“People don’t pay for passion”

I want to share a quote that I think is the single most important quote a service provider can hear. It comes from a guy I respect more than anything. A man who has written a number of books that help people advance better than any single author I know. I have read every word of every one of his books, and most more than once. The man is Larry Winget, and here is his quote:

“No customer ever wrote a check for someone’s passion.

                   Customers buy value and solutions to their problems.”

Nothing I have read has ever been more plain and on point than those words. It captures the very essence of what I have been trying to coach since the very beginning. It is the whole point of all of it. All the work, all the effort, everything I have tried to convey, all wrapped up for me in 17 powerful words. Thanks Larry!

We are in a service business. We are facing challenges from all sides to step in and invade our space. The invasion is working. People are not connecting with people or caring about relationships. People are focused on leads, assistants, and transactions; not the value that they can bring to the customer, not the solution they can share with their referral partner, just generate a lead and churn the system and see what comes out the other end!

There is still a core group of mortgage professionals and Realtors® around who are experts. There are a few that understand that our core business needs to be about value, solutions, and relationships! For those few, take note that there are an increasing number of people who understand that position and want to with you to make that happen! It has to be about the quality of the experience. It has to be about providing exceptional value to the customer and the referral partner. It has to be about being the solutions provider to those that have issues and challenges in our area of expertise. It just has to!

We have talked a great deal about all of these things here in the past. When I saw Larry’s quote I just had to make the point. If you haven’t read any of Larry’s books I suggest you go buy a few and then read them. Then go and share them. Then go back and buy the rest of them and do the same thing. Once you read the first one, you will clearly see why I am a huge Larry Winget fan!

Thanks again Larry for your insight, your wisdom, and your courage to say the things other people won’t say, but everyone needs to hear!

Questions or comments: Mike@IMTcoaching.com

Here are seven great books from Larry Winget:

“What’s wrong with damn near everything”

“Grow a pair”

“Shut up, stop whining and get a life”

“You are broke because you want to be”

“It’s called work for a reason”

“People are idiots and I can prove it”

“Your kids are your fault”

You can get any or all of these on Amazon. If you do, please use Amazon Smile and use the “Forever 19 Foundation” as your smile recipient. It costs you nothing and .5% goes directly to the foundation that is building memorials to our fallen soldiers. Thank You!

Use this link for Amazon Smile https://smile.amazon.com/ch/47-1017031

Making a Difference

As mortgage professionals we get to make a difference in people’s lives on a regular basis. We help people plan and prepare for one of the biggest events of their lives, buying a home. We also help those who thought they could never own a home reach that dream, as well as keeping connected to our clients to be sure that the mortgage we wrote for them in the past, is still working for them now, or change it if it doesn’t.

We can also make a difference to be sure when we offer options to our prospective clients that we don’t just give them what they ask for, we take the time to listen to their goals and find a loan product that works best for them. I say this because I just read that 93% of all mortgage loans being written today are thirty year fixed rate loans. 93%! Now I know rates are low and people are trying to protect themselves against higher rates by locking in today’s low rates, but is a thirty year fixed rate loan really the best thing for a consumer that won’t likely stay in the home for the whole term, and if they do, will likely refinance one or more times for a number of different reasons?

For many people we need to at least explore other options. In most cases, the 7/1 ARM is a far better choice for those people buying or even refinancing a home. If you don’t believe me, run the numbers yourself! Use whatever rate you have on a thirty-year fixed and the 7/1 ARM and do the math. You will be surprised to see how that works. Then, do an analysis on what happens if you take the 7/1 ARM but make the thirty-year fixed rate PAYMENT! See how much the loan gets paid down over those seven years! Remember, the loan recasts after 84 months and the new payments are calculated using the new outstanding balance! Even if the loan “caps out” the total cost will still be less money for more than ten years when compared to the thirty-year fixed.

Now this won’t appeal to everyone, but you have to share the information so that the people can make an informed choice. Some may not want an adjustable loan, but most likely many would have saved money by taking it! As a professional, you need to look and offer options. If the client doesn’t want to go that way, fine but at least they had the choice. It makes a difference to have been offered the choice!

Also, speaking about making a difference, I am proud to announce that my wife and I have formed a now charitable foundation called Forever 19.  Compelled by an article written by Lisa Bell in the Weatherford Now Magazine May 2014 edition, we have chosen to adopt the name and lead the mission to help those who need to build monuments to those heroes who have allowed us the very freedom we often take for granted.

Weatherford, Texas will be the first town we will help. We are pledging to help raise the $250,000 needed to build this park and place of prayer and remembrance.  The Parker County Memorial in Weatherford has broken ground but there is still a long way to go. With your help we look to accomplish two main goals, identify worthy candidates who are committed to building their own memorials; and provide assistance in creating the plan and generate the needed funding to complete the project.

Please take a moment and “LIKE” our Facebook® page, visit our website: www.Forever19.org and read our story and share in remembering those who have served. It is only proper that we have this up and running the week of Veterans Day. If you can donate even a few dollars, it can really make a difference!

Thanks for your support!

Mike & MJ White

Forever19 a 501 (c)(3)