Fight for Fifty!

I want everyone who reads this to think about the possibilities, and then put in a plan to commit one hour a night on each Tuesday, Wednesday, and Thursday evening to connect with your database and those around you to refinance fifty loans by April 30^th 202

Think about it; what would it take for you to commit three hours a week for the next thirteen weeks to connect with those who can benefit from lowering their rate, term, changing loan programs, or just selling and moving completely?

Questions to ponder?

• Who has a loan with a rate over 4.75%?
• Who has a FHA with permanent MI?
• Who has any loan with MI more than three years old?
• Who has had a jumbo loan in the last seven years that could now be replaced by a conforming loan?
• Who has large outstanding debt obligations over 15% interest?
• Who could use equity to update or improve their home?
• Who isn’t currently living in their “Forever Home”?
• Who would benefit from selling and buying their forever home for about the same monthly payment?

Some or all of these apply to a good size portion of your database and your market! If you don’t ask these questions, then most people don’t know they have options!

It’s up to you to make it happen! Fifty refinances in the next sixty days is entirely possible IF you schedule the time and do the work! The “bonus” listings, sales, and purchase loans are just an extra added bonus!

Questions or comments: Mike@IMTcoaching.com

Important Information

We got some really important information yesterday from a number of sources. The MBA shared that purchase activity was up 8% year over year and refinances were up 116% in the same period. Clearly the desire to buy homes is not wavering in the least, and the appetite to save money, reduces loan terms, change programs, consolidate debt, or access equity remains strong! This wave of activity is largely being captured by those who kept working hard in the fourth quarter of last year, and given the rate of new applications and the preapproval numbers being reported back by those I have been speaking to, we are in for a very strong first quarter!

The FHFA reported that in November, property values of homes financed with a conforming loan were up 4.9%. Now, any number of properties could be financed with a conforming loan program, but this number is likely to put more weight in more typical homes and less in larger homes. Certainly you could use a conforming loan on a two million dollar house, but most of these homes are likely represent what is the hottest part of the market right now, which are homes of more average market values.

Existing home sales were reported higher this month by 3.6% and almost 11% higher than this time last year! When you couple this with NAR reporting that housing inventories are at the lowest levels ever reported, and they started keeping this data forty years ago, we are in a real purchase housing demand cycle that makes sense given the rise of household formations, rising wages, consumer confidence, and the high cost of renting!

As supply continues to struggle to meet demand, new construction can only help so much! It will be those agents who can generate listing activity that will see the greatest advantage. For those mortgage professionals out there looking for an opportunity to forge new relationships with the best of the best, knowing the strategies to help generate those listing opportunities are essential! Buying leads will not create the relationships, value, and quality of experience needed this year; being a successful strategic partner in listing opportunities will be GOLD!

The cost of waiting will be enormous for those who wait to buy, sell, refinance, or learn the strategies needed to help create listing opportunities in your market! So use the tools and strategies on the website to help you create opportunities and build the very relationships you will need to defeat the algorithm enemy!

Questions or comments: Mike@IMTcoaching.com

 

 

Knowing The Numbers

What a great start to 2020! Everyone seems to be firing on all cylinders and both the purchase applications (highest number in 10 years) refinances (up 100% over last year and 60% of loan volume) have made this an exceptional beginning!

With loan rates just below 1% lower than this time last year, the opportunity for buyers to buy that home or make the cost of where they live more affordable is very real! The strategies for FHA and Jumbo loan conversions to conforming loans are really seeing favor with customers. Accountants and financial planners are also jumping into the mix to help their clients benefit from this market!

Another piece of information that came out was some data from Wakefield Research that showed that 60% of consumers felt their real estate agent went “above and beyond” the scope of their duties during their transaction; it also showed that 34% of people would not rehire that same agent!

This is disturbing to me because in the past few years, NAR has published that 78% of people would be happy to refer the agent they used to someone else. Now for those who want to split hairs, there is a difference in a real estate agent and a “Realtor®”. Not all real estate agents are Realtors®, I get it, but the numbers are at least important enough to take a good look at. It would be important to know and share this, at least from a conversational point of view.

With all the online competition for lenders, listings, and buyers, we need to be aware of how much quality of the experience matters in our world!

Questions or comments: Mike@IMTcoaching.com

Actions That Payoff!

With the first full week of 2020 running along, it is really important to be focused on the actions and activities that really payoff. With your work schedule clearly defined and your marketing calendar in front of you, this is a good week to be sure you are up to date and have all of your people with you. Here are a few things you will want to be sure of taking care of this week.

• Connect with every preapproval personally to be sure they are back in action.
• Speak with every Realtor you expect to be working with this year and be certain they have already done the same!
• Finalize your plans on your Valentine’s Day event or activity.
• Complete your “Accountant video” and get it out by Friday so you can follow-up by phone next week.
• First conversations of the new year with your banks and credit unions.
• Set the first breakfast or lunch appointments with your financial planners, insurance professionals, and divorce attorneys!
• Think about “Leap Day Saturday” potential event!
• Girl Scout Cookie Season!

Momentum is critical and if you have it, you want to keep it going; if you don’t, then you need to generate it NOW! All the tools are on the website so there are no excuses! If you can’t find what you need, just email me!

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

2020 Isn’t Just A New Decade, It Means Perfect Vision!

Welcome to the first blog post of a new decade! Much gets put on a new year; even more thought around a new decade! Some look back to the “Roaring 20’s” of a century ago and wonder if there is any special meaning? While those 20’s were free and easy with what seemed to be growth, wealth, and an endless party; it ended with a stock market crash and the great depression!

The coming decade is full of promise and excitement, but I also urge caution. While things change, those jumping onboard some of those changes may be making a huge mistake! While change is inevitable, not all change is good! It is important to look at the future and examine the changes that are being presented to us and make good choices.

What I think will make a difference in 2020 verses 1920 is that we have awareness and the ability to understand history. What I also like to think is that 2020 in our minds also needs to be understood in a way that we already accept; the understanding that 2020 implies perfect vision! Adapting that meaning, I feel we can look down the road of change and be prepared to make choices and adjustments if we have perfect vision!

The obvious point is clearly planning. It will become more difficult to just “wing it” in the mortgage and real estate industries! You will need a plan, complete with strategies, schedules, and accountability toward a higher expectation! To be clear, overall performance will have to improve!

One of the choices we have to make is the path we will take. It becomes clearer every day that the battle in the industry will be around transactional verses relational business models. Simply put, leads verses opportunity; price verses value!

As more and more people chase leads, that market will become saturated with people focused on price and quantity! What will remain will be a smaller, but more individually profitable arena that some will enjoy. When the mortgage and real estate business becomes about the quality of the customer experience and the current and future value of that experience there will be unlimited potential.

The choices are clear and the competition will be significant. For those in the high volume, transaction based, low margin arena, the risk becomes dependence on outside resources beyond your control. For those taking the other path, the focus needs to be on consistency and value driven process. Both paths will yield results; what is the choice you will make?

Is your vision of the new decade 20/20?

Questions or comments: Mike@IMTcoaching.com