Stop Your Bitching.

That’s right I said it. Stop bitching about the industry, the leadership, the direction, the rates, the lack of buyers, the inept agents, the horrible underwriters, etc.

I just got back from a week long visit in San Francisco and, as I said in my previous post, it was eye opening. I have met some of the people shaping the future of the real estate and am extremely impressed. Some of them you know or have heard of, others you’ll hear about soon, and still others will never have their names grace more than a blog post. It doesn’t matter whether you’ve heard of them or not because the industry is changing. Why?

The Day of the Super-Influencer is dead.

Over. Gone. Please stay engaged while I explain.

During the 80s-90s those who understood how to manipulate and control the dispensation of information became very wealthy and well-known fast. This became increasingly evident in the Real Estate and Mortgage Industry with the advent of “sales systems.”

“Buy my system and you’ll learn how to reel in any buyer!”

“Buy the system today and I’ll throw in 30 ways to rip off an old lady free!”

The fax machine, cell phone, email, internet, etc. carried the real estate and mortgage industry to new places and new Super-Influencers were born. Those who controlled the flow of information could charge a premium for their wisdom and an industry within an industry was born. We have since seen the rise of Super-Influencers such as: Todd Duncan, Tim Braheem, Greg Frost, Barry Habib, etc. Hear me and hear me well: I have nothing against them! I received some of the most valuable information in my career from them.

The problem? Super-Influencers create a lot of “noise.” A lot of information that is worthless save the fact that “they” said it. This worthless noise has the cost the mortgage industry hundreds, if not thousands of innovative opportunities that could have changed its direction. Instead, the lowly originator’s voice could not be heard because they didn’t have the name or the vehicle to broadcast that innovation.

Not any more.

Long live us. Long live the new face and voice of the mortgage industry!

This is their wake-up call.

We, the loan officers, processors, underwriters, and all around industry peons of the mortgage industry, are sick and tired of being peddled snake oil and decade old ideas by every has been with a made up title. We are men and women of influence. We choose to shape and design the future of the industry from this day on. Information in its rawest form yearns to be free. We have the ability to think for ourselves (though we’ve been told we can’t). We have the ability to process and create systems of success that are our own (though you told us they wouldn’t work).

Now for your wake-up call.

Many “open letters” lack the call to action needed to give you the readers the direction you need to know how to respond. Do you want to be involved in changing the shape of the industry? Do you want to cut through the “noise” out there and take in the knowledge you need? Do you want to share your experience and wisdom with a group of like-minded peers? Then take action using one of the suggestions below or make up your own!

1. Join Mad Mortgage World as a contributor in the worlds first open-source mortgage community! Click here to read the contributor guidelines. I am actively looking so please check them out!
2. Join the Conversation Online. Dip your toe in the online waters of content distribution and leave your thoughts here and in the comment section of other posts. What you say matters; more often than not, what you say matters much more than you know!
3. Join the Revolution. Don’t pay another dime attending another worthless seminar or subscribing to another website. There is some gold out there but, don’t get fooled by gold painted sh*t. Ask yourself, is there real content here? Can I contribute? Will my voice be heard? Will I walk away a better person.
4. Join the Leaderhsip and Take your own action! I have listed 3 examples of steps I personally have taken in my quest to see our industry shaped for the better. What is your suggestion. Leave it in the comment section below.

The Day of the Super-Influenced? Dead Too…

In conclusion, this isn’t about some Super-Influencer giving us all a wink and a nod while leading us into the sunset. We have a lot of work to do. We have a lot of trust to regain from our consumers and agents.

We can change this business for the better. Are you in?

Ahh, had I only known 10 years ago what I learned 5 years ago.  Incredible growth can come from what appears to be total failure.  I’ve been a firm believer that the only thing we can control is action, not outcomes.  The following illustration exemplifies this theory.

In 2003 I ran a marketing campaign in a select condominium complex in Brookfield, WI designed to help condo buyers steer their adjustable rate mortgages into a fixed rate loan.  I spent all of $53 printing and delivering a very simple flyer and closed a whopping 1 transaction as a result of my efforts.  But it wasn’t the closed transaction that netted me the rewards…It was the one that I didn’t close.  Having just come back from a Brian Buffini Turning Point Retreat, I leared the power of an intentional relationship business model.  What was once a “lost deal” now became a new relationship which would yield future opportunities.  Mr & Mr.s “X” were a gracious and friendly couple I happended to call on one afternoon in my follow-up campaign, but Mr. & Mrs. X had already restructured their loan to a fixed rate.  I asked to stay in touch via my Client Appreciation Program.  They obliged.

