Loan officers are used to dealing with savings plans and retirement accounts as they help clients achieve their long-term goals through homeownership. There are few industries out there that appreciate the value of a savings plan more than us and that is why I want to talk about our own form of a savings plan.
I’m not necessarily referring to dollars and cents in a bank account here, but it’s a form of “savings” nonetheless. It’s the planning for a rainy day strategy. The mortgage industry is often accused of not doing enough in anticipation of the down periods. Now that the busy spring and summer seasons are upon us, this is a good time to remind ourselves that not every season produces such fruitful blooms.
Your rainy day savings plan during the busy period should include:
– Getting your business healthy. Take a look at your expenses and trim costs where appropriate. Make sure you run a lean operation that still gets the job done.
– Focusing on top-line revenue. Compare this figure year to year and set new goals for yourself that include the notorious down periods.
– Working strategic relationships. Are you your partners’ best ally? If not, you should be. While we may not be in “business” together with a particular real estate firm, you should appreciate that a win for them is a win for you – and vice versa. Help them achieve their goals, and you should receive a few assists on your side as well.