1. Stop wasting time
It’s unbelievable how much time is wasted each day on non-revenue generating activities. Every week I speak with at least a small handful of loan officers and Realtors (Even in California) who are still managing to close 8 – 10 deals or more per month. When I brag about these loan officers on my conference calls, it never fails to inspire at least 1 or 2 loan officers to speak up and object, claiming it’s impossible to accomplish in this market.
My answer to this? Take a look at how much time was wasted in the middle of the boom time… Compare that to what you are wasting in today’s market… About the same right? Humans are creatures of habit. We tend to do things the same, even when we shouldn’t!
In a down market, you need to spend at least 40 – 50% of your day in front of people! I’ll say it again: in a down market you need to spend at least 40 – 50% of your day in front of people! What people? Prospects, realtors, FSBO’s, affinity partners etc… Hold teleseminars to save cash, but leverage your time. Network with realtors, host mastermind round table discussions…
It’s amazing what you can accomplish when you structure your day properly. You know all that time you’re spending responding to low priority emails, and checking each and every voicemail right away? Yep, that time could be spent making you money…
2. Stop taking bad advice
It drives me nuts when I see loan officers and Agents spinning their wheels because they are so desperate for answers, they’ll listen to anyone. Yes, I am talking about the dreaded “message board education.” I understand the need for socialization, and getting some advice and friendly conversation all at the same time can be great!
But there’s a crowd of loan officers and Realtors who do nothing more than ask question after question after question on message boards, and build their marketing plans based on what they are told… Funny thing is, spend enough time on these boards, and you’ll find the very same people giving you advice on how to make money, or on how to successfully market yourself complaining about how broke they are!
Anyone else see the disconnect here? Just because something sounds good on paper doesn’t mean it’s worth your time. You’re busy, and you need to spend your time on high payoff activities, not the whim of another well meaning, but ultimately dead broke loan officer! How would you feel showing up at an aerobics class if the instructor was in far worse shape than anyone in the class chomping on a donut while barking out orders? (Don’t misunderstand me. Good advice can come from anywhere… But don’t place the ultimate success or failure of your career on the line so blatantly. Be picky)
Learn from professionals, and take the time to understand the fundamentals of marketing so that you can differentiate from good advice, and bad. (Plenty of “pros” out there giving bad advice as well!)
3. Do what’s uncomfortable
What would be the most uncomfortable thing you do right now? Pick up the phone and cold call the top 10 agents in your city? Give an office presentation at the most successful realty office in town? Record a video and plaster your face all over YouTube?
DO IT! The reason so many loan officers and Realtors are failing and dropping like flies these days is because they choose to be so darn ordinary! Always worried about how uncomfortable they’ll be if they speak to a group of realtors and lose their train of thought… Worried that they might be asked a question and not know the answer… Worried that recording a video is too hard, and advertising online makes them nervous…
See any true physical roadblocks there? None! It’s all mental! You have a choice to do what most are unwilling to do (Which is where the money is at by the way) and most of us choose to make our days ordinary instead of extraordinary…
Personally, I’d rather be uncomfortable for 45 minutes giving a presentation, than be uncomfortable all month worrying about whether my bills will be paid or not. Think about it! Better yet, DO something about it!