  2. Not being available to help handle issues.
  3. Criticizing and blaming others.
  4. Turning in incomplete and inaccurate loan applications.

HANG UP LAST

One of the least pleasant sounds for the most humans is the sound of a phone hanging up in their ear. Chances are, at some point, you too have been at least mildly put off by the crash of a phone hanging up in your ear. Many people will even choose another service provider based on perceived rude behavior whether consciously or subconsciously. To avoid this little sales faux pas, try counting off just a few seconds before you ever hang up the phone. The few extra seconds will be well spent!

TRACK YOUR REFERRAL SOURCES

One of the most valuable tools you need in your arsenal is a method of tracking where your business comes from and how profitable the business is from each source. In order to effectively allocate time and resources to referral sources, you must know what sources are responsible for your success. Take half an hour soon and set up a simple spreadsheet. Go back through the past 12-24 months and make not of how many transactions resulted from each source. Be sure and break down all sources individually rather than by office. Also, be sure to have separate categories for past clients, friend and affinity groups. You will probably find some results that are not only helpful but very surprising!

RETURN PHONE CALLS EVEN QUICKER NOW

Returning phone calls in a prompt fashion is a must for all Loan Officers. In fact, the lack of promptly returned phone calls is the number one complaint Realtors have about Loan Officers. These days a quick response is even more important for two additional reasons...

Number one; your builder and Realtor customers are being hounded by the competition more than ever, so you musty stay sharp with them or someone else may move in.

Secondly, whenever a borrower calls now and leaves you a message, there is a chance that they will also call someones else as well. Unlike a few months ago, the other Loan Officer they call probably will not take a week to call them back. The first person that borrower talks to usually has the upper hand on the competition and if you return your calls as quickly as possible you will put yourself in a better position. 

MAKE QUALITY OVER QUANTITY YOUR PRIORITY ON SALES CALLS

Which is better?

Loan Officer A: spends a morning making sales calls to Realtors and builders who have come to expect her visits on this particular day. Some of her customers are out and some are too busy to talk. However, she does have three ten-minute conversations with established customers and is introduced to two of their colleagues throughout the morning.

Loan Officer B: spends a morning hitting every office in a three zip code area with rate sheets and other flyers. Most places she cannot get past the gatekeeper and has to leave a stack of flyers with the receptionist. In a few offices she is lucky enough to place the flyers in the respective boxes of the agents. She now has "exploded herself" to over a thousand agents in one morning.

Unfortunately, for Loan Officer B, however, we are in a relationship business that is why Loan Officer A had a more productive morning. So make your sales calls count. Quality over quantity will pay off every time!

CROSS SELLING

Cross selling s the inquiry and solicitation of business from other parties to a transaction. Cross selling can be particularly effective with listing agents and their sellers because there are some advantages to having one mortgage company assist on both transactions, plus it is also the one time where that listing agent will definitely be interested in talking to you since you have a loan in progress on one of their listings. So try it. A simple inquiry to the listing agent as to what the seller's plans are can't hurt. It may just help your business explode!

LISTEN MORE THAN YOU TALK / TALK AND SHOW YOU DO LISTEN

We are all born with one mouth and two ears and they should be used in proportion. The best salespeople are good listeners. Ask questions, determine your customer's highest value needs and meet those needs. Keep in mind that when you talk, it is important to show you are also listening by what you say. Above all, stop talking so much and start asking questions and listening!

I NEVER NOTICED THAT BEFORE

Now let's say while you are visiting your friend's new house, you also happen to be in the market for a refrigerator. You can bet that regardless of age, gender, life circumstances, or beliefs, you will notice their refrigerator thanks to your heightened sense of awareness!

Heightened awareness or what's important to you is constantly changing.

Those who study the brain seem to agree that the reticular activator is not only the key to turning on your brain but that is also at the center of an individual's motivation.

This is why asking for referrals is so extremely important in our business because at same time we are in contact with our customers; they are experiencing heightened awareness of the entire home buying process. What do you think they will be living, breathing, thinking and talking about for the next month or two?

However, the reticular activator is also constantly reprogramming itself based on your unconscious awareness and when you are consciously aware of its awesome powers it gets really interesting!

To be continued...