Relationships: Key to Keeping Goals

Hopefully, you have a working plan in place to ensure your goals for your mortgage business this year. If you’re winging it and using the “I feel busy so I’ll probably be successful and reach my goals method,” it’s still not too late to get real. So many start with good intentions with a new year and believe they can find more business than last year because they are excited.

The truth is, if you don’t have a specific set of goals firmly placed in concrete with a map of a plan that can get you there, you will fall short again. The map can have and should have more than one route to the goal. The key is that all routes arrive at the goal. Remember this powerful thought process, “Put your goals in concrete, and your plans in the sand!”

Most loan professionals do the opposite, plans in concrete and goals laid on sinking, shifting sand. The fastest way to create your planning map is to look closely at how strong your capture ratio is with your existing relationships in all areas of your business. Yes, that’s right. You might not be capturing all the business you should be with Realtors, builders, past clients and other affinity relationships. Before we explore this awakening thought process, let’s think about your plan.

As you read this article, do you know what your total units were last year, total fundings, average basis points per transaction, total income, average loan size, and a breakdown of who referred these transactions to identify your best high-payoff, low-maintenance relationships? You must know this information to have a realistic chance to reach higher funding goals this year and beyond!

My planning map should show my goals for the upcoming year broken down starting with my income and funding goal and then broken down by what my number of transactions would have to be based on last years average loan size. This would be Plan A on my map. If this number seems unrealistic, maybe Plan B on my map would be a scenario with a slightly higher average loan size with a slightly higher basis point average to reach my income goal without as much volume if the income goal is more important than the funding goals.

The point is, you must have believable, trackable ways to reach your end result mapped out, and the good news is it can be a combination of the plans on the map to get you to the goal.

One of the most powerful ways I have increased business and developed my plan is the constant review of existing relationships. So many of the loan officers I speak with are satisfied with a certain flow of business from a good Realtor or other lead sources.

A great example is the mortgage professional who has a Realtor client who sends a consistent flow of customers so he/she does not pay attention to the fact that when the Realtor’s real clients come to town, the Realtor doesn’t think to refer to you because this type of client has said to the Realtor they already have a company mortgage source. So the Realtor, not wanting to rock the boat, doesn’t bring you up in the conversation.

You are receiving the local move-up buyer or clients without a company plan. Why not go to this good, existing referral source and point out that if the Realtor scripted into his/her pitch, that even though the client has a source, the Realtor always has his/her loan professional call to be a resource and answer all questions concerning finance, local lending guidelines, and all this as an extension of their Realtor service with no obligation. WOW! Each of us has so many opportunities with existing relationships for a new business it is mind-boggling.

Review existing relationships and tie them to your new plan for this year and the future. I have observed that, for most in our profession, past clients are another total miss. We tend to be very busy with the right-now everyday issues and past clients stay in the past. Remember, you started a relationship here. You filled these people’s confidence cup enough to do business with you.

You even passed the test of consumer trust that says people want to do business with people who know what they’re talking about and now after all that work you just figure they’ll call if they have a question! You planted a relationship seed when you created the loan for each of your past customers. Water the seed and make it grow and bear fruit! Build customers for life as Carl Sewell talks about in his book of the same name by telling them upfront you’re going to stay in touch and that you build your business on serving them now and in the future as well as all their friends and family.

In summary, how much of your success this year is being left to chance? Is it because you’re not clearly mapped with multiple plans that are in the sand so they can be merged and shifted to move toward a concrete goal propped up by relationships that are constantly reviewed and yield the maximum amount of hot referrals from our best high-payoff, low-maintenance clients? Think about it! There is still time to change your plan, change your business, and ultimately change your life. Do it NOW!


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