Everyone’s worried about a down market. A recession. The Great Recession. As mortgage professionals, we know a situation like the Great Recession is almost certainly off the table. However, we also know that this cycle might have peaked. Although the market hasn’t softened much in terms of price, demand and volume may be on the way down.
Here’s what else we know. We know that certain loan officers will have record years. That they’ll kill their projected transaction volumes and show the rest of us that the sky was never falling. It will happen. Mark my words. The only question is whether you’ll be one of them.
One of the ways these individuals increase their business is by increasing their market share. That sounds obvious enough, but let’s take a closer look at what that actually means. It means they’re grabbing more business: they’re reaching more people, convincing more people and possibly absorbing the business of others.
Now we’re talking.
If you’re going to increase your market share you need to:
Bring in new technologies, utilize the tools at your disposal in a different way. If you’re with APM, this includes taking advantage of our stacked tech suite, such as LaunchPad and AP Connect.
– Remain Accessible
Want more business? Make sure leads know where to find you – and be available when they do. While it’s important to maintain a healthy work-life balance, you want to make sure clients can connect with you how, when and where they desire. Utilize alerts on your phone to ensure you don’t miss a touchpoint with a viable client.
– Close the Experience Gap
If you’re a professional, your marketing materials should express your core values, brand and promise to clients. Now, here’s the hard part – are you practicing what you preach? This starts with good customer service. It ends with good customer service, too. When clients feel you’ve gone above and beyond, they not only become long-time customers, but they spread your praises via reviews and word of mouth.
– Understand Your ‘Wins’
Why did that borrower decide to contact you? Why did that family, who wasn’t even sure they wanted to buy a home, sign up for a 30-year mortgage with you? If you don’t know what you’re doing right, you can’t replicate it. If you don’t know what you’re doing wrong, you can’t fix it. To the best of your abilities, try to forensically audit where your wins and losses are coming from. Sometimes this involves asking clients directly, other times it may involve reviews, analyzing metrics/data or your best guess. Put some time and effort into figuring this out, and the business will follow.
– Keep Your Friends Close
By friends, I mean co-workers, team members, referral partners, and past and current clients. Anyone who has had a hand in your success. When they’re happy, you’re their loan advisor – the one they’re happy to help, refer, and return to again and again.
Reach out on important dates like anniversaries. Make time to simply say hi. And ask what you can do to help them…without a word about what will help you. That’s a conversation for another time – of which there will be many – since you’ll be keeping in touch with these individuals on a semi-regular basis.
– Expand Your Reach
Are you the king of your small town? That’s amazing! But now that rates are rising, you may have time to expand beyond your city’s borders. Start to prospect in neighboring towns – or with neighboring products. Perhaps you’re the go-to advisor for VA loans, but is there any reason why you can’t specialize in FHA loans as well?
Diversify, expand and watch your well crack wide open!
The great thing about slower markets is that they demand creativity and stick-to-itiveness. They draw lines in the sand between who is ready to fight for what they want and who will fold when the phone stops ringing.
Now is your time to rise to the occasion.