How are you planning to keep your loan volume up once the stimulus program ends?
Opinion varies as to the long-term effectiveness of the first-time homebuyer stimulus plan, but most originators have seen an increase in their production as consumers have taken advantage of the tax credit available through April 30.
Now that this program is coming to an end, what can you do to keep the momentum going and your production up? First, I want to emphasize that the golden goose of homebuying is not dead. Perhaps there won't be as much activity as we've seen over the past few months, but there are still buyers that want to take advantage of low interest rates and high inventories.
You still have a job, and what a great job it is. Love what you do, as this will attract others to you. People want to work with a professional that is knowledgeable and passionate about mortgage financing. Make sure you understand all of the new Real Estate Settlement Procedures Act regulations and be positive as you work with referral partners and borrowers. I'll say it one more time: There are still loans to be done, and why shouldn't you be the one to do them?
Next, I encourage you to reach out, be visible and proactive to find those buyers that need a lender. Database marketing, Realtor marketing and networking are key to successful marketing, but is your current marketing enough to maintain a solid business? It might be time to add in a few other creative strategies and pick up the pace of your marketing.
How many people know who you are and what you do for a living? This is a very important question as your business is all about the numbers. Number of prospects that turn into applications that turn into closings that then turn into income. If you aren't satisfied with your numbers then you may want to look at increasing your sphere of influence. Consider starting up your own networking group. There are many small business owners that would benefit from this type of organization and you can increase your visibility by being in a position of leadership in a networking group. Business-to-business marketing is usually neglected by many loan officers and yet can have a huge impact on their production.
Be a connector. Help others with their needs, even if you don't immediately receive anything in return. Give marketing suggestions or if you are proficient at social media or other skills, offer to do a presentation. Look for ways you can help others to succeed and they, in turn, will help you succeed. I recommend Malcolm Gladwell's "The Tipping Point" for more details on connectors.
Being visible means you aren't spending the majority of your time in your office surfing the Internet. If you have more time than applications then use that time wisely. Get involved with your Realtor and builder associations, chamber of commerce and other groups. Again, if you have experience with social media or other marketing tools, you could offer training to the Realtors and builders in your area. The more they see you, the more familiar they will become with who you are and what you do.
Maintain your visibility through e-mail, phone and mail as well. Your sphere of influence (which includes friends and family, past clients and referral partners) needs to be consistently hearing from you in a variety of ways so that when they have a mortgage need, or someone close to them does, your contact information is right at hand. Utilizing a marketing system such as Velma.com allows you to stay in touch with minimal effort and help reinforce that you are available and an expert in mortgage financing. With so many people leaving the industry, it is vitally important that you remind those around you that you are still going strong.
Consider having a customer appreciation event to reconnect personally with your past clients and referral partners. Customer appreciation events take quite a bit of effort and investment, but can be well worth it. People want to feel connected with the person that will potentially help them or their friends/family with their mortgage financing. Reconnecting allows you to strengthen referral relationships and will easily help you increase your pipeline.
In order to keep your business strong and growing, it is important that you constantly look for ways to reach out, be memorable and reinforce your position as a mortgage lender. Evaluate all of your current marketing strategies and decide what needs improvement and where you can add in a new tool. Then get to work!
Bliss Sawyer is a nationally recognized coach, trainer and speaker. She specializes in relationship-based marketing strategies for mortgage professionals. She can be reached at 806-577-3937 or by e-mail at
