Book Club

One of the things I get a great deal of satisfaction from is sharing and receiving good books. My choices tend to be business books, but also have been known to read many biographies and historical depictions of world events. I have friends as well as clients who will send me books to read on a fairly regular basis and offer an opinion on. I think reading is vital to everyone and physical books are preferred over a reader or audio versions. I cherish the feel of a book and the ability to mark it up and make notes. As a pure business booster, sharing books with referral partners and clients is one of the best value propositions I can think of.

This leads me to the concept I put together with some friends that was a special form of book club. We did it with 12 people but you can work with more or less depending on the type of books you want to read and how committed the people in the club are to reading. If you can muster up six participants in your first attempt, you might find it easier to get started than 12, but 12 is ideal and you will soon see why.

So my group contained 12 people. We first all proposed a list of books we thought would be good for the group to read. Everyone sent their list to the group leader (known as #1) and they then selected one book on each list that would be read and a color highlighter to use to highlight important features of the books.

The leader of the group then assigned numbers 2 through 12 to the rest of the group, along with the book they had to buy and read for their first book. Because we had 12 in the group, the timeline was to read the book was one month. They also would give you the mailing address of the next number on the list so you could mail your book to the next number once you were done, or by the end of the month.

Everyone now knew their first book to buy, the color highlighter they had to use, and to whom they would be mailing their highlighted book to once they were finished. Now came the time to buy your book and begin reading and highlighting the passages you found important. By the beginning of the next month you should have received a new book that had already been read and highlighted. You were to read the book, taking notice to highlight any passages you felt important that weren’t already highlighted by a previous reader. If you agreed that a highlighted passage was important, you would simple place a small “dot” in your color highlighter in the margin. If you didn’t think it important, you did nothing. At the end of the month you mail this book along and receive your next book, now highlighted by tworeaders. This goes on month after month following the same procedure.

By the end of the year, you get your original book BACK, this time; it has been read by eleven and highlighted by all of them! You can now reread your book and see what others agreed with you in highlighting. You also see what other people may have highlighted that you may have missed! In any case, you will have read twelve books that year!

Reading books is vanishing from our culture at an alarming rate. Many adults don’t manage to read even a single book in a year! If you want to expand your mind, learn how to relax and share thoughts without getting into a conflict or running the risk of being “unfriended” or even “bullied”, try book club and expand your thoughts and the group of people who can help you improve the way you think and approach your life and your business.

Questions or comments: Mike@IMTcoaching.com

The 4th Quarter!

 

So here we are; beginning the 4th quarter of 2018 and there are many choices to be

made. To some, it’s a time to relax and take it easy now that the summer real estate

rush is over. To others, it’s a time to look at the year and see where they stand in

relationship to their projected outcomes. For me, it’s a time to push my people not

to give up on the valuable momentum they have generated year to date. The sad

part in general is that so many people won’t even acknowledge that we are at a

critical point and therefore they do nothing!

 

For those that coach athletes in team sports the fourth quarter is a time were the

best step up and produce. It’s a time when even a less talented group outperform

those with more ability because they were in better shape and were able to execute

under the pressure! It’s the time when the training and your system all come

together and form a collective energy to accomplish great things. This is what

changes the numbers on the scoreboard and creates real accomplishment! In our

business, it also generates all the energy to start the next year off at full steam!

 

So let’s take a quick look at some key things we need to be doing right now.

• Check your math! What are your numbers?

• Who is hot and who is not?

• What does my calendar look like?

• Halloween?

• December?

• Prepare for Business Planning in October!

 

These are all small and simple steps that need to be done. No false images, no

hoping or guessing; just do the math and do the work! There are a ton of

opportunities coming your way and you can really benefit because others are

backing off and winding down.

 

Time to focus on the four “Bs”:

• Balance

• Birthday Calls

• Banker Calls

• Business Plan

You have to balance your prospecting to reflect your time and outcome verses the

actual relationship between opportunity and outcome.

 

You have to schedule and physically make your birthday calls every day!

 

You have to have make your ten to fifteen banker calls every month!

 

You have to set aside time to prepare your business plan for 2019!

 

The fourth quarter is here and you get to make some critical choices. If everything

is going well and you are exceeding all of your projections, make larger

projections for 2019! If not, what around you has to change?

 

The Business Planning Worksheet for 2019 is already on the website

(IMTCoaching.com). If you are a manager or owner and you are interested in the

one day business planning event, please email me and we can talk about the

details. For those of you who have been through this before, the Business Planning

coaching call and the worksheet we get you ready and prepared.

Questions or comments: Mike@IMTcoaching.com

“Business Planning for 2019”

It’s the end of September and we are quickly heading toward the end of another year. Many in our industry are winding down their busy schedules and looking forward to a slower pace while others are looking at these last ten weeks as an opportunity to do better for this year and next.

