Good morning: I was thinking about how we can sustain our business in what certainly have become interesting times. I think it boils down to good old fashioned hard work. Yesterday I left my office at 5:45. Most of my fellow co-workers left between 2:30-3:30. I've heard comments such as there's nothing to do, etc. and I don't buy them.
Here's what you can do to sustain your business. One, work on your database. How large is it? There's a direct correlation between how many loans you'll get and how big your database is. My database I market to is over 500 names and I update it at least once/week. If you have your data in outlook and excel, you can not only compose an e-newsletter but you can send monthly mailings to whomever you choose. You can also call your database. They may have needs or know of someone who does. A fellow blogger here recently suggested that if you're not contacting your database, you're effectively losing 10% of it immediately. We all think we shouldn't contact our base too often. But how many times have we made that contact and our customer's comment is they haven't heard from us in a while?
Number two, get out of the office and call on people or do some prospecting. I attended a Brian Buffini seminar recently (www.buffiniandcompany.com) and they suggested all loan officers get out of the office for at least 110 minutes/day. Buffini believes we should be bringing items of value to our clients. Our office has a cookie machine and those are a huge hit. Plus, getting out of the office forces us to take action. Too many of us go to the office, get on the computer, surf the web, read the negative news, talk to our fellow co-workers who are down about the market etc., etc. I don't know about you but I'd rather be doing something positive and productive.
So it's the little things. I just think some of us have forgotten what got us to where we are today. Yes, a couple of years ago everyone was a prospect. Now, a lot less are. All the more reason to roll up our shirtsleeves and get back to work. The loans are out there; we just have to work a little harder to get them and get them done. Good luck to all of you! Have a great weekend.
Paul
Paul McFadden
Paul:
Prospecting is key in this market.
Thanks, Lorna. I appreciate your comments. Like you, I'm in it for the long haul. Ultimately that will be what sustains us. Take care.
Paul
Thanks, Bill. I agree. It's interesting you should mention that. I was on the phone with a real estate agent this morning. She's been in the business for over 20 years and was prospecting. Imagine that! Have a great day!
Paul