My experience in the mortgage industry has taught me a few things that seem to hold true across all markets in all price points; Master Monday and the rest of your business will fall in line! Regardless if you are new to the business trying to get started, or a seasoned veteran with a growing practice, the art of Mastering Monday is the key. The failure to understand how, why, and what to do on Monday can often be the difference between gaining traction or quitting, growing your practice or becoming stagnant in the same place. In any case, Mastering Monday will go a long way in providing you with a weekly focal point and can dictate how and what adjustments you make to your practice each week.
Monday is a day of following up with opportunities. Monday is a day of collecting. Monday is a day to chart a result and schedule the future. Monday is a day to talk to people you know. Nobody has time in our business to deal with cold calls on a Monday, at least not the people who it is important to know! If it isn’t a warm call, then don’t make it on Monday!
For new originators trying to get started in the business, Monday morning is the time to check and see who called in or any referrals you received from having worked open houses over the weekend. If you are new to the business and aren’t spending time on the weekend hitting open houses and connecting with agents, sellers, buyers, and neighbors of those open houses, you are likely missing a golden opportunity to establish yourself in the business with the people you need to know, as well as creating instant loan opportunities. Once you have cleared the messages, it is time to write the personal notes to those you met and the sellers of those open houses. Last, schedule your follow-up calls with the agents you met over the weekend for after lunch, agents are busy putting together deals on Monday morning, respect their time!
Established mortgage professionals on the other hand, need to be making “collection calls” on Monday morning between 10am and noon. Every agent you have established yourself with gets a call to ask, “Who did you meet over the weekend that I need to talk too?” Making these calls is vital to your established relationships because they are in the middle of putting deals together and now is the prime time to get in front of all the opportunities they have established.
Monday is also a time you can expect a lot of new contracts, inquiries for pre-qualification, and a number of referral partner calls asking for help structuring deals, so be careful not to over book Monday with activities or events and plan for the fact that you may have to work a bit of overtime on Monday when all good things come together at the same time! If you are established in the business and Monday isn’t a busy day, you need to check what you are doing to prospect because it should be! As an established originator, you need to be prepared for every referral partner to have a lead for you to follow, and for every pre-approval to have gone into contract!
Mastering Monday can make all the difference in your business. Knowing what to do is almost as important as what NOT to do! Budgeting your time, triage your work flow, control the process, and managing your opportunities can turn chaos into close loans!
Questions or comments: Mike@IMTcoaching.com
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