Daily Spark Blogs

Takin’ Care of  Business!

Fridays are not just another workday; they are a time to improve our processes, systems, and technology. This involves:

1. Evaluating Processes: Review the efficiency of your workflows and identify bottlenecks.
2. Improving Systems: Assess the effectiveness of your CRM systems, marketing platforms, and other tools to ensure they’re optimized.
3. Leveraging Technology: Explore new technologies or software that can automate tasks and enhance productivity.
4. Brainstorming Sessions: Hold team meetings to generate new ideas and strategies.
5. Training and Development: Invest in learning new skills that can benefit your business.

Evaluating Profitability

Another key focus is assessing profitability:

1. Assessing ROI: Regularly review your investments to ensure they’re yielding the expected returns.
2. Budget Analysis: Compare expenditures against the budget and adjust strategies accordingly.
3. Evaluating Virtual Assistants: Ensure that outsourcing tasks is cost-effective and beneficial.
4. Cost-Benefit Analysis: Determine if each investment is worth continuing.

Maintaining Work-Life Balance

Finally, it’s essential to ensure that your business doesn’t consume your entire life:

1. Work-Life Balance: Set boundaries to maintain personal time.
2. Time Management: Maximize productivity during work hours.
3. Delegation: Delegate tasks to avoid becoming overwhelmed.
4. Personal Well-being: Make time for activities that support your well-being.
5. Family and Community Involvement: Spend quality time with family, friends, and engage in community activities.

Remember, the goal is to create a sustainable and successful business that doesn’t take over your entire life.

PS: To learn more about how we can help you grow your business, visit DailySuccessPlan.com. Don’t forget to join our free live zoom coaching calls every Monday to Friday from 8:30 AM to 9:00 AM ET at LoanOfficerBreakfastClub.com. Also, register for our upcoming Loan Officer Boot Camp on July 18-19, 2024, by visiting MastermindRetreats.com.

Today’s message is about recognizing the true value of our efforts as mortgage loan originators. Too often, loan officers will do anything other than make a phone call to generate business because of call reluctance. Instead, they invest in all kinds of online leads that often don’t pan out as hoped.

Consider this: the typical conversion rate for online mortgage leads ranges from 1% to 5%. Even at the higher end, these are not impressive odds. When you pay for an online lead, you’re likely converting a very small percentage into actual clients. This is why it’s so crucial to focus on tried-and-true methods that yield better results.

One of the most effective strategies is to be quick in responding to our referral partners and inbound leads. Speed and persistence are key. Additionally, it’s essential to continually make more offers. This means consistently asking our existing clients, active clients, past clients, and referral partners for more business. When you receive a referral, there’s a high chance that the borrower won’t even speak to another originator if you respond quickly and professionally.

If you’re part of the Mortgage Marketing Animals, you have access to the Real Time Referral Program—a system that helps you generate genuine referrals. It relies on being disciplined and knowing when and how to ask for referral business. This program works beautifully and positions you to confidently answer when a real estate agent asks, “How are you going to get me some business?”

Remember, if the shoe doesn’t fit, don’t wear it. Don’t waste your resources on low-yield strategies when you have proven methods at your disposal.

PS: To learn more about how we can help you grow your business, visit DailySuccessPlan.com. Don’t forget to join our free live zoom coaching calls every Monday to Friday from 8:30 AM to 9:00 AM ET at LoanOfficerBreakfastClub.com. Also, register for our upcoming Loan Officer Bootcamp on July 18-19, 2024, by visiting MastermindRetreats.com.

Today, I want to dive into a concept that might seem a bit counterintuitive at first: the idea that great leaders are, in essence, exceptional followers. This might sound strange, but if you take a closer look at the high achievers and admired figures within our Loan Officer Breakfast Club and the Mortgage Marketing Animals coaching organization, you’ll notice a common thread—they excel at following.

When we refer to leaders in our industry, we often think of top producers, those who have achieved remarkable success and are admired by their peers. But what sets these individuals apart? It’s their ability to follow effectively.

Following the Plan

First and foremost, these leaders are diligent followers of a structured plan. They understand that success doesn’t come from sporadic efforts but from consistent and focused actions. The Daily Success Plan is a prime example. Our top producers follow this plan meticulously. They don’t deviate or give up when the going gets tough. Instead, they stick to the plan, day in and day out, because they know that consistency is key to achieving their goals.

Following Through

Beyond just following a plan, these leaders also excel at follow-through. It’s one thing to start a strategy or initiative, but it’s another to see it through to completion. High achievers don’t just work on their strategies for a short period and then abandon them. They persist, they adjust as needed, and they ensure that they follow through on every aspect of their plan. This persistence and dedication are what ultimately lead to their success.

