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Casual Articles - Eight Cardinal Sins That Mortgage People Often Commit
Developing brand strategy is extremely critical. The most important asset your company has is its brand. Quite simply, for better or worse, it drives the direction of your business. You should definitely have a well thought out brand strategy in place. Unfortunately, too many companies don’t have a brand strategy, or have an inconsistent brand strategy. A brand strategy company should realize there’s probably a good reason you may not be paying attention to your brand strategy—you’re busy running your business.What you don’t realize is that a proper brand strategy can make running your business easier and more profitable. A brand strategy is truly powerful, and a brand strategy company should be ready to help you find and develop the right brand strategy for your company.Just how important is it that you hire someone who understands what makes a solid b
Now, I'm just not talking about business cards and stationary. I'm talking about every piece of sales, marketing, and correspondence (including email) that a customer or prospect ends up with.
Let me
Over the years of working with companies as a consultant and running companies, it has amazed me as to how many accounting personnel within companies and, even worse, how many outside accounting professionals just don’t understand how that business is organized to “MAKE MONEY”. I’ve heard, “I just can’t get the information that I request”, or “I just look at the bottom line of my financials”. All too often financial personnel and professionals are not trained in the fundamental profit controls of the company for which they work, don’t ask questions to learn, and simply do what they know how to do, not what the business requires.The purpose of an outside accountant is to not only prepare taxes or provide an acceptably formatted financial statement for your bank or bonding company, but to understand and challenge the financial controls of your business. If they
Of course you would, and so would I. But how about the critical mistakes we sometimes make as Mortgage Professionals? Have you determined if you're making some major mistakes in your mortgage career?
Review the following points and then answer this question about each item: Am I guilty of this? A simple Yes or No will do. OK...here we go!
1. Failure to establish a unique marketing position. There are lots of mortgage people out there and you need to set yourself apart from the herd. Most of us just fail to be creative and innovative. The result...we don't differentiate ourselves, our company, and our products from everyone else in the pack. It's the old "me too" thinking and that's a huge mistake.
The easiest way to solve this is to specialize. Pick an area, study it, concentrate on it, and become an expert in that field.
As you know, I love FSBOs to concentrate on. But, you could become an expert in First Time Home Buyers, No Documentation Loans, VA Loans, FHA Loans, Sub-Prime Loans, or Realtor Loans, for example. The nice thing about our business is that there are tons of choices ...pick one...and do it!
2. Failure to appear professional. Have you taken a critical view of the image that you portray to prospects and customers? Better yet, have someone review your materials for you and give you an honest opinion.
Now, I'm just not talking about business cards and stationary. I'm talking about every piece of sales, marketing, and correspondence (including email) that a customer or prospect ends up with.
Let me
Leading organizational change requires a manifesto for change. Your manifesto begins by saying the following:1. I understand that all progress requires change but all change is not progress.2. I understand that all change comes from leadership but not all leaders can drive change.Okay, if you truly get that the next step is to answer these two questions:1. What problem am I trying to solve?2. What will success look like when I solve it?It’s important that you answer the two questions above. They are the key to your change success. Because you must know that the bridge between what problem you are trying to solve and what success will look like when you do will hinge on the execution of the following steps:1. You must stop BS’ing yourself about where your organization is today. You must admit where you are and deal with
Review the following points and then answer this question about each item: Am I guilty of this? A simple Yes or No will do. OK...here we go!
1. Failure to establish a unique marketing position. There are lots of mortgage people out there and you need to set yourself apart from the herd. Most of us just fail to be creative and innovative. The result...we don't differentiate ourselves, our company, and our products from everyone else in the pack. It's the old "me too" thinking and that's a huge mistake.
The easiest way to solve this is to specialize. Pick an area, study it, concentrate on it, and become an expert in that field.
As you know, I love FSBOs to concentrate on. But, you could become an expert in First Time Home Buyers, No Documentation Loans, VA Loans, FHA Loans, Sub-Prime Loans, or Realtor Loans, for example. The nice thing about our business is that there are tons of choices ...pick one...and do it!
2. Failure to appear professional. Have you taken a critical view of the image that you portray to prospects and customers? Better yet, have someone review your materials for you and give you an honest opinion.
