Off to the Races

Before I get started, let me take a moment to acknowledge my wife MJ’s birthday today. None of what we do here at IMT Coaching would be possible without her and we all know it! So HAPPY BIRTHDAY MJ!

We are just completing the first full week of 2019 and by all accounts, you guys are really off to the races! I anticipated a strong start to the year, but I really wasn’t prepared for the sheer size and scope of the loan volume we are seeing across all markets. If this first week is any indication of what is to come, the first quarter of 2019 is going to be something to talk about!

Some of the volume is certainly due to the fact that people kept working through the end of the year and found a solid audience for their message. I know that the recent drop in rates also helped push some people off the fence and maybe they brought along some friends. All I know is it is a very exciting time and I can’t wait to see how it plays out.

For those of you spending a good deal of time working with Realtors®, now is a good time to help them navigate some strategies to help them jump start their spring seasons. We have a whole section on the website called “Power Partnerships” that will help you share the possibilities of things you can do together to improve the number and quality of opportunities.

So if your people are looking for buyers, there are simple strategies to help with those opportunities. If your agents want to focus on generating listings, there are number of strategies to help make that possible. All it takes is for you to share the information and let the video tutorials bring each concept into focus! Terri Murphy and I explain everything in detail and all the support materials are attached to each module so you can easily download what you need. All you need to do is watch the introductory video to see if the strategy is something you want to try, if so, just watch the supporting webinar. If not, move on to another strategy on the list until you find one that fits your needs. It only takes a two hour commitment once a week to make things happen!

As always, if you have any questions or comments: Mike@IMTcoaching.com

The Work, Worked

Welcome to 2019! It’s so gratifying to close out 2018 with such great results in December and huge momentum going into this year. Despite all the calls for people to just go away and come back when the market picks up again, a solid group of mortgage professionals ignored those calls and went out and had their best month’s ever! Not just the best December; but the best month ever!

I get all the nonsense you can hear from the “experts” all over social media explaining that the housing market and real estate is dead, but a group of professionals have ignored the self-serving hype and remained committed to connecting with people, building relationships, creating joint opportunities, and providing a great customer experience; which continues to prove to the customer that it matters who you choose to do your loan.

It was amazing to see the number of lenders that wouldn’t or couldn’t schedule closings on 12/31. Some sent their staff out and said that you close by Friday, or wait until next year. Others complained that their title companies wouldn’t or couldn’t schedule a closing so that was that! Seriously, you can’t work at all on Monday the 31st? So to all those professionals who made it possible for all the builders, sellers, and buyers out there who needed to close on the 31st, thank you for showing that we ALL work for our customers and being a professional that values  the quality of a customer’s experience with us is the number one reason to be in the business.

Also special recognition goes out to all of those mortgage professionals who made themselves available this past weekend to serve those who needed help. The count is still ongoing but there were already people letting me know they had wrote contracts and pre-approved borrowers over the weekend that made offers that turned into contracts! Bravo for working the plan!

Another item that keeps popping up is the consistent conversation about a declining housing market. I am not exactly sure why people believe that a reduction in total price appreciation represents a declining housing market? 2 to 3% growth is still growth! Just because property is selling for less than asking price, doesn’t mean housing prices are declining. My suggestion is for you to get the specific area information for your MSA and keep on top of your rent vs ownership costs. Since each market is different, you need to be on top of your information. While national news is fine, it’s local expertise that makes you the expert!

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

End of the Year Momentum

We have talked all fall about pushing hard to end the year and begin 2019 with momentum. Many of you have really done well and are seeing solid closing numbers for December and good pipelines for January and February closings, as well as a number of new referral partners; so job well done! The key here is not to let your momentum slip away by easing up this last weekend of 2018. Just finish the journey by making one last round of calls to your referral partners letting them know your availability this weekend. Connect with your pre-approvals and let them know that this coming weekend may bring a great value in home shopping before the January rush when those who wanted to wait until the holidays were over to begin shopping!

You also must be really clear within your own company about the rules you need to follow during the government shut down. Some of you may not be affected at all, and others may face significant challenges with certain loan products. Since too many possibilities exist from location to location and lender to lender, PLEASE get very clear on what your specific policies and procedures are before confirming or denying anyone. Remember, your rules maybe different than others. Avoid making statements about what may or may not be possible OUTSIDE your own company policy!

Check for open houses this weekend, there may be more than you think or none at all! You do have to look! Check any files still left to close this year and be sure all the little things are done because it may be a challenge finding help on Monday the 31st!

Last but not least, complete any loose ends on your business plan and schedule. Make any little adjustments or tweaks so that next Wednesday the 2ndyou can hit your mark and begin the year strong. 2019 is going to be a great year for you if you have done the work and are prepared!