Shortly afterward, I received a call from Mr. “Y” who had been referred to me from Mr. & Mr.s “X”.  Mr “Y” did structure a loan with me and subsequently referred me to 3 of his friends, one of which has referred me to 27 of his nearest friends.  All in all, I have secured well over 56 referrals….from a client I have never done business with.  I’ve never received another referral from Mr. & Mrs. “X” but rest assured, they get a note of appreciation from me every year.  Plant your seeds of opportunity whether you “land the sale” or not.  If you do, your seeds will flourish…..and you’ll never know where your tree of life will grow.

Happy Planting!

Brian blogs when he feels like it at http://www.mortgageplanning.typepad.com Check it out for more sage wisdom from an “old mortgage man.”

How do I even begin! After I saw this I thought it had to be some sort of joke, but sadly it’s not.

I came across the above site while doing my daily due diligence to bring only the best for this awesome community. You can check out the site yourself but, long story short the authors of the blog feel wronged and have chosen to take it out online. Let this serve as a reminder to all of us that Google has a long memory and this will be online long after the dispute is settled.

Without pointing fingers here I want to take a lesson from this. Our clients are smart. They are much smarter than we give them credit for and are capable of displaying that intelligence in surprising and creative ways.

I had a client invite me to barbeque – very nice. This guy had a client setup a blog aimed at making him look like a jerk…

What are our takeaways from this?

1. Set up a Vanity RSS Feed – Go to blogsearch.google.com and enter your name in quotations. Example: “Daniel Martin” When you click search an RSS button will appear in the bottom left corner. Subscribe to that feed in your feed reader and you will know any time someone says something (good or bad) about you.
2. Give Your Clients Some Credit – In the past lenders tried to hide behind complex terminology and overwhelming numbers. The chances are pretty good that your clients have gathered a lot of information without you! Your job in this new age is to help them wrap their head around that info so they can make wise decisions with it. Don’t play a game with them. Sooner or later you will get found out and it will not be pretty.
3. Own Up – If you screw up, own up or someone will do it for you. Again. Not pretty.

What are your thoughts? What are your takeaways?

Most loan professionals know that staying in front of your sphere of influence is a critical part of getting referrals and repeat business.

On the other hand, I know a lot of loan officers that for whatever reasons have chosen to ignore this fact.  Maybe ignore is too harsh.  Neglect may be a better word.

Neglecting the lifeblood of your business = BAD.

In my last post here on MadMortgageWorld, I discussed “Simple Steps to Running a Successful Mortgage Desk” in which I mentioned managing your time as a key component.  Time management was always a challenge for me as a loan officer.  Looking back, I know I spent way too much time on things that I could have gone without.  Researching (the wrong things), prospecting (in the wrong places), networking (in the wrong groups).  Luckily for our readers here today, I learned by trial and error, and can present some of these experiences so that you don’t have to.

Email marketing was my bread and butter way to stay in touch with past clients, present clients, referral sources, and potential clients.  But honestly, I spent WAY too much time trying to come up with content for my monthly newsletter.

If I could have had an email marketing platform that provided a turnkey solution in which the content was provided for me, but still offer just enough customization for my liking, I probably could have doubled my loan production.  Or, at least had more free time to do the things I love to do.  You know, things like reading MadMortgageWorld.

Anyway, I was at my desk today preparing for a class next week on email marketing, when one of our other business development reps called me into a meeting with a client of hers.  He was showing her the email platform that he developed called www.mylenderpro.com.  That’s right, an email platform developed by a loan officer.  Built by the people, for the people!

Flipping the Switch

At first I was a little skeptical when I heard it was a “set it and forget it” type platform.  But, after a little poking around and some good Q&A with the developer, I was impressed.

This system was built around the idea that the average loan professional doesn’t want to spend time coming up with new and relevant content each month.  They need to be out prospecting, networking, getting new business on their desk.

Here are some of the key things that jumped out at me:

Proprietary Clients – If your clients email address shows up in another loan officer’s database, they will not be allowed to upload it into the system.

Easy List Segmentation -  You can choose current client, past client, referral sources, and even family and friends.  Each segment can receive different emails based on your chosen preferences.

Customizable Fields– Along with the pre-written content, they are allowing blank templates that can be filled with whatever you choose.

Easy to use – Everything is laid out in an easy to use format with tabs and drop down menus.

It’s Inexpensive – not only is it cheap compared to most other email marketing platforms, but add in the time value of money for what you make an hour and this is a real value.

As I sat there watching the presentation, I thought several times “man, I wish I could have used this back in the day”.

I’d love to hear some of our readers thoughts.  What say you?

