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When Did You Stop Marketing?
By Joel S. Pate
The more people I speak to that are trying to accomplish what I am able to help them with, the more business I will do.
I have a new employee selling one of my products. He is from the stock market business. He recently said "we stopped marketing during the bear market of 2002." I said, "No, you all stopped marketing during the bull market of 2000 and 2001."
When did you stop marketing?
Why do we do that? Why did we, stop talking to more and more agents/builders/etc., when the business was good? Why did we stop sowing seeds?
When the market is good, originators stop marketing, stop calling agents back, stop doing a great job, and are not appreciative of the business that an agent/builder brings them. We stop communicating. And now, that the market is in the tank, for some reason, many of us are saying, but "I shouldn't have to be doing all this heavy lifting, cry, cry, cry."
I know the first reason you will give is that you were too busy doing all the business that kept falling in your lap. I will tell you, if that was your first thought, you are an amateur, you haven't been around long, and when the easy business dries up, you'll be the first to go under.
Come on guys. Professionally speaking, it is time to begin to do what you should have been doing all along. It's time to implement consistent marketing strategies that work to bring in business, keep the program going when the business comes in, or quit.
Quit. For those calling their AE to ask what loan your borrower qualifies for, I'd just quit now. Do you realize that in many cases that same AE is being asked about a particular borrower by more than one originator?
During the investor boom for construction perm loans, I would have two or three brokers call me about the very same deal. How can so many brokers be working the same deal if it is really your deal?
You know which originator closed the deals? The one that knew his business. The one that could recite the latest product guidelines for lenders. The one that knew his business so well that he could close complicated loans in just a few days. The one that had a process and a system that worked at the same time that their marketing engine was bringing more deals in the door.
There are so many marketing plans out there for you to implement. You've got the ones in Loan Toolbox; Barry Habib's group, including Jim McMahon and Sue Woodard; Scott Tucker; and Brian Sacks, just to name a few. All of these plans have value and all of their plans contain many of the same ingredients. But most important, all of their plans require implementation. All of their plans require work.
Consistently doing the right things right is what moves a business forward. Choose the right actions for your market and then implement the plan consistently and your business will prosper.
Marshall Goldsmith's new book title, in my opinion, focuses us on the key issue for future success more than most sentiments floating around today. The title says it all: "What Got You Here Won't Get You There."
If you are wondering why what you have been doing isn't working to propel you to greater volume or even to maintain volume, it's because things have changed. And "What Got You Here Won't Get You There."
You've got to adjust.
That's good news. You can adjust. You can make it. You can excel.
What does it take? Doing the new right thing, at the right time, often enough for the seed to begin to germinate.
Give yourself one hour to handle all of the issues on your loans this morning, and then get out there. Call an agent on a loan you're currently processing. Go see them. Take the file. Update them. Tell them where you are. Tell them the truth. Talk to them about the marketing programs they are working. What is working? What is not working? Talk about the industry. Take them a good idea. Focus on helping someone get where they want to go and as Zig Ziglar says, "they will help you get where you want to go."
It works like a charm every time.
In the mean time, take me up on my offer for a free six month trail to The Daily Communicator(tm). You and the agents you send it to will enjoy the education. At the same time, you will be buying their brain cells and marketing your territory.
If you are interested in seeing more strategies like this, visit www.vadiumgroup.com/cpexpert.php.
Dedicated to coaching YOU to CP loan success!
Joel S. Pate
Joel S. Pate, a dedicated entrepreneur, has spent more than two decades in the building, mortgage, and real estate industries and has been involved in over $100 Million in construction loans and over $1.3 Billion of residential lending.
As the CP LOAN EXPERT columnist, Mr. Pate provides straightforward, unbiased advice about every aspect of construction permanent lending. If you ever wanted to unravel the mystery surrounding new construction lending, then you should tune in.
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