The Power of Planning!

There is no better way to achieve what you want in life than to have a plan. It’s not surprising, that successful people have such a plan more times than not. The sheer power of putting your objectives in writing stands alone as the number one thing that successful people have in common. There is a real reason that businesses require them, and most managers are required to build them.

In the mortgage arena, many managers have their originators set goals, but rarely are these well thought out and certainly not built with many specifics, schedules, tasks, and most importantly, an accountability partner to help hold people accountable to what they have said they were going to do. In fact, shortly after these so called “business plans” or “planning sessions” are complete, nobody ever sees that document again. Maybe an occasional reminder by a manager as to what your “goals” were, but certainly not a real accountability to achievement.

One of the things I have really focused on was to start business planning in October, so there was time to learn what needed to be learned. Adopted whatever changes needed to be made in scheduling and processes so we knew they would work. Then really begin to live the life according to what we said we were committed to, and the tasks associated with the projections made. I also selected October because it was at least two full months of practice and integration before other people even thought about creating a plan.

After working with thousands of managers and originators; many of whom are now coaches themselves, it is nice to see a few also using October as a starting off point and the benefit of the business planning process! So think of your business plan as your map on how to go from where you are to where you say you want to be! Make success a destination. Your plan is the map to this journey of success.

You need to write your plan as if you were your own boss. For most originators they fail to see that their success is theirs alone to control. Not your manager or your company; but your own journey where you get most of the benefit of doing the work! And you need to do the work! Think for a moment; if you aren’t doing as well as you would like, it’s up to you to make a change! Think of it this way, when you look in the mirror, you are a bad boss blaming a bad employee for underachieving; or you are a bad employee. Blaming the boss for not giving you the tools and support you need to succeed!

The reality is, you get exactly the result you should get based on your plan, schedule, effort, and adjustments. A plan, even a poor one, can be successful if executed well and on an appropriate schedule! Efforts over time equals outcome!

Creating a business plan, the task list, and the schedule of implementation; coupled with a good accountability partner and well thought out adjustments will take you to the heights you may have never thought possible!

  • The plan
  • The tasks
  • The schedule
  • The accountability partner
  • The proper adjustments
  • Equal your destination of success!

Only you control your commitment. Successful people do what unsuccessful people won’t do. 100% of your outcome is earned by you efforts. If you are happy getting what you are getting, keep doing what you are doing! If you aren’t happy with your current results, what changes are you prepared to make?

Business planning events in Michigan, Ohio, Indiana, and Kentucky for next week are already booked full. The webinar for Business Planning 2020 is October 29th.

The free Crossroads Event on October 22nd is available to you simply by going to www.imtcoaching.com and registering for the event. The Business Planning webinar is only available to those subscribers to “ACCESS” or those attending a live event. If your company is interested in a live business planning event, please email Mike@IMTcoaching.com for details, there are only two dates left available this year, November 15th and November 22nd.

The October Push

October is moving along and it’s time to be sure we are executing the plan we have talked about. By now, we should be wrapping up all of our accountant contacts using the “Tax Extension Strategy” and working on those refinances and purchase loans. This is also a good time to record a couple of joint videos!

We also need to continue working the “Refinance Strategies” with all of our closed clients, especially those in FHA loans and those who closed last November through February when rates were at recent high levels. Queue them up and make those calls, e-mail won’t do as well as the call! (Look for the new financial planner strategy inside the website this weekend)

Time has come to connect with our Realtor® referral partners and work on a joint connection with those they have closed in the past five years using the “Forever Home Strategy”. Be sure you also use this during your refinance conversations, nothing like finding a new listing/buyer for your agents!

With October being “Business Planning Month”, it’s time to start putting together your numbers year to date and projected totals for the year so when we do the business planning call, or you attend a live Business Planning 2020 event, you can get the most out of it and project your targets for next year with confidence!

We need to be finalizing all of the Halloween event plans in the next few days and get busy sharing the news with your clients and referral partners!

Last but not least, you need to be sure you have registered on the www.IMTcoaching.com website for you spot on the Crossroads Event Call on October 22nd 2019. This is a free event, open to everyone associated with real estate sales and finance!

As always, questions and comments: Mike@IMTcoaching.com

Rate Rollercoaster, The Trend Is Your Friend

If you have been following these blog posts you have seen me urge caution and patience when working within the rate environment. I have spoken about getting information you can verify and share. I have urged you use caution and judgement when talking about rates, and I have wanted you to know the facts and share them with your clients and referral partners.

I wanted to put some things into perspective for you and get an idea why you need to be aware of what is going on. For the sake of this demonstration, I am using the closing numbers from the UMBS 3% 30yr as my example for pricing purposes. Remember, price goes up, rates go down. Prices go down, rates go up! Take a look at the following:

  • November 8th 2018 – 93.90
  • April 8th 2019 – 98.42
  • May 20th 2019 – 99.06
  • May 31st 2019 – 100.40
  • July 29th 2019 – 100.73
  • August 5th 2019 – 101.73
  • September 4th 2019 – 102.25
  • September 13th 2019 – 100.54
  • September 24th 2019 – 101.45
  • October 2nd 2019 – 101.70

While it being quite the wild ride, today we are near the same levels we were at on August 5th when everyone was euphoric about rates! Yes, we are still a little bit away from the September 4th high water mark of 102.25, but we are almost 800 bps better than the low of last November! 800 basis points!!!

As I have said before, I believe the trend is lower and that we can reach or go past all-time lows in the not too distant future. I also think this volatility is going to continue along with this trend. Barring a real trade deal with China, or some other major event, you have to follow the information and the sources of that information. I follow MBS Highway pretty closely and a few other independent channels, but you have to find your place you are comfortable trusting, and then position yourself as a resource.

It’s always a good idea to lock your client if they are nervous or a jump in rate could blow out their deal. It’s always good to lock near emotional numbers like rates near either a whole number or half number. 3.99% and 3.49% are much different to your consumer than 4% or 3.5%. It just is the way that goes!

Be sure to have the rate and volatility talk with your customers. Show your clients the difference in payments and pricing. Listen to them when they are talking about payments and rates! Share with them a rate/point relationship!

Experts have verified information, share and educate their clients, and provide the options so that the client is making an informed choice about financing their property!

Be sure to go to the website and register for Crossroads 2019! www.IMTcoaching.com

As always, questions or comments: Mike@IMTcoaching.com