Sometimes people fail because they don’t know what they should do.
Sometimes people fail because they won’t do what they know they should do.
Sometimes people fail because they stop doing what they are doing before they get the result.
In my professional career I know these three things to be true. I have seen it thousands of times all across the country. I have these listed in the order in which most originators will tell you they aren’t achieving the numbers they would like to be reaching. I am not convinced that they are correct.
People will accept poor performance rather than be fully committed to excellence. I know this because most originators don’t have a clear vision of what excellence is!
So this week I wanted to start an ongoing conversation about what an excellent experience is, how it’s delivered, and what that experience is worth to a customer. You see, if your business is fully automated, electronic, impersonal, and focused on lead to commission; you are going to have to prepare for increased competition and lower margins. In other words, many more deals for far less money. You will be replaced by technology and someone in a call center who will work cheaper than you will.
We are granted an opportunity now in our market to see a number of conditions all coming together that will become a significant turning point in our industry. The weaker originators who live on high commissions and low volume are soon to be a thing of the past. The internet and automation will make them extinct in a few short years. In my estimation, by 2020 the almost 70% of the loan originators in this country that close less than four units a month will either be gone, or working as an assistant for someone running a larger team of people, or in a call center.
Those originators who have built or are building relationships with all kinds of people and providing value to those people will be the ones that lead the teams and make the money. The cautionary tale here is that if you fail to manage the relationship, provide exceptional ongoing value to your people, and make the mortgage process as seamless and swift as possible, you may find yourself on the outside looking in!
I am not trying to put anyone in fear of loss. I am trying to share with you now an opportunity to gain. Look at our industry and see what is going on. Understand that the best will survive at the expense of the weak. Just like in nature, you adapt, evolve, or you die! I want to share with you how to adapt and evolve because those who wish to ignore the present will have no future. It’s your activities over time that generates your outcome! You have to know what to do, commit to doing what you should do and keep driving the process long enough to succeed, or know why you didn’t.
Prepare for the next generation of loan origination. Lead generation is not going to be enough. Building and maintaining relationships with exception value and a great consumer experience will be the benchmark for those that will be the next generation of loan professionals! Are you ready? Do you have your plan?
Questions or comments: Mike@IMTcoaching.com
Check out my site at http://imtcoaching.com for more information and helpful programs for your Loan Origination business.