The following is a guest post from Jeff Bernheisel at www.titlerep.info . I am excited to have him posting some of his great ideas and tips! Yes, the picture to the left is a flawless representation of him…

If you’ve ever attended any of the big mortgage success seminars, you’ve probably heard a hundred ways to run a successful mortgage business. After a few days of looking back on my time in the mortgage world and thinking about it, here are what I consider to be the most important steps. The main difference is these are what worked for me, and I’m not trying to sell you a bunch of junk for the low price of $1,500.

Here are some basic tips to help get started. Whether you’re a brand new loan officer looking for some guidance, or a seasoned veteran looking to update your marketing plan, hopefully these ideas will get the wheels turning. Today only, I have been authorized to pass the savings on to you…

Organize your client data – Invest in some sort of CRM solution and the training on how to use it. Input new clients and referral sources as you go, or update previous info as you upload it into the system. This is also a great excuse for getting back in touch with long lost clients.

Record communication preferences – Email? Phone? Text? Whatever they prefer, you need to know the best way of reaching these people if you plan to stay in front of them. Put it in your CRM system.

Create a follow up system – Track your email newsletters, phone calls, handwritten letters, etc. and when each client last received each “touch”. Consistency is the key here.

I like to rotate through each “touch type” every third month. That way, each quarter my clients heard from me at least once, if not two or three times (depending on their communication preferences).

Manage your time – You can waste a lot of time these days “messing around” on social networking sites like Facebook, MySpace, and LinkedIn. Don’t get me wrong, these sites can all be used to get business, but try to set limits that keep you focused. Set goals on the number of people you want to connect with through each site per week.

Find balance in your life – The mortgage business (or any business really) can be stressful at times. Clients and referral sources can hear it in your voice. It makes them uneasy. Find a release. Something you enjoy doing. Spend time with family, friends or even alone. When you operate at a lower stress level, everything seems to go a little easier.

But wait, there’s more…

Of course there are hundreds or thousands of tips that we’ve all heard over the years. The secret is finding what works best for you and your style/personality. The final piece of advice I can give to help run a successful mortgage business is to keep coming back here for more tips and best practice methods of some of the nation’s true top producers.

Good luck out there!

What’s your greatest success tip?

Let’s talk about brand loyalty.

To establish brand loyalty in the mortgage industry is difficult but, not impossible. This is just one among quite a few posts in the near future that will deal with building a brand in the mortgage industry. I was inspired to do this after yesterday’s interview with Ryan Stephens. Let me start with a story.

So, I went to get lunch at my local Taco Bell which, incidentally, is right next to a McDonalds. As I saw the sign approaching, making sweet promises of crunchy chicken tacos coated in fire sauce, I rolled down my window in anticipation of placing my order. I made the left turn into the parking lot only to be greeted by the unholy red glow of 24 brake lights. There were 12 cars standing between me and a solid Tex-Mex combo.

I took my place in line and began reading the “Next Oil Change in…” sticker on the windshield for the 1000^th time. After about 10 min I realized I hadn’t moved much and the strangest feeling took over my body. I began craving a sesame seed bun. Visions of french fries played across my eyelids. Amadeus’ Requim K626:Lux Aeterna played slowly in the background as I removed myself from the line. Magically my car and I found ourselves across the asphalt ocean from Taco Bell at the order screen for McDonalds. Within 48 seconds I had ordered, paid, received my food (with 2 ketchup packets), and taken the first bite of a hot crispy fry.

I am a consumer too. I don’t want to wait and neither do your referral partners; neither do your clients.

When your clients call you to “get a loan” they don’t want to sit in a queue for 20 minutes wrestling with your automated attendant. They want you in 60 seconds or not at all. When your referral partner calls, she doesn’t want to leave a voicemail in anticipation of callback “sometime soon,” either you call back in 10 minutes or she’s calling the next guy in line.

I am not saying loyalty is dead. I am saying loyalty is earned through consistently meeting expectations, everything else is fair game. Taco Bell has built a brand which I am well aware of but, I am not loyal to it. Why? Because Taco Bell is always slow, McDonalds is not. That is my truth. That is my perception.

The first step in building brand loyalty is to know what type of brand you are building. The problem is not lack of business in the mortgage industry. There is still plenty of business to be had. The problem is that most originators fall into the first 2 categories:

1. Car Chaser – This originator jumps on every fad and craze as they become available. Realtors based purchase money business? I am all over it! Wait – mortgage planning as a college savings plan? I want on! – did you say FSBO lead generation? Riches here I come!
   

