|
Who Is In Control Of Your Day?
By Joel S. Pate
The mind really does matter. As Howard Gardner offers in his new book, "Five Minds for the Future," famed Polish pianist Arthur Rubenstein worked very hard at his craft as a child prodigy, earning him the accolade of one of the greatest piano virtuosos of the 20th century. But as Rubenstein grew older, he stopped working so diligently and eventually gave up his discipline. Rubenstein is quoted as saying: "When I don't practice for a day, I know it. When I don't practice for two days, the orchestra knows it. And when I don't practice for three days, the world knows it."
Fortunately, our business doesn't move quite as fast. But, it moves and is moved by the discipline of our actions. In our business, one could say: "If I don't market for a week, I know it. If I don't market for a month, my manager knows it. And, if I don't market for two months, my wife/husband knows it."
Consistently doing what needs to be done, as well as you can do it everyday, well actually every hour, will bring about a consistent flow of business. The discipline of time blocking has amazing results.
Currently, I am in the pains of creating a new product. When you are doing something new, it is imperative that you are consistent and that you don't get side tracked by the day-to-day operations that business demands. Even today I reminded myself that we must continue to market everyday, continue to have an appropriate outreach, or we will stop growing our business.
Isn't that the answer to your business too? Consistency, when applied in the correct effort, in an efficient and urgent manner, will bring about productivity. I am so busy managing the business that was created by the initial marketing effort, that I had to stop and set a goal, no, actually time block in the time, that I am going to communicate effectively with five new prospects per day. I had to manage that time into my calendar or it wouldn't get done. This happens to everyone. But only those that understand these principles will take control of their day and tell their day what it is going to accomplish instead of allowing the day to tell them what they will accomplish.
The theme of the article, over the past few weeks, has dealt with sowing and reaping. One might say that if you sow consistently, you will reap consistently. In our industry, with its problems, consistency is difficult to control. However, if you sow consistently, you will overcome the inconsistencies that you cannot control.
You cannot control the fallout from American Home Mortgage's collapse. You cannot control the fact that equity lines have basically become unavailable. You cannot control if HUD or Congress will eliminate down payment assistance programs or not. If you are trying to control these uncontrollable aspects of the mortgage industry, it will drive you crazy.
So, what can you control? According to Bill Dallas, founder of First Franklin and OwnIt Mortgage, you, the "lowly" loan originator can only control one thing: Your relationships. The relationships you have built with your past customers and the relationships you will build with your future customers through your relationship with your referral sources.
Your relationship with your customer is the only thing standing between you and Wall St. going directly to your customer and cutting you and me completely out of the game. If they can figure out how to eliminate you, they will. As you can see, they are systematically eliminating the wholesale lender. Why? Because volume is down and they think they can. Relationships are what you can control. Relationships are the only things that will and can trump market conditions.
As "Rich Dad's" author Robert Kiyosaki teaches, investors make money when the market is good and investors make money when the market is bad. I think that the term investor(s) is interchangeable with our business. Originators can make money when times are good, as you know, and now, originators can, and will, make money when times are bad. Those that are, are doing for one reason: Their relationships. Do you have any? Of course you do. You have built many relationships over the past months and years, but, have you developed, germinated, and reaped the harvest from the seed you have sowed? Have you tended to your fields by following up with agents, builders, customers, friends? Have you?
Building relationships by doing a great job is only part of what it takes to overcome the set backs the market has given us. Developing the relationships by continuous communication is necessary to increase the yield on your harvest.
Greg Frost will tell you: "Communication is the lubrication of every well run organization." Communicating, all the time, is the only chance we have as originators to brunt the force of Wall St., and the big banks. Have you seen the large organizations pulling products from the wholesale channels while allowing their retail channel to originate the loans? Why? Because they can. And now, the lenders will try to directly refinance the customer without your involvement. Why? Because they think that you have just been an item on the HUD and that you have not developed the relationship with the customer. Are they right?
But, you have a weapon. You sat across from these borrowers and built what can only be built through a face-to-face encounter. You know their names. You know their children's names and where they go to school. You know why they were late on that payment, etc. Since you have done a good job with the customer on the loan and then communicated with them after the closing, you have the opportunity, if you take it, if you don't get sidetracked by grieving over what you don't have anymore. If you take Kiyosaki's advice: "Decide to make money when the market is bad, just like you did when the market was good" then, you will not only survive this market, but, every other market that you encounter over the next decade.
Over the years I have seen numerous market shifts. The market shift that the lenders are currently facing and that some of them are causing as they seek to eliminate the wholesale channels, and eliminate the originator, will not work completely this time. Someone will come to the market, because they believe in the originator's ability to move product, to tap into that relationship in an efficient an effective manner. Just watch. But, in the mean time, what do you do? You work on your relationships.
Remember this sage advice: Only what you have can help you. Ask yourself, what do I have? What products do you have? Which customers can you help? Write it down so that you can focus your energy and zeal on what can help you.
Don't spend another precious minute focusing on the products that you had. Turn your attention, with a new level of urgency, to what you do have that can help you and your customer.
Now, more than ever, it is critical that you work with your referral sources. That you work together to sell the houses, work together to qualify that borrower that you didn't have time for before, and work together to implement effective marketing strategies to get that listing sold.
Many of you have taken me up on my offer to provide you with six months free for the service that Greg Frost uses each day in his business. I hope that you take me up on my offer too. Just mention the six months free to The Daily Communicator in your comments after you click on the button below.
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.
More stories by Joel S. Pate
| 
