Who gets more money? A general practice physician, or a world class expert heart surgeon? Who is more valuable? Who provides better service? Would it be worthwhile for anyone if the Heart Surgeon decided to also prescribe antibiotics for sinus infections? Going further-who is more secure? A world class heart surgeon, or a commodity provider of medical services?
Have The Guts to Have a Niche…and watch your business explode
When I changed from an “I’ll do everything, commodity” provider to an “I’m focused on Speed, but my rates are Fair and Firm.” provider, a lot happened. I started originating more loans. I became a local expert. I had something to talk about. (I’m Chris Johnson, and I close conventional loans in ten calendar days, FHA loans in ten business days).
That’s more compelling than someone who has the typical offerings: great prices, low rates, FHA/VA and Commercial loans. What is left for commodity providers besides a race to the bottom in price? A ‘nicheless’ person is dependent upon Rates, Market Conditions, When They Locked, and all the usual factors. Having no niche puts you in a position with a Real Estate Agent to have to start by taking a shot at closing their junk deals.
There are plenty of niches in the mortgage business that are WIDE open. What are you passionate about? It could be unique properties, beach houses, geosidic domes, church construction, trailer parks. There are limitless niches–so within the bounds of the law, find one. But the point is, if you take the time to be THE BEST in your niche, then you’ll create more prosperity and security for yourself than any other method imaginable.
The big secret? Most of the business I do doesn’t require my “ten day” attention. Most of it is ordinary, regular business that doesn’t require any pyrotechnics. The Ten Day niche got me in the door, got attention and identity built.
Be the heart surgeon.
Chris Johnson is a Loan Originator in Columbus Ohio. He is reachable at chris@tendayteam.com
Amen. Amen. Amen.
A niche also allows you to be a specialist. And by default you become the “go-to” guy with your peers.
Chris you’re really on to something here. You nailed it with the niche. When you have a niche you’re focused. When you don’t you’re scattered. It’s as simple as that. Great post.