What I’ve always been and remain passionate about this business…it’s never been bps/ysp/Libor or 1003. It’s never even been the service we can render–though that’s important. I’ve been passionate about the fact that this business gives you control, freedom, speed and Independence. It’s great to be a solo practitioner, a hunter. That’s the part of this business that is romantic. Walk off a plane, make 6 figures with nothing but a laptop and an indifference to the anxious news from CNN/WAJ/NYT/etc. That’s where the fun is, for all of us. The Brett-Farve-Oh-My-God-this-is-a-blast…rush that comes from getting a file back and seeing a path to closing.
Stuff’s gonna get harder still. Welcome to the new economy, friends, where we’re no longer compensated like pharoahs for indifferent service. Gunslingers gotta adapt, and maybe bring in some deputies. But first, we gotta be gunslingers again.
The market is getting tougher, friends. Hell, I predicted it in 2007 here in these pages. But, I’ll betcha that the number of competent practitioners will leave faster than the amount of mortgages go away. Getting 28 (real number) stips on a 760 73% LTV OO Cash out refinance chased me out in April ‘08. (Do I REALLY want to be chasing stips all day? No. I only like the gunslinging, getting docs back from the customer.
John Wayne didn’t care to clean up bodies, notify next of kin, and neither do I. Once a deal is sold, let me go. The business no longer tolerates that attitude. But, the loan officers I talk to all need more paperwork to do, stips to clear. That part was never hard for me, it was finding whatever-it-takes in my soul to chase down the stips.
Anyway, that’s not the point. Things were slow in my freelance business. I was off target with profit. So, this is a lesson I again had to relearn, and I touched on it over in BHB yesterday. I called my clients, contacts, and everyone that gave me their number to tell ‘em I was doing freelance copywriting, marketing & webdesign, and if they knew of anyone–anyone–that needed a project unstuck, I’d be happy to help or send the right person to do so. A lot of my people had mortgage questions since they knew me first as a loan guy…and the 5.0% rate idea is kinda interesting. But I made a choice: life’s too short to chase stips.
So, I went into my book, and pulled out the memory jogger. Mine is the best, because I combined the normal one with a personality based one. Here, I PDF’d the pages and stuck ‘em in my drop box. Made a list and prioritized it. Used Skype and google docs to call & mark it, and flag ‘em.
I call EVERYONE on the list, 30 a day. Takes 2.5 hours to make 30 actual connects. Partly a social activity, partly business development. Sorta like twitter, but I actually got some deals. I called more people, and I flushed out my database (right now, Google Docs & Aweber is my CMA. That’ll change soon. Maybe.) Anyway, I’m making calls, reconnecting, and it feels GOOD. My head is up, I’m swinging my arms back and forth, and I’m ready to help, and in a week, I have the ‘more work than I can handle,’ thing.
Can’t believe the number of mortgage questions, the trust… my contacts have & the number of deals that are in my list. Honored by that. Betcha if you took a morning, thought and connected with people, you’d get 6 closings out of it in 60 days.
“Hi, it’s Chris, I’m your ______________ (relationship). Hope your well. Just wanted to let you know that I can still help answer mortgage questions, but I parked my license. Don’t hesitate to call… Oh, by the way, I’m doing freelance copywriting these days, and I wanted to know if you knew of anyone that was struggling with their marketing.”
And…”Do you mind if I send you an email with information on the new economy, and the changes I see happening?” (No, not at all). 1-3 minute calls. “Can I get a card,” oh, sure.
If you call everyone you know and simply say, “Do you have any questions,” you will have deals. DEALS, damn it.
Unobtrusive. Easy. To the point. Change as needed as you have more in depth-type-relationships with people. Get deals, connect, serve. Be a gunslinger. It’s loads easier than dealing with bill collectors or stress. And hey, you might not be me. You might be able to handle the paperwork.
Chris Johnson is about as confused as you are about what he currently does for a living. But he blogs at http://genuinechris.com, and will be happy to do whatever he can do to help.
photo credit ©Creative Commons http://flickr.com/photos/sfmine79/ Lenderama thanks for generous licensing.
Offering to answer questions and a bit of free help is always a good way to get started. But to keep closing deals again and again in today’s environment, you need a thick skin. Maybe wear a kevlar jacket and a hard hat.