Mastering Follow-Up

One of the most critical elements of their success is their mastery of follow-up. Effective follow-up is an art, and top producers have perfected it. They don’t just follow up once or twice; they commit to a minimum of 12 follow-ups. Whether it’s 12 weekly calls or 12 daily touches, they ensure that they stay top of mind with their prospects and clients. This relentless follow-up is what sets them apart and helps them build strong, lasting relationships.

Becoming a Leader by Being a Great Follower

If we aspire to be leaders in the industry, individuals whom others look up to and wish to emulate, we must first become great followers. This means committing to a plan, seeing it through, and mastering the follow-up process. It’s about understanding that success is not an overnight achievement but the result of persistent and consistent efforts.

Conclusion

So, the next time you think about what it takes to be a leader, remember that it starts with being an exceptional follower. Follow the plan, follow through on your strategies, and master the art of follow-up. By doing so, you’ll not only achieve your own success but also inspire and lead others to do the same.

PS: To learn more about how we can help you grow your business, visit DailySuccessPlan.com. Don’t forget to join our free live zoom coaching calls every Monday to Friday from 8:30 AM to 9:00 AM ET at LoanOfficerBreakfastClub.com. Also, register for our upcoming Loan Officer AI Bootcamp on July 18-19, 2024, by visiting MastermindRetreats.com.

Today’s message is about recognizing when a relationship just isn’t the right fit. As mortgage loan originators working the Marketing Animals Daily Success Plan, we seek out new referral partners every day. We reach out, set up meetings, get to know them, follow up consistently, and hopefully, start to get some referral business. But along the way, we sometimes discover that we’re just not a good fit with certain partners.

Maybe their way of doing business doesn’t align with ours. It could be a personality clash, or perhaps another reason that makes the partnership feel off. Many originators try to force these relationships to work because they don’t want to lose the potential business. However, this can lead to an unpleasant or uncomfortable work experience, which isn’t necessary.

If the relationship doesn’t work, it’s okay to let it go. This doesn’t mean there’s anything wrong with the referral partner; it simply means the fit isn’t right. At Mortgage Marketing Animals, we continuously reach out to new referral partners because things change. Personalities and work ethics come to light, allowing us to be more selective with our relationships.

Remember, if the shoe doesn’t fit, you don’t have to wear it. Keep seeking out those who are a better match for you and your business.

PS: To learn more about how we can help you grow your business, visit DailySuccessPlan.com. Don’t forget to join our free live zoom coaching calls every Monday to Friday from 8:30 AM to 9:00 AM ET at LoanOfficerBreakfastClub.com. Also, register for our upcoming Loan Officer AI Bootcamp on July 18-19, 2024, by visiting MastermindRetreats.com.

Today, I want to talk about the importance of shining during a purchase transaction. When we, as mortgage originators, have a transaction going and there’s a listing agent involved, it’s our time to really impress. This is a golden opportunity to convert that listing agent into one of our referral partners by dazzling them with our professionalism and dedication.

Here’s a personal experience to illustrate this:

I have a transaction going right now, and I always make sure to focus on three critical contingency dates that matter to any real estate agent: the appraisal contingency, the loan approval contingency, and the close of escrow. Right after the transaction starts, I make a point to call the listing agent. During this call, I let them know that I understand these contingency dates and that I will work diligently to meet them.

Consistent communication is key. With the Mortgage Marketing Animals, we update our agents every single Tuesday. In my updates, I always talk about the contingency dates, making sure to inform them about our progress and if there might be any issues in meeting those dates. If I foresee any trouble, I let them know well in advance.

This approach has proven to be incredibly effective. For example, I recently closed a transaction where I kept the listing agent updated every Tuesday, focusing on those contingency dates. At the end of the transaction, which closed perfectly, the listing agent told me I was the best lender she had ever worked with. She committed to using me as her lender for all future transactions.

Remember, when we handle these transactions with care and clear communication, we can convert listing agents into loyal referral partners. So, let’s make every transaction an opportunity to shine!

PS: To learn more about how we can help you grow your business, visit DailySuccessPlan.com. Don’t forget to join our free live zoom coaching calls every Monday to Friday from 8:30 AM to 9:00 AM ET at LoanOfficerBreakfastClub.com. Also, register for our upcoming Loan Officer AI Bootcamp on July 18-19, 2024, by visiting MastermindRetreats.com.

