As we close out the month of July and roll into August, we have to take a moment to update our own status. With more than half the year in the books, and likely a real good view as to what the numbers through September are going to be, we need to take pause and look into the mirror!
First thing we need to check is our production numbers. Where are they in relationship to our projections? Are we ahead, behind; or are we on course to meet our projections? Total up the number of transactions and the dollar volume and see where you are.
While these numbers may or may not be an honest representation of the future, we can add in our current number of pre-approvals and those units in our pipeline to get a much more focused and accurate look at how we stand. There is never a good excuse for not knowing your numbers! So take some time and get it done, you will be glad you did!
Now that you know where you stand, it is time to take a good look at how you got here. Look at each transaction and referral partner. Where did each deal come from and who was the referral partner if it came by referral. Going back to your business plan where you listed each referral partner and the anticipated number of referrals they were going to send your way, and see how that measures up? Are you ahead or behind? Are the numbers you projected in line with the reality of the actual referrals received? Are there new referral partners in the mix?
- Once we have gotten this picture, we need to then recalculate our own numbers.
- Am I making the required number of visits?
- Am I getting the right number of referrals?
- What is my acceptable credit percentage?
- What was my pre-approval percentage?
- How many of my pre-approvals went into contract?
- What was my closing percentage from contract to closing?
- What was my closing percentage from Contact to Closing?
This will help you recognize where you are and make it simple to see where your projections may have been off. Don’t panic, there may be great reasons behind why the numbers don’t match up. In some cases the numbers may even be better than anticipated! But the information will be helpful in any case.
August is a great month to calculate where you are and make any adjustments you may need to make to reach the goals you have set for yourself. For those of you who are ahead of your projections; great job! DON’T LET UP! You have momentum on your side so ride the wave to beating the numbers! Remember, this has been a very good year for the mortgage industry. People are excited to buy homes and with lower rates, we have seen a huge number of refinance opportunities that really weren’t expected!
So take a quick look in the mirror and see where you are. Run your numbers and recognize how you got to the numbers you currently have. Double check your referrals and your referral partners to be sure all is well and on track to meet or beat your expectations. Be sure to review your own performance numbers and see where you are. The numbers are what the numbers are! It doesn’t matter if the numbers are good, bad, or exactly what you thought; knowing your numbers are always helpful in letting you know if you are on track or need to make some adjustments! August is a good time to get this done!
Questions or comments: Mike@IMTcoaching.com or visit us online at http://imtcoaching.com