Have a safe and Happy New Year! As always, any questions or comments: Mike@IMTcoaching.com

 

“Becoming the solution is your business evolution!”

Forget what anyone ever told you about the mortgage originator being a salesperson, it’s not the case! While basic sales techniques are certainly part of the business of an originator, you can’t “sell” your way to great relationships! You can try and sell rates and service, but who is going to believe you any more than the other fifty people they saw in the last month saying the same thing? I have argued in the past you might even be better off by telling people you didn’t have great rates or great service, at least they might see you as honest?

My thought process has always focused on being a solutions provider. Locate a challenge and provide a solution. Find a problem, and offer a solution! Build long term relationships by providing answers to questions and solutions to the issues found in your market! It’s as simple as that. Tight market and trouble with listed inventory for qualified buyers; get out and work with your Realtor® using any of the success strategies to generate new listings! Having an issue with lack of down payments; master USDA loans along with possible grant and down payment assistance programs. Not sure you know what the issues are in your market; go out and talk to the people and ask them!!!

One of my clients in Louisiana was new to the business and had no idea where to start. I told her to go out and share 50 business cards a day and just talk to people and see what they say. She found out that many people wanted to buy homes, but they lacked down payments. She looked at her area and saw most of it was eligible for USDA financing. She took some time, learned the program, and went out and shared the solution. At first, many people were cautious because prior lenders had issues getting these loans closed quickly. Working with her underwriter, she went deeper in the pre-approval stage so that once in contract, these files were quickly ready to underwrite! She also kept in close contact with her local USDA group to monitor turnaround times so she could keep everyone aware of the timing of each deal. In less than a year, she became the number 2 USDA lender in the country!

That same originator lived in an area that was overcome by a flood. Many of the homes were damaged or destroyed. Even her own house and office were flooded by more than four feet of water! Working from her assistant’s kitchen table, they closed the loans they had on the unaffected properties in their pipeline, and then went to work mastering rehab loans! Imagine learning new loan products, working from your assistant’s kitchen table, trying to supervise the rebuild of your office and your own home, while living in a trailer and the second floor of your flooded house? And close more than 175 loans in the process?

Our ability to solve problems is what humans are all about. See a problem, find a solution! To build lasting referral relationships, you need to show your people that you are more than a salesperson, you are a solutions provider! Use the tools and the strategies inside the website to help you identify and solve issues. If you need help working with your Realtors®, invite them into www.rlppnow.com and share the Power Partnerships modules and show them proven solutions to their challenges!

“Becoming the solution is your business evolution!” If we don’t evolve we die off! Use the tools and technology to help you in your professional evolution! If you need some help, look into the “Fast Start 180” program as a way to get started.

Questions or comments: Mike@IMTcoaching.com

Ready to skyrocket your results?  Visit http://www.imtcoaching.com/fast-start-180.html

 

“Sharing Best Practices”

As a coach, you do what you can to share the best practices with your clients. Most of the time, you can convey the concepts pretty clearly, sometimes it’s best to just share that concept in motion. Well, that was exactly the case this past week when I brought two clients together so they could each see how the other was doing a specific part of their business, and both benefit from the time together.

My client Joe has more than twenty years in the mortgage business and is a master of communication and follow-up. My client Christy is beginning her fifth year in the business and has mastered the art of the initial filtering process and setting expectations for the clients and referral partners. Each of them could benefit from the other’s strengths, as well as the visualization of actually seeing the work in motion. So last week, Joe and I left Florida and went to Louisiana to visit with Christy and her team.

In just one business day, both Joe and Christy got to see and share information that will forever change how they do business. Both people got to see how exactly what they were trying to accomplish, executed by someone that has mastered the very part of the business they want to improve upon. I will tell you, as a coach, watching the student become the teacher was a priceless experience. To have your clients learning from each other, to see how the message and the mechanics were transferred so simply was about as good as it gets. Just one day that will change the way two teams of people provide an exceptional experience for their clients and their referral partners forever!

We are all busy. We all have a great number of things going on in our lives both personal and professional that it can make it hard to stop and either ask for help, or be the one that helps another. In this case, the timing wasn’t ideal for either one of my two clients, and certainly didn’t fit well into my schedule, but it was important enough to make it happen, and everyone involved learned something valuable and benefitted from the time together.

So think about what you do and how well you do it. There are some things I am sure you would like to make better, and some things you do as well or better than most. When you struggle to find a solution on your own, ask for some help! Ask your coach or mentor to connect you with someone that has mastered the things you struggle with. Also be open to help someone who struggles and has asked you for some help. I promise you, it’s worth it!

