I’ve had the good fortune of working with some the mortgage industry’s sharpest and most successful originators over the past six years – and I’ve taken notice of a few irrefutable facts I’d like to share with you today.
1) Elite originators never relax.
If you’re not interested in taking your business to the “elite” level, this article may not be for you. You see, the originators at the top of the food chain are always working on their business. Their passion for success just seems to consume them. Twelve hour days are not the exception, they’re the norm.
2) Elite originators consistently reinvest profits back into their business.
If you look at the world’s great brands: McDonald’s, Coca Cola, Gillette, all of them have built sustainable competitive advantages over the years by reinvesting profits back into the brand. Top producing mortgage professionals have the same mentality.
3) Elite originators have multiple channels for new client acquisition
I can’t stress this fact enough. Success in the mortgage business should not be solely measured by how many loans you’re closing per month/year. The better, and more accurate litmus test is to measure your production in comparison to your peers. Elite originators consistently execute on their business plan, picking up chunks of market share month over month… year over year.
Several years ago, I began teaching our clients a simple concept I like to call “Three Channels for Client Acquisition”. It’s not rocket science, but very few originators execute on this concept properly. You should have three mutually exclusive mechanisms in place for driving new business. My recommendations:
Channel #1: Religiously Mine and Communicate With Your Database
This is something you already know you need to be doing. Yet, most originators fail to execute properly. You should have a mortgage crm system that integrates postal mail, electronic mail, social networking, blogging and data mining. Many of the originators I meet who are stuck at an “average” production threshold execute on these strategies when they have time or when they’re highly motivated. But in order for your crm system to bear consistent fruit, it must be harvested consistently.
Elite originators rarely, if ever, fail to harvest their database.
Channel #2: Establish a Diverse and Loyal Network of Referral Partners
Again, this is something most every originator knows he ought to be doing. Yet again, most fail. The simple reason most originators fail at Channel #2 is because they cannot answer one simple question: What Makes You Different? Elite originators not only invest profits back into their business, they also invest vast resources into deepening their knowledge base. It’s not enough just to ‘know what you’re doing’ anymore. You must be able to clearly and confidently articulate your competitive advantages. This takes preparation, practice and repetition. If you’re managing a pipeline and putting out fires all day, it becomes difficult to divert your attention to deepening that competitive advantage. Elite originators know this, and they use it to distance themselves from their competitors a little bit every day. Hey, I already said they’re working 12 hours a day – you don’t think they spend all 12 hours putting out fires do you?
Channel #3: Find Your Passion, Time Block and Experiment
I like to refer to Channel #3 as the “wild card”. There are so many awesome ideas out there, many of which we’ll be teaching at Mortgage Revolution in November 2009. Brian Brady is a master social networker. Derek Egeberg just held a first-time homebuyer seminar that yielded 287 attendees and has filled his pipeline with prospects. David Lukas hosts a radio show in his hometown and expertly integrates referral partners into the mix. I could go on and on with examples of how elite originators are investing their energies into unique channels of customer acquisition. You’ll never know which one is right for you unless you pick one and give it a go. You might want to come and see for yourself what your peers are doing to dominate their market in November.
In conclusion, the true difference between the average and elite originator comes down to one thing: execution. The average originator “knows” what they ought to be doing. The elite originator actually does it.