Now, I'm just not talking about business cards and stationary. I'm talking about every piece of sales, marketing, and correspondence (including email) that a customer or prospect ends up with.
Let me
For Small Business Owners & EntrepreneursOne thing I've found in my many years of entrepreneurship is that smart marketing is the key to success. I've worked with so many different types of small business owners, entrepreneurs, coaches and consultants from all kinds of industries and no matter what the business is; I've found that if the person doesn't know how to market it and they don't get help to do so, the business just doesn't survive.The following 8 items are what I consider a good small business start up checklist; if you are in business or thinking about getting into business you will want to make sure you have or are working on all of these things constantly. The mix of all of these necessary items works well to maximize your exposure, credibility, expert status as well as build your database and help you make informed marketing decisions. Most of us just fail to be creative and innovative. The result...we don't differentiate ourselves, our company, and our products from everyone else in the pack. It's the old "me too" thinking and that's a huge mistake.
The easiest way to solve this is to specialize. Pick an area, study it, concentrate on it, and become an expert in that field.
As you know, I love FSBOs to concentrate on. But, you could become an expert in First Time Home Buyers, No Documentation Loans, VA Loans, FHA Loans, Sub-Prime Loans, or Realtor Loans, for example. The nice thing about our business is that there are tons of choices ...pick one...and do it!
2. Failure to appear professional. Have you taken a critical view of the image that you portray to prospects and customers? Better yet, have someone review your materials for you and give you an honest opinion.
Now, I'm just not talking about business cards and stationary. I'm talking about every piece of sales, marketing, and correspondence (including email) that a customer or prospect ends up with.
Let me
You'd think we'd know by now -- just because someone is fantastic at doing something... doesn't mean they're equally as good at managing others to do that same thing.After all, the skill set required to practice a specific profession -- whether it's plumbing, hairdressing, engineering, selling, teaching, accounting or whatever -- is entirely different from the skill set required to manage people.Yet organizations persist in promoting "doers" into management roles. These promotions come with better-sounding titles, more money, more perquisites, more prestige and... more responsibility.And they involve doing less -- perhaps none -- of the "technical" work that the manager did previously, and more (or all) of the work of managing others.In one sense it's logical -- a manager who used to do the work himself or herself should unde
2. Failure to appear professional. Have you taken a critical view of the image that you portray to prospects and customers? Better yet, have someone review your materials for you and give you an honest opinion.
Now, I'm just not talking about business cards and stationary. I'm talking about every piece of sales, marketing, and correspondence (including email) that a customer or prospect ends up with.
Let me
Selecting the right conference gifts and trade show giveaways can make a world of difference in your marketing efforts. It’s so common to give away something at your exhibit booth or conference table, that all too often, marketing managers simply order some random item – or an assortment of them – so that they can hand out something printed with the company name. Taking a little more time to coordinate your conference gifts and giveaways with your main marketing message can turn your giveaways into give-backs - as in, giving back to your company in a big way.First, why are you giving something away? If you’re only answer is “because we’re supposed to”, think a little deeper. Your conference gifts should be designed to DO something for you. They may:- attract people to your table - make your brand more memorable to people - promote your produ
Now, I'm just not talking about business cards and stationary. I'm talking about every piece of sales, marketing, and correspondence (including email) that a customer or prospect ends up with.
Let me give you an example. Here are a few of the addresses that I see; millionaire, redlightlady, redneck, hotnsexy, studman, foxylady, mrbig, to name a few. There are many more that I would not even publish here.
What in the world are you thinking folks?
I certainly hope the email address you use with your business is considerably more professional. Even if you use multiple email addresses, aren't you afraid of picking the wrong identity for your message? I am...and none of my identities could ever be construed as offensive.
You must always appear to be morally, ethically and, politically correct...regardless of your personal opinion.
3. Failure to set and periodically review your goals. Have you set some goals for your mortgage business? You know...things like how much you would like to make this year including that special treat for attaining that goal...the number of closings required for that income...how many loan applications needed to actually close that many loans...the number of applications from new prospects and the number from your existing database...and finally, how many calls I need to make each day to attain those applications.
Unless you go through the above logic multiple times a year, you're going to have a difficult time in this business. Setting goals enables you to steer your ship by looking at the mortgage business in small, easy to follow steps. Post a picture or
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