For the last 20+ years October has been “Business Planning Month”; a time of the year to look back at the prior year and prepare for the coming year. I make sure I do this because I want to have time to analyze, review, inspect, implement, and schedule the things that have to be blended into the business for the coming year.

We have all heard the famous quote: “those who fail to plan, plan to fail”, but it’s not just good enough to plan, it’s important to have a well thought out and disciplined plan ready and rehearsed by the time January arrives!

Our industry is facing challenges on multiple fronts. Pricing issues, technology issues, compensation, education, staffing, social media, data basing, and many more are all in need of attention. We also are being invaded by those companies who think that most of the people can be replaced by an algorithm and then handed off to a much less experienced or qualified professional.

Are you prepared for Zillow real estate and mortgage?

Does the idea of “Rocket Real Estate” cause you concern?

Will the Amazon one step $1,000 total transaction have you up at night?

What will you do to keep yourself seen as a vital member of an exceptional real estate experience?

If you haven’t thought about these issues, or if you have and aren’t clear as to the path to follow, it’s important for you to at least take part in “Business Planning 2019” process.

We make it simple for you to take part in the process. Mortgage Companies and their real estate referral partners can participate in a live one day event at your location for as many people as you wish to attend; both originators and their realtor referral partners are welcome. What you get:

  • We work from 9am to 4pm at your location
  • Every attendee gets “Access” to all the tools on the website and personal coaching assistance for 90 days via email.
  • Managers get a weekly follow-up coaching call for ten weeks
  • Three monthly group calls live with the coach to answer questions and provide guidance.

All participants will have an opportunity to enroll in private coaching or continue with their “ACCESS” for discounted rates should they desire ongoing support.

Managers, this is a golden opportunity to help your sales team and your realtor referral partners work together in using real life strategies that provide real opportunities!

If you have issues with:

  • Opportunity generation
  • Social media
  • Use of video
  • The power of data basing
  • Time management
  • Effective communication
  • Compliance
  • Rate shoppers

Zillow, Quicken, and others trying to put you out of business, are you going to sit back and let them do it?

Limited number of events and dates are available, for more information, please email me: Mike@IMTcoaching.com

“The Numbers Don’t Match Up?”

In a series of reports recently published, a series of numbers just don’t seem to add up. Year over year home purchases are up 2%. Home prices are up more than 6%. Then you hear that the average income for Realtors is down more than 10%. How does that work out?

I have been playing it through my mind over and over again and the only answers I seem to come up with are:

  • Realtors are reducing commissions?
  • Less people are using Realtors?
  • Realtors are making more financial concessions?
  • Realtors are spending more to find opportunities?

Maybe there are more answers than these, and I would like your thoughts on this because it seems like these things really don’t add up. It certainly makes for an interesting set of dialogs to drill down and find out what is the connection or reasons these numbers don’t seem to align.

In other news, Barry Habib of MBS Highway took Diana Olick to task on her report about now being the time to sell your house and rent. Barry does a masterful job of sharing FACTS on housing, not just isolating some pieces of information to make a case that suits Diana’s long standing negative view about home ownership. If you haven’t read or seen the video, you should really look at this piece and share the truth with your clients and referral partners.

Last piece of information, next Wednesday September the 12th, I will be at the Embassy Suites in West Palm Beach Florida for the first “Crossroads Event”. I will spend the morning sharing my view of the changing housing and mortgage industry with local mortgage and real estate professionals. If you would like to attend, you can get more information and register at www.imtcoaching.com and reserve your seat. We are booking this event around the country, and we have just a few open dates left in mid-November and early December if you are interested in hosting this event in your area. For more information, email me mike@IMTcoaching.com for dates and details.

“Wacky Wednesdays”

It’s time to share something that I often do with my clients who have appeared to plateau or get “stuck” in the same activities over and over again. I call it “Wacky Wednesdays”.

We are at the midway point of the year and heading into the summer season. As always, now is a good time to compare our first half numbers to our business plan and see how we are progressing. For those who are on or ahead of projections and enjoying the rhythm of your business, keep doing what you are doing and enjoy the results of a good plan coming together.

For those of you who are short of your projections or not really happy with your business flow, now is the time for a little fun and a few changes. First, take a look at where and why your numbers aren’t matching up. Address each shortfall with logic and with an idea of what you can do to correct that situation if possible. Often it’s just a matter of having a conversation with the referral partner, or looking at the message or how you are following up with the plan.

Schedule time to address all of the issues! If you don’t schedule a task, it won’t get done!

After you have made all the system corrections and had all of the conversations, it’s time for “Wacky Wednesday”! This is a very simple process.

  • Go into imtcoaching.com website and scroll through the “Coaches Playbook” and “Power Partnership” video clips and find a strategy or two you would like to incorporate into your business.
  • Have a discussion with your referral partners or your team to share the strategy and gain support and interest.
  • Schedule an hour or two on Wednesday morning or afternoon to prepare, implement, and use the strategy to create new opportunities.

