Starting Again from Zero in 2017!
Family, friends and past acquaintances –
Make a list of everyone in your family. These are the people most interested in your success. Get out your old yearbook; holiday card list; church member directory; club member list; teachers, friends and friends of friends. You will have created a marketing list of at least 100 to 200 people who know you and like you.
(A top loan originator once asked his father, who was a successful business owner, why he never referred his friends to him. His father replied, “Because you never asked me to.”)
Stake out a territory –
Just like real estate agents who develop a “farm market area,” loan officers should consider picking a geographic area and become THE mortgage loan officer in that area. I once lived in a subdivision with 2,000 homes and consistently mailed postcards to my neighbors. Over the years, I was able to provide mortgages to 22% of my “neighbors.”
Your Board of Advisors –
Time is your most precious resource, and it can be difficult to find time to join clubs or organizations, or attend business-networking groups. A more personalized approach would be to create your own “board of advisors.” Invite them to join your “board” and ask them if you can periodically consult with them for advice and ideas on how to increase your business. They do not have to be people who will give you leads, but rather a group of people you respect that will be honest and willing to help ensure your success. Small business owners, printers, a marketing consultant, your doctor, your lawyer—all these would be a great start to building your board. Don’t ask for business—ask for advice!
Know the difference between a tactic and a strategy –
Understanding the difference between a “tactic” (like corporate marketing) and a “strategy” (like building your database) is the first step.
Strategies are longer-term, business-building techniques. According to the experts, there are 3 market-share stages you need to be aware of:
1. The “getting to know you” stage—takes about 6 months to a year!
2. The “getting to like you” stage—takes about 1-2 years!
3. The “getting to love you” stage—takes about 2 years!
Realize that it will take you anywhere from 1 to 2 years to build your business to a point where you never have to wake up each morning and wonder where your next paycheck is coming from.
Here’s a toast to your 2017 and beyond—and your long-term mortgage career!