10 Mistakes (The Wost) Originators Make
By Boni Lonnsburry
President and CEO, In Touch Today Corporation
No one wants to be "the worst" at anything, let alone their chosen profession. However certain attitudes and poor business habits can slowly chip away at your success, causing you to lose clients, referrals, income and satisfaction in your professional life. It doesn’t have to be that way. Learn to avoid these mistakes before you make them!
1. BEING UNRESPONSIVE TO CUSTOMERS – Simple little things like returning phone calls and emails promptly, delivering information quickly and in an easily understandable format, guaranteeing timely loan approvals and anticipating customers' needs in advance go a long way to make a memorable impression.
2. NOT UNDERSTANDING WHAT CUSTOMERS WANT – Studies have shown that customers want three things. First, they want information on their loan as soon as it’s available. Two, they want to feel in control of the process (you help them with that by supplying them with adequate information so they have choices). And three, they want to know you really care about them and their loan.
3. THINKING THEY COULD DO IT ALONE – Partnering with other originators, agents, title companies, corporations, etc will cut the effort in half and multiply the results. Plus, it’s more fun!
4. BECOMING "TOO BUSY" TO MARKET – If you want to STAY busy, you have to keep the pipeline full – so keep marketing. If you can’t do it alone (see above) then hire an assistant or outsource it. Statistics show monthly touches are the most effective. It can be a phone call or a greeting card but keeping in touch will result in an increase in repeat and referral business. And don’t forget prospecting new business. Find a niche and plan a way to reach it.
5. DOING EVERYTHING THEMSELVES – Delegating time-consuming tasks, keeping up with technology and regularly reviewing and updating your systems becomes crucial as your business grows. If you want to grow your business, you have to work smarter.
6. LETTING THEIR BUSINESS RUN THEM – Reacting to every crisis, phone call and problem without stepping back to envision a well-run, more profitable venture is the antithesis of the successful originator. Plan your business. Then work your plan.
7. FAILING TO DIFFERENTIATE THEMSELVES – Why should people work with you rather than the next person? Identify your strengths and market them as assets. Perhaps you’re adept at walking first time property buyers through the loan process. This could make you a First Time Homebuyer Specialist. Or maybe you’ve learned a lot about debt restructuring and investing. You could partner with a financial planner and market your knowledge of mortgages as a tool for helping clients achieve their dreams.
8. FORGETTING TO THANK THOSE WHO SUPPORT THEM – A little appreciation goes a long way. Remember your referral sources so they remember you.
9. NOT MAKING TIME TO STAY EDUCATED – Other than medicine there are likely few professions where education is as important. Time block reading time daily to stay current on laws, products and technology in your industry.
10. THINKING OF THEMSELVES AS A MEDIOCRE (OR WORSE) ORIGINATOR – What you think, you become. Hold on to the image of yourself as the kind of success you want to be and it WILL come to pass. Be a constant student of self-improvement. Love what you do and realize you are making a powerful difference in people’s lives.
P.S. Over the years I’ve interviewed dozens of the top producers nationally and everyone basically says the same thing, “This industry is not difficult to succeed in.” The final mistake originators make:
KNOWING WHAT THEY SHOULD DO BUT NOT DOING IT – Make this the year you DID what you knew you needed to in order to become more successful. Commit to yourself, your family and your clients that you will plan and follow through on the plan to become better at what you do. There is truth to the quote that "the journey of 1,000 miles begins with a single step." Begin yours today.
© 2006 by In Touch Today Corporation and its licensors. This article may be reproduced only in its entirety.
In Touch Today is a marketing company based in Denver Colorado that assists professionals in increasing their repeat and referral business as well as building professional referral sources and prospecting new clients. www.intouchtoday.com