Today, I want to share something personal with you. My father has recently fallen ill with cancer, and he needs constant care. This has required me to spend a significant amount of time with him, which inevitably impacts my business. It’s a tough balance, but it’s also a situation that many of us might face at some point in our careers.

Here are a few lessons I’ve learned that I hope can offer some value to you:

1. Embrace Delegation: We often pride ourselves on handling everything ourselves, but in times of personal crisis, delegation becomes crucial. Trust your team, lean on your assistants, and empower them to take on more responsibilities. This not only helps you manage your time but also helps your team grow and develop their skills.
2. Prioritize and Focus: When your personal life demands more of your attention, it’s essential to prioritize your tasks. Focus on what truly matters and can make the most significant impact on your business. Let go of the less critical tasks, or delegate them if possible.
3. Maintain Personal Connections: Our business is built on relationships. Let your clients and partners know about your situation in a professional way. You’ll find that most people are understanding and supportive. This can also deepen your relationships, as they see the human side of you.
4. Take Care of Yourself: It’s easy to forget about self-care when you’re juggling so much, but it’s essential. Make sure you’re getting enough rest, eating well, and taking moments for yourself. A healthy you is crucial for being able to support your loved ones and manage your business effectively.
5. Find Strength in Your Community: Don’t be afraid to reach out for support, whether it’s from friends, family, or professional networks. Sometimes, just talking about what you’re going through can lighten the load.

Balancing personal challenges with professional responsibilities isn’t easy, but it’s something we can all relate to at different points in our lives. Remember, it’s okay to ask for help and to rely on your team. We are all here to support each other.

Let’s make today about recognizing our limits, valuing our time, and supporting one another through both personal and professional challenges.

Remember:

• Join our free live coaching calls every Monday to Friday from 8:30am to 9:00am at Loan Officer Breakfast Club.
• Formally join our community by scheduling a call with us at Daily Success Plan.
• Schedule some time with me, Frank Garay, at Frank Zoom Call.

Have a great day and thank you for being a part of this supportive community.

Today’s Daily Spark is centered around a powerful word: “Contribution.” As loan officers, your contributions shape not only your success but also the lives around you.

Think about the impact you have on your company. Each effort you make drives our collective success forward.

But your influence doesn’t stop at the office door. You also make significant contributions to your community, whether through service, expertise or simply by being a good neighbor.

Remember, too, the support you provide to your loan officer brothers and sisters right here in the Loan Officer Breakfast Club. We thrive on mutual support—here, we are all givers, not takers.

Most importantly, consider your family. Your presence and engagement contribute to a foundation of love and support at home. It’s about finding balance, giving not just your time but your attention and care.

Today, let’s commit to being conscious of the contributions we make in all areas of our lives. By recognizing the value we provide, we not only enrich our own lives but also enhance the lives of others around us. Let’s make every contribution count!

“Contribution”.  Let’s all have a burning desire for significant, needle moving, Contribution.

Years ago, I joined a coaching program that emphasized consistent communication with past clients. When my coach advised me to make phone calls to my past clients, I was hesitant, as I hadn’t spoken to some in years. His response was simple, “That’s why you’re going to start doing it now.” He recommended 25 calls a day, five days a week, aiming for 125 calls a week over a month to see the results. I decided to follow his advice, and what I discovered was eye-opening.

Firstly, anyone I managed to reach was genuinely happy to hear from me, regardless of the time that had passed. It didn’t matter if it had been months or years; their enthusiasm was consistent. This was a powerful reminder that our clients do appreciate us reaching out and maintaining that personal connection.

Secondly, the number of transactions I picked up was impressive. In the first month alone, I secured about half a dozen transactions, including personal needs and referrals. This underscored the value of staying in touch with clients, as it directly translated into business opportunities.

However, the most shocking revelation was how many transactions I had lost simply by not making phone calls. Despite being diligent with monthly mailers, which I assumed kept me top of mind, I discovered otherwise. During my calls, I often heard clients say, “I don’t know, I was talking to somebody else,” when I asked why they didn’t reach out to me for their recent transactions. They admitted to receiving my mailers, but the lack of direct communication led them to work with other LO’s they had been talking to.

This realization was not just limited to past clients. Pre-approved and looking clients, who may take weeks or months to find the right property, require consistent weekly communication. If we’re not the ones reaching out to them, someone else likely will, risking the loss of those transactions.

To combat this, the Mortgage Marketing Animals coaching program emphasizes a structured approach to client communication. Every Wednesday, we call two letters of the alphabet from our past client database, ensuring we touch base with each client at least once per quarter. On Thursdays, we reach out to our pre-approved and looking clients, followed by their associated real estate partners. This systematic approach helps maintain strong relationships and keeps us top of mind, reducing the chances of hearing, “I don’t know, I was talking to somebody else.”

