I read with great interest over the weekend an article in the New York Times. It appears the middle class in China, especially those that are educated, are "shocked that prosperity is not guaranteed." I think a few of us in the United States have the same lack of respect for history.
Yesterday, my wife tells me that a relative is concerned that he will lose his job in retail. "Managers of the store with 10 years experience are being dismissed," he said during a recent phone call.
One basic thought to view the world through: No one is going to give you anything and if we want to succeed in our enterprises, it is up to us.
Not only do we have to work hard, but also, as important, we must act like the great times financially will not last forever. Have you ever said the following prayer: "Lord, just give me one more big market, I promise, I will not screw it up again?"
Now, we have a big refinance market. Maybe a few originators have been praying. (A friend once told me that he prayed for business. He got so much he couldn't handle it. He said, "Next time, I'm just going to pray for the money.")
Last week, an originator told me: I don't have time to work to build my future in this business with agents and small builders. I am too busy taking applications for refinance loans.
Have you realized yet that most of your refinance pipeline will not close? Either, the house will not appraise or the rate will tic up a tenth. And then, what will you have?
What you really need, while of course you are working the refinance loans too, is to learn to do business with the group of individuals in this industry that want the same thing that you want: Buyers to buy so that you can lend.
If I were in the mortgage business, in your market, I would learn how to communicate with agents, how to impress them, how to add value to them, and thus how to grab and command the business that they do have.
Let me ask you a question that I hope clarifies for you the import of the strategy: Any mortgage companies in your town have for sale signs in front of properties? No! Who does? Agents.
I'll end as I began. Prosperity is not guaranteed to anyone. As a matter of fact, quite often it is elusive. But, while that is true, this fact is no less true: If you can get a Road Map To Success With Agents and Small Builder, you can learn what other successful originators already know: If you are to succeed in this business, it makes sense to be the originator that agents think of when they sell a home to a customer.
Since 70% of all homes are sold by an agent and over 70% of their customers decide to utilize the services of the originator that is recommended to them, it should be obvious that a key element of success in this business is to develop a working relationship with agents.
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