It’s really just that simple. Just use the tools and schedule your time. It becomes more fun when you have your team and your referral partners to work with and help make a minor change in your work week that could have a major impact on your results!

It has been my experience that it isn’t the big changes in your business that produce the most significant results; it’s the tiny little things that often create the biggest impact. So if you’re not where you want to be, or you aren’t feeling that the business is fun anymore, then you have nothing to lose and everything to gain but committing one or two hours on Wednesday to have some fun, work with your people, and create some new opportunities!

Questions or comments: Mike@IMTcoaching.com

Click here to register for my upcoming free seminar event – CROSSROADS

“Mid-year Check-up”

We began this conversation last week and I wanted to follow up with some of the comments and feedback I got from that post. Many of you had no issues with going back to the business plan and reviewing the numbers, but there were a few questions about “gestation period” and I wanted to address it quickly. When I talk about the gestation period of you loans, I am referring to the period of time from pre-approval to contract, or pre-approval to closing. Either one gives you an idea of the time consumed by the process, and gives you an idea of how many pre-approvals you need in your queue at any given time so you are going to close the number of loans you project to close. Example: If you want to close 8 loans a month, and your gestation period is 90 days, you will need to keep 24 active pre-approvals or more in your queue. If your gestation period is 120 days, you will need to keep 32. Keeping track is critical. You can read more about this in the May 17, 2018 blog post.

I was happy to see a significant number of you who are tracking at or ahead of your targets! Great job, and keep doing what you are doing because it is working! However, there were a few of you who wrote to say that you were behind the numbers and asked for some help getting caught up. So here are a few simple steps to getting back on the numbers.

  • Review your numbers every week! Visits, contact, credit pulls, pre-approvals, contracts, and additions to the database.
  • Drill down on your schedule. Are you prospecting a minimum of two hours every day following your business plan?
  • Who and what are not living up to your projections and find out why? Correct it, complete it, repeat it, or delete it!
  • Check the math. Your ratios from contact to closing may be off and need to be recalculated.
  • Why not Wednesday! Pick something out of the “Coaches Playbook” and do it on Wednesday. Take two hours and implement one new strategy you haven’t used and see what happens. Be committed to working the plan for at least eight to twelve weeks!
  • Review all your pre-approvals you have issued this year and see where they all are. You might have lost track of them, or they might have lost track of you. Some might just be sitting on the sidelines waiting for rates to go back to 3%! Share the cost of waiting with them. Buy now and refinance later if rates do go back, because they may not!
  • WORK the summer while others are on vacation! Opportunities are always available; the summer makes it simple because frustration factors and pressure to timelines go way up! Be the solution!

If you have a specific issue or challenge, please let me know and we are happy to work with you on a strategy or a solution for your specific challenge!

Questions or comments: Mike@IMTcoaching.com

You will not want to miss this upcoming event!  Don’t miss CROSSROADS….

white seminar

“Halfway Point”

It’s the middle of June and all of us should have a really solid view of our numbers for the halfway point of the year. It’s one of my biggest pressure points with my clients is to do, project, track, and follow the numbers in your business. Using our business plan from last October to project the work year 2018, we should be once again updating our information and really focusing on the adjustments we need to make to exceed our targets and projections.

The first point is to check our math. Has our basic formula held up? Are our ratios in line with projections?

  • Contacts per day to opportunities?
  • Opportunities to credit?
  • Credit to pre-approval?
  • Pre-approval to contract?
  • Contract to closing?
  • Weekly, monthly, and annual database growth?
  • New referral partner additions?
  • Actual referrals vs projected referrals per partner?

While we projected these numbers back in October, market conditions both nationally and locally may have put outside pressure on your projections and may require you to refocus your activities.

We discuss this now, because we all live in an industry that has a business flow to it and a gestation period attached to an outcome. We need to monitor that cycle because if that shifts, we could be doing everything we should be doing and all the other numbers align, yet your closed business isn’t what you thought. So the math is really important!

As we head full steam into the summer, our business shifts significantly as we deal with those in desperate need to move before school resumes; and those who may be absent from the market because of vacations! If you aren’t planning for is, you will certainly become a victim of it!

You also need to drill down on the fact that depending on your business cycle and your specific market, you may only have 120 days or less to meet the people who will become the client, who will close the transaction, who will get you paid, all by the end of the year! Yup, I said it; the middle of June begins the count down to the income you make by the end of the year!!!

So pick an evening and update your business plan and rerun your numbers. Get really clear and specific about where you are and what adjustments you may need to make. For some of you it will be a real eye opening event!

Questions or comments: Mike@IMTcoaching.com

Don’t miss CrossRoads, my Mortgage Seminar event on Sept. 12, 2018 in West Palm Beach.  See below and register…First 100 to register will get in for FREE!white seminar