Our business suffers from the lack of mentorship. As the profession ages, we do a very poor job in our industry hiring, mentoring, and building that next generation of mortgage professionals to be better and more consumer centric than we were! The fact is we really need to elevate our profession as a whole. We can do this by building better systems to support a better client experience, and share that knowledge with the next generation of professionals that will follow us forward.

So with a great deal of pride in my two clients for making this past week happen, the two teams of people who will now change a few things in their lives to make the experience better and more productive, I challenge all who read this to make a commitment to learn one better way this year to serve your clients and referral partners; then share one way with someone that could use your help. I guarantee it’s worth the time and energy to do!

Thanks Joe & Christy! Thanks Team Solar and Team Farro! Thanks for caring enough to share this experience with each other and allowing me to be a part of it.

Questions or comments: Mike@IMTcoaching.com or visit us online at http://imtcoaching.com

It’s the END of the First Quarter!

Wow! That was sure fast! The first quarter of 2017 has come and gone in a flash. As always, the end of the first quarter is the time to do some basic work and analyze some numbers. We need to get out our business plan and compare what actually happened, to what it was we projected to take place.

  • We need to look at our personal income for the first quarter and see if it was in-line with our forecast?
  • We need to look at our in process pipeline and check if we had any deals roll into the second quarter that might have been counted in the first?
  • We need to look at our preapproval que and see how many people we have 30 – 60 – 90 days into the home buying process and see if we are tracking properly?
  • We need to look at our referrals and where they came from. Are those people we thought would refer us business, referring the business we thought they would?
  • Are there any surprises in any of these areas?
  • What adjustments do we need to make based on the information we have just discovered?

It is really important to do this work. It confirms your thinking about this year, or it will allow you to rethink and refocus on areas or tasks that are now coming into view. You should also take the time to look at your first quarter closings and see how long it took for your people to go from being preapproved, to closing the loan. Knowing the gestation period of your preapprovals can help you manage expectations and understand your future numbers.

As we approach the spring buying season, it’s really important to take a moment and review your plan, track your results, see where you stand in relationship to your objectives, and then make whatever adjustments you need to make in order to make your projections come true. Wishing won’t ever make things come true; only WORK will make it happen!

Questions or comments: Mike@IMTcoaching.com

Introducing Power Partnerships®!

The CFPB has made it very clear that it will be taking action against Realtors® and lenders that violate RESPA. While many on the lending side of the issue have been aware of the CFPB focus, the real estate market has been shaken by the fact that companies and individuals who violate the law are likely targets of interest by the CFPB.

The Realtor®/Lender relationship is one of the most fundamental pieces of purchase transactions. Many lenders have worked almost exclusively with Realtors® to generate their mortgage opportunities. Given how powerful and productive those relationships can be, some have gone beyond the rules governing those relationships, and those people are now coming into sharp focus of the CFPB. The CFPB has shown that it isn’t just worried about those who are giving the money against the rules, but those accepting the money are also open to investigation and penalties! Clearly those people involved really need to look at their business and be sure they are compliant!

There is so much that can be done within the scope of the rules that can generate opportunities and create value, that it is hard for me to see why anyone would risk their livelihood by not engaging in the strategies that are compliant? You can’t just buy your way into a relationship any longer! You have to establish and maintain relationships based on mutual benefit, mutual action and activities, and the willingness to work with those who see the value to the consumer by providing an exceptional experience! Besides, why does everyone need to be in everyone else’s pockets; why not just make and keep your own money?

Terri Murphy and I have created Power Partnerships® based on our years of experience working with the best Realtors® and loan originators in the country. We have spent a great deal of time refining the tools and the strategies that help provide significant listing and buyer interest. After all, purchase business requires someone to sell, and another willing to buy. Putting them together and providing a hassle free transaction is what the consumer wants, and what we should demand of ourselves.

Power Partnerships® is the only online training academy available produced by coaches, each with over 30 years of experience, who work in the arena every day. More importantly, the systems and strategies we bring to you are the very systems and strategies our own clients use on a daily basis! This system also provides the user with access to either coach by email if they have a specific challenge or question.

If you want more from your current relationships, if you are looking to identify and attract the best people in your market; if you want a compliant system that shares the actual step by step actions, activities, and schedules you will need to succeed, you need to take a look at Power Partnerships® and see if $59 a month can change your life? Realtors® and lenders are a natural combination. Here is the platform where both can come together and work toward finding new opportunities and converting those opportunities into closings!

So go to www.RLPPNOW.com and take a look around. See if what we are doing here is of interest to you and your team. We can offer discounts for multiple subscribers, and you may qualify to have Terri and I come to your town and present the program to your team and your referral partners!

The time has come to take the Realtor®/Lender relationship to the next level. See how we can help you make that move!

Questions or comments: Mike@IMTcoaching.com or visit us online at http://imtcoaching.com