Beware of Shiny Objects

It makes your head swim doesn't it? In 2011 alone, the mortgage industry averaged 22 mortgage rule changes per month according to www.MortgageCurrentcy.com - and that was just for loan originators. It seems like every day, there's a new social media platform. Phone apps. Everyone and his brother and sister are talking about new ways to use them in your mortgage practice. 

I realize that all those mortgage training companies (including me) want to share a ton of ideas, hoping that there might be one or two that you can incorporate into your business plan. That's what we do and there is absolutely nothing wrong with that.

But the problem is that loan officers want to try to incorporate everything— Facebook, Twitter, video marketing, Active Rain, credit repair—basically the latest shiny objects with no thought as to how it will get them business.

It's like you're adding accessories to what you are wearing now—and nothing matches your outfit!

Here are my suggestions for your business planning this year:

1.     Choose a client-centric system that has never failed you in the past. You may have stopped using it. It may need to be tweaked for the new economy. But what was the one thing that you did that continued to bring in the business—regardless of the economy? 

2.     Choose a real estate agent-centric system that has never failed you in the past. If you didn't have one because you were too busy to cultivate Realtor relationships, now is the time to start.

3.     Choose a social media platform and perfect it. Don't try to post to all of them. One or two to start with will do. Don't go it alone. Find a social media coach. Read books. (Read "The Thank You Economy." It will help you understand the reasons to use social media and how to connect on a personal level.)

4.     Choose to be involved with one activity outside of your office. It could be a networking group. Teach a continuing ed class for your local real estate board. Volunteer for Habitat of Humanity. Chair your local Parade of Homes show.

5.     Choose to do something for yourself. Take a college course. Learn a new language. Take an extended vacation. Fix your teeth. Hire a business coach.  It's never too late to learn something new. 

Set aside some time to write out your five strategies from the above. If a shiny object distracts you, only consider using it if the application can be incorporated into your five strategies.