We began this conversation last week and I wanted to follow up with some of the comments and feedback I got from that post. Many of you had no issues with going back to the business plan and reviewing the numbers, but there were a few questions about “gestation period” and I wanted to address it quickly. When I talk about the gestation period of you loans, I am referring to the period of time from pre-approval to contract, or pre-approval to closing. Either one gives you an idea of the time consumed by the process, and gives you an idea of how many pre-approvals you need in your queue at any given time so you are going to close the number of loans you project to close. Example: If you want to close 8 loans a month, and your gestation period is 90 days, you will need to keep 24 active pre-approvals or more in your queue. If your gestation period is 120 days, you will need to keep 32. Keeping track is critical. You can read more about this in the May 17, 2018 blog post.
I was happy to see a significant number of you who are tracking at or ahead of your targets! Great job, and keep doing what you are doing because it is working! However, there were a few of you who wrote to say that you were behind the numbers and asked for some help getting caught up. So here are a few simple steps to getting back on the numbers.
- Review your numbers every week! Visits, contact, credit pulls, pre-approvals, contracts, and additions to the database.
- Drill down on your schedule. Are you prospecting a minimum of two hours every day following your business plan?
- Who and what are not living up to your projections and find out why? Correct it, complete it, repeat it, or delete it!
- Check the math. Your ratios from contact to closing may be off and need to be recalculated.
- Why not Wednesday! Pick something out of the “Coaches Playbook” and do it on Wednesday. Take two hours and implement one new strategy you haven’t used and see what happens. Be committed to working the plan for at least eight to twelve weeks!
- Review all your pre-approvals you have issued this year and see where they all are. You might have lost track of them, or they might have lost track of you. Some might just be sitting on the sidelines waiting for rates to go back to 3%! Share the cost of waiting with them. Buy now and refinance later if rates do go back, because they may not!
- WORK the summer while others are on vacation! Opportunities are always available; the summer makes it simple because frustration factors and pressure to timelines go way up! Be the solution!
If you have a specific issue or challenge, please let me know and we are happy to work with you on a strategy or a solution for your specific challenge!
Questions or comments: Mike@IMTcoaching.com
You will not want to miss this upcoming event! Don’t miss CROSSROADS….