Kind Of A Big Deal
Even though this post is showing up on Tuesday morning, I began typing this early Monday as I checked my calendar for “big deal” events for the week. Now before you go shaking your head wondering why I created another new catch phrase, let me explain what a big deal event is, and why it’s so important to your income.Take a look at this list:
– Check email
– Check voicemail
– Answer existing client questions
– Process a loan
– Put out fires
– Check rate changes
– Lock a loan
– Browse lenders
– Chat with co-workers
– Surf the web
– Attend a closing
Here’s a serious question for you: How much of your week would you estimate is covered by the listed tasks? Most loan officers would have to answer that this is their week? Toss in the occasional cold call, or reply to a new prospect phone call and you’re looking at 98 – 99% of most originators careers. Sure, there’s a few more items or tasks you can toss in to round out the list, but we’ve covered most.
So my question to you is this. If you were to emulate this list of tasks, would you expect a large income? Is there anything listed within these tasks that will make for an exceptional career? I’d have to go with “no” on this one. Why?
Because these are all ordinary tasks that will result in ordinary incomes. Unfortunately, more than 80% of all loan officers are currently falling at, or below the ordinary income level these days. As much as the market may be frustrating these days, most of these loan officers have put themselves in this position by filling their days with ordinary tasks, while crossing their fingers and hoping for an extraordinary outcome.
If you find yourself in a similar position, or if the pipeline starts to slip a bit, one only need look at what the daily routine looks like to find the answer. Ask yourself: “What 1 extraordinary prospecting activity do I engage in every day to bring in more business?” It doesn’t take a massive effort.
But the reality of the situation is that most loan officers tell themselves they are too busy to prospect today, or have too much on their plate to go get referrals etc. When pressed for more information, guess what we usually learn? That this level of “busy” almost always finds time to respond to personal emails, make personal phone calls, surf the web, chat with co-workers, and also finds time for low payoff paper pushing. The mystery is this: Why would you push aside the very activities that will make you more money to make room for low payoff processing work?
Sure, the paperwork, and processing and answering of questions are all necessary. But so is your income, right? If you want extraordinary results for the week, take a look at what you’re filling your day with. Can you fit 45 minutes of scheduling appointments with high profile realtors into each day? How about some online marketing or phone prospecting? Anything that can bring in more business that is being neglected by most of your peers will qualify as extraordinary. When you do the things others are unwilling to do – Good things happen. Make it a great week!