“Build Your Wave”

Welcome to the middle of February! Presidential caucuses and primaries are in full swing. The Super bowl is past us and we are preparing for Valentine’s Day. Strange to think that we are likely already engaged with the people who will close out the first quarter of the year for us! Yes, it is likely that anyone you are going to get closed and paid for by the end of the first quarter, you have already met and have been working with! It all gets on us so fast that you do have to be paying attention so things don’t slip away.

We really need to be paying attention to our business plan and how we are tracking. If you aren’t tracking your numbers, how will you know how things are going until it’s too late to do anything about it? Things we need to be tracking include:

  • Inbound referrals
  • Credit pulls
  • Pre-approvals issued
  • Pre-approvals active
  • Clients in contract
  • Closed units

Checking these items helps you track and make adjustments. If you are not tracking, you are just guessing. Don’t guess!

Inbound referrals and where they are coming from lets you stay on top of your prospecting and track actual referrals from your referral partners.

The number and quality of your credit pulls allows you to gauge not just quantity, but the quality of the referrals coming in.

Pre-approvals issued confirm your ability to convert the referral into a viable client.

Pre-approvals active give you an idea what the short to midterm transaction opportunities are.

Clients in contract tell you the likely thirty-day income stream.

Closed units confirm the process.

These numbers are important; especially when this time of the year most originators start the process of “Building the Wave”. I use this expression to describe the early season accumulation of clients beginning the home buying process. It’s like the water rushing toward the shore. As the water gets closer to the shore, the wave grows in height and strength. How far that wave will run up the beach is all a matter of the action behind it and if anything is in the path to interrupt its growth. I think of this part of the year for originators as the building of that wave. Originators accumulate referrals, referral partners, and opportunities. The people coming into the system are greater than the number of people completing the process. This helps create the “wave” of potential business. The bigger the wave, the more power it generates and the further up the beach it travels.

Much is the same for the origination cycle. Slow at first, January through March sees the number of new opportunities outpace the number of closed transactions as many are just entering the process. These early entries are likely the first in their social group to begin the home buying process. They are the “pioneers” of their group and are likely to be followed by others in the months to come. As spring rolls in, we find the pace quickens and more people engage the market. The wave grows much faster in speed and intensity. By the end of June or beginning of July, the wave hits the beach in a flood of closed transactions. How far up the beach that wave travels will be up to how well your systems work and how good a job you have done securing the relationships and commitments of those you have served in the months prior. The better you have done, the further the wave goes up the beach, and the more transaction you close!

The longer your credit pulls and pre-approvals outpace your closings, the better the closing volume you are likely to have for the year! So pay attention to your systems now and track the numbers regularly to be sure you are capturing every opportunity. Stay connected to your process and make sure that you focus on the quality of the experience, so that the quantity of opportunities come your way!

Questions or comments: Mike@IMTcoaching.com or visit us online at http://imtcoaching.com

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Mike White

Improve My Tomorrow Coaching is a company founded by Michael F. White to help mortgage professionals reach their true potential. Based on a belief that working the fundamental principles of the loan origination business combined with a solid system to leverage your day to day business into a self sustaining career! If you are looking to generate consistency in your business, you need to know and implement the fundamentals. Once you know what to do and when to do it, being a mortgage professional is fun, challenging, and profitable. Since the average loan originator in the country closes less than three loans a month, the average originator is unaware that closing seven, ten, twelve or more loans per month is often easier and less stressful than just two or three! If you are tired of the pain and punishment of not knowing where your next deal is coming from; if you spend more time being “busy” instead of “productive”; you need to look and see how we can help you get to a whole new level of business. Take some time to explore this website and read all the free information. If you find some things that cause you to rethink how you are currently doing your business, let us help you! It starts with YOU! There are two programs you can choose, a group program and private coaching. Please look at both before you make your choice.

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