Most of the time, people think of a coin as two sided. The story of flipping a coin and calling “Heads” or “Tails” to decide something goes back thousands of years. When it comes to making a one in two choice, a coin flip can certainly do the trick; but as any coin collector will tell you, there is a third side to every coin, and that is the edge! Look at your change. You can see different edge types on different coins. Some are smooth. Others have ridges. A smaller group of coins actually has images or engraving on the edge. That third side sometimes makes all the difference! And while flipping a coin generally ends up either heads or tails, it is possible for that coin to land on its edge!
I bring this up because I want you to think of all the possibilities, not just the obvious possibilities. In the mortgage and real estate industry we see situations that are as clear and as obvious as heads and tails; and for the most part, it is really the outcome. However, things are not always as they appear and that is where your deals can quickly go sideways in a big hurry! We always need to account for the edge! We always need to know what about our situation could happen, even if it isn’t likely to happen.
As a professional, you do these transactions every day. Your clients are involved a few times in a lifetime. Market conditions change; and as a professional you are aware of these changes and allow for them and educate those around you of them. But seem people aren’t aware of changes or are not working with people who have prepared them for all the possibilities. That is where you create your advantage. The very differentiation we should all be looking for; your competitive edge!
While most of the market works on the obvious, the real professionals account for, and master the edge! Some examples of the edge thinking:
- Having your agents refer you all of their listings so you can save them up to 2% on their next purchase.
- Having your agents refer you to potential listing opportunities so you as a lender can offer services, support, and an endorsement of that agent.
- Originators working with their agents on The Forever Home Strategy® or the First Time Seller Strategy® to help generate listing and buy side opportunities.
- Contacting every professional associated with the transaction to verify information and establish a new relationship after a successful closing.
These are just a few of the concepts I like to think of when we look at what the most professional people can, and are doing to explore every possible opportunity and outcome on each transaction!
While most of the country is struggling with a tight inventory market; some are out there setting records and serving their markets because they don’t just live with heads and tails; they live, work, and own the edge!
These concepts and more are all in the new Power Partnerships Program® that Terri Murphy and I have created to help loan originators and their Realtor® referral partners work together to generate and secure more opportunities. Take a look at www.RLPPNOW.com to see how we might be able to help you!