In conclusion, regular communication with your past clients and pre-approved prospects is crucial. The simple act of making phone calls can lead to increased business and prevent lost opportunities. The regret of losing a transaction because you didn’t stay in touch is something no originator wants to experience. So, make those calls and keep those connections strong. If you need help structuring your outreach, visit dailysuccessplan.com to schedule a call with our team and learn more about effective client communication strategies.

Today’s Daily Spark, “You Can’t Shake a Gallon of Water out of a 12-Ounce Cup,” offers a critical lesson in managing expectations and resources in the mortgage industry. This metaphor highlights an essential truth: the output of our efforts is limited by the capacity of our sources—in this case, our referral partners.

As mortgage originators, it’s crucial to assess not just the quantity but the quality of leads and business opportunities generated through our networks. Recently, I undertook an analysis of the leads, pre-approvals, and contracts generated from my referral partners. The realization struck that I was expecting more business than my current partners could realistically provide. This insight came particularly after my energetic Monday calls yielded less reward than anticipated, underlining a mismatch between my expectations and their capacity.

This epiphany led me to re-evaluate the origination potential of my network. Using the AI CRM’s RETR, I conducted a search for new agents who align better with my business aspirations. The tool facilitated a seamless integration of new contacts into my CRM, setting the stage for more fruitful marketing campaigns.

The lesson here is clear: Regularly assess the business potential of your referral partners. It’s easy to grow comfortable with existing relationships, but comfort does not always correlate with productivity. Our referral partners may be excellent at their jobs and great personal friends, yet still lack the capacity to meet our business needs. Recognizing this limitation is not a reflection of their professional value; it is an acknowledgment of their current business realities.

For those feeling stuck or unsure about how to assess and expand their referral networks, help is available. Consider visiting DailySuccessPlan.com to schedule a consultation. The experts at Mortgage Marketing Animals can offer guidance on identifying and nurturing the right relationships to enhance your business growth.

In conclusion, while loyalty and personal relationships are valuable, they must be balanced with business acumen. Continuously evaluating and adjusting your professional network is essential for sustained success. Remember, you can’t shake a gallon of water out of a 12-ounce cup—so make sure your business container is big enough to hold all the opportunities you intend to capture.

Today’s Daily Spark, “Anything Can Happen,” addresses a truth all too familiar to mortgage originators: the unpredictability of real estate transactions. Despite meticulous planning and management, deals can—and do—fall apart, often due to factors entirely outside our control. This reality underscores the vital importance of continually filling our pipelines to cushion against unexpected deal collapses.

In the world of mortgage origination, particularly in purchase transactions, countless variables can affect the outcome. From buyer financing issues to unexpected property defects or even a change in buyer sentiment, the reasons a deal might not close are manifold. For example, I recently experienced a transaction that seemed assured—a great buyer, a smooth process, and a loan poised for an easy closing. Yet, the deal died because the buyer simply changed their mind about the property well into the process. It’s a stark reminder that no matter how secure a transaction may seem, anything can happen.

This inherent uncertainty is why an originator’s success hinges not just on the deals in progress but on a robust and continuously replenished pipeline. It’s tempting to feel confident when we see multiple deals lined up for closing, but this confidence can be precarious if not backed by ongoing efforts to generate new leads and pre-approvals.

Maintaining a full funnel is more than just a buffer against the unexpected—it’s an essential strategy for sustainable success. Each potential deal lost represents both a challenge and a learning opportunity, pushing us to refine our approach, improve our client interactions, and enhance our risk management strategies.

The key to navigating this unpredictable landscape is adherence to the Daily Success Plan—a structured, consistent approach to generating and nurturing leads that compensates for the inevitable ups and downs of the market. By focusing on building a strong pipeline, we can ensure that for every deal that falls through, another can take its place, keeping our business resilient and forward-moving.

For those looking to strengthen their pipeline management and mitigate the impact of transactional uncertainties, engaging with Mortgage Marketing Animals could be a game changer. To learn how the Daily Success Plan can help keep your pipeline robust, consider scheduling an appointment with us by visiting dailysuccessplan.com. This resource is not just a platform but a gateway to personalized coaching and strategies designed to enhance your mortgage business.

In conclusion, remember that in the fast-paced world of mortgage lending, anything can happen. Our best defense against the unpredictable is a proactive, persistent effort to fill our pipeline, ensuring that no single setback can derail our progress. Let this be a call to action: stay diligent, stay prepared, and keep building towards your goals, one lead at a time.