The 4 Mistakes That Mortgage Brokers Make
Do you make the mistakes that a typical mortgage broker makes?
In this month’s mortgage broker tips, find out the 4 major areas where loan officers make mistakes, whether you’re a rookie or a veteran and make sure you don’t do them…
1. Lack of Goal Setting
If you do not know where you want to be, then there is no way of knowing how you are going to get there. Do you want to close 2 loans a month? Maybe 6? Do you know how many new prospects you need to speak to in order to make that happen? Having clearly defined goals and tracking your numbers are tell-tale signs of top producers. Implement a simple goal of making 5 calls a day and start tracking your progress. Why 5? Because it is easy and obtainable, and after a year has passed that equates to over 1,000 new contacts made per year. Not bad at all!
2. Lack of Investment
A lot of people are trying to go at this business alone, the old fashioned way. They do not read books, they do not go to networking events, and they do not know the best apps and tools to make their business run efficiently. With changes in the internet occurring on a daily basis and businesses discovering new ways to market to their customers, it is best to keep on top of relevant information and best business practices related to your industry. Invest in your business with education and training.
3. Lack of Time Commitment
Do you find yourself setting out to do “social media” marketing, only to find yourself lost 2 hours later looking at your cousin’s photos from their trip to the Bahamas? Do you constantly check your email 37 times per day? Ever wonder how much time you spend NOT producing new business and building relationships? Check out RescueTime.com to track the websites you visit and how much time you spend on them. On average, RescueTime.com recovers 3 hours and 54 minutes worth of productive time per week per person. How much is your time worth?
4. Approaching the Business on a Deal by Deal Basis
The 4th and biggest mistake made is to approach your business on a deal-by-deal basis. It is a recipe for failure and short-term burnout. You need to approach your business on a client-by-client basis. Unfortunately, a lot of brokers get a lead, hold onto it until closes, and then forget that person exists thereafter. I am sure you have all heard of the ‘Pareto principle’ – that 80% of your results will come from 20% of your efforts. If you foster those key contacts, they could potentially lead to 80% of your referral business. Implement a follow-up sequence for your clients and work to develop relationships both before and after the closing.
Avoiding the mistakes mentioned here will help you save time, become more productive, and ultimately create a business worth working on.
Have you fallen for any of these mistakes in the past?
What tools and strategies do you use to become more effective in your business?
We would love to hear your thoughts, comments, and suggestions about our mortgage broker tips. Leave them in the comment section below!