It has been a pretty interesting week. I had a training last week and followed up with some new clients and was really challenged to explain why so many people would rather have bad relationships than no relationships? I firmly believe that having no relationships is better than having bad ones! What do you think?
We all need referral partners and marketing programs that generate opportunities. But far too many originators occupy their time with people and processes that aren’t worth the time and trouble. They certainly don’t generate the results they are looking for!
Far too often originators get stuck in bad relationships with referral partners that consume their time, energy, and money, but don’t produce the quality or quantity of opportunities needed for the investment made! My best example of that was a loan officer I worked with that was pretty successful. She was doing a good deal of business, but working far too many hours for the business being closed. When we did the math, she was spending 70% of her working hours on about 40% of her total business! Anyone can see that that isn’t even close to being of equal value!
I explained to my originator that she either had to modify the relationship or eliminate it. While she was really concerned about the possibility of losing a referral partner that was generating 40% of her business, she also knew that consuming this kind of time for that business was far too stressful on both her personal and professional life! She had the conversation with the referral partner and the referral partner refused to change the way he did business. At that point, she took the leap of faith and fired him! He was SHOCKED! She was scared!
My originator went back to her office and constructed a plan by which she was going to do business and how best to do it. She got really clear in her own mind how it would work, and then she went out and shared the plan with her other referral partners. Those other partners were happy for her efforts and agreed that working according to her plan would be better for everyone and at the same time, provide a better quality experience for everyone involved, especially their customers!
In the year that followed, that loan originator grew her total business by almost double; and her total work hours were cut by more than 30%! Everyone was happy! The clients were happy, the referral partners were happy, my originator and her team was happy, the only one that wasn’t happy was that referral partner who went through a series of new lenders, all of whom either dropped the ball or quit accepting his way of doing business.
You need to clearly make the case for Why?
- Why do we do it the way we do it?
- Why do we work with who we work with?
- Why is the way we work produce a better outcome?
If you can’t answer these questions clearly, you might have a problem. You might be working with the wrong referral partners, the wrong clients, maybe even working with the wrong tools and systems! You need to look at how and who you work with and ask yourself WHY?
Having a bad relationship isn’t better than having no relationship at all. Bad relationships force you to do and act in ways you aren’t happy with and that means you are not doing your best! Being busy isn’t the same as being productive! So take a few minutes and look at your business. Ask yourself WHY?
If you need fresh ideas or new concepts on the way to do what you do, please think about the Fast Start 180 program and invest $3,750 to change your life in the next six months; or subscribe to the “Access” program for only $59 a month and find out what tools you can use and know WHY!
Questions or comments: Mike@IMTcoaching.com
Fast Start 180 is the solution to closing more loans than ever before, visit http://www.imtcoaching.com/fast-start-180.html