   I think you get the picture. This isn’t entirely the loan originators fault however. Many of our “trusted industry leaders” are for sale to the highest bidder and change their “success strategies” when they change their underwear. Today it is LO beware as you head to yet another conference that may mask yet another sales pitch designed to fill the coffers of those “in charge.”

2. Stalwart Martyr – This originator has used email once in the last 10 years and had a heart attack as he/she hit the send button. The internet is a fad. Refinances? They are a fad too. REALTORs? Pretty sure they’re a fad as well. This individual has had the same business model as long as he/she has been in the business and that’s how it will stay.
3. Brand Builders - Those that know who they are, why they are in business, where they are going,   and how they are getting there.

I know I am over-simplifying something as big and daunting as building brand loyalty but, this is the place I wanted to start. As we begin a few weeks long discussion around building your brand, decide which Loan Officer Category you fall into. If you are in one of the first 2 categories, “welcome.” I hope to assist you in navigating the change in your personal business philosophy.

Your first challenge is simple. Sit down and answer 4 questions for me before I add the next post.

Who are you really?

Why are you in business? (You aren’t a charity are you?)

Where do you want your business to go?

How do you plan on getting there? (Do you even have a plan?)

To those of you who are in the 3^rd Category, you are my heroes! In this mad mortgage world anyone who keeps their eyes on the prize is “awesome” in my book.

Now for my closing question!

Taco Bell or McDonalds? Answer in the comments below!

photo courtesy of Bob Wilson - check him out here - http://www.robertwilson.us/

A new study revealed this morning by my wife reveals I may have my head stuck up my own ass. Allow me to explain before horrible visuals begin dancing in your head.

When getting driving directions the very first questions you must ask yourself are:” Where am I?” and “Where am I going?”

San Francisco to Timbuktu?

Denver to Tulsa?

Mars to Jupiter?

To get where you want to go you need to know where you are starting your journey from.

SO this morning, when my wife said, “have a great day!” my immediate (and surprising) non-verbal response was “how?”

That’s when I realized I was walking into my week with my head stuck up my ass. I had no idea where I wanted to end this week. I had no idea what I wanted to get out of my day. I had no idea what a successful day would look like. A poorly planned day points to a poorly planned week.

So I did what any sensible person would do: I grabbed a cup of coffee, pulled my head out, looked around, grabbed my keyboard, and typed out the following list:

1. Post to Mad Mortgage World (MMW) – 3-4 times this week with relevant content re: social media, lead generation, and pointless ramblings (check)
2. Conduct 2 new interviews this week for immediate release.
3. Begin building a purposed community around MMW through meeting 5 new people each day this week. (2 down for today!)
4. Read The Essential Guide to Social Media by Brian Solis
5. Dance
6. Comment on a minimum of 15 industry blogs this week.
7. Congratulate Daniel Rothamel on his New Position. (check)

Now that I have my list of things I absolutely must accomplish today I am must take action. I will choose a couple of these to do before I rush off to take my mid-afternoon nap and all will be right this week.

Tomorrow, when my wife tells me to “have a great day” I will reply with “as you wish.”

What is on your list this week?

photo courtesy of Bob Wilson - check him out here - http://www.robertwilson.us/

I was at my early 20-something cousin’s wedding this past weekend and experienced yet another example of what the future holds for the service industry as driven by technological advances.

Thanks be to my fellow Gen X’ers, long gone are the days of the wedding band woefully screaming out horrific version of Proud Mary. The CD brought the DJ business to functional mobility. Yet still, the service element was required to “man the mix”.

This wedding was a new twist: nothing but an in-house sound system and an Ipod. It struck me how simple and profound it was. I’m sure the Father of the Bride was happy spending his $1500 on something other than some cheesy tuxedo-clad cummerbund bound self-proclaimed party inciter who looked to lure anyone to join in on yet another gut bomb version of “Paradise by the Dashboard Lights.”

It got me thinking about the service industry. In years past boomers and X’ers alike were looking for the one “in charge” of the information and willing to pay top dollar for their services. The information revolution has produced a new breed of consumer empowerment.

Back to the wedding: Everyone under 25 somehow knew the new custom – Search and play, giving courtesy to the former requester to allow their song to play out in its entirety. What was interesting to watch was the way the Gen X’ers responded. No one over the age of 25 knew who was “in charge?” A new generation gap was formed before my very eyes.

Did the DJ business see it coming? With very little effort, the consumer empowerment revolution took on a new (and I would argue MUCH improved) twist. And it occurred to me how yet again a new product had displaced another industry.

Thanks to the Ipod and digital revolution, we are no longer subject to the distribution of music someone else thinks is a good idea. We are empowered as consumers to make decisions for ourselves and save mightily along the way in order to consumer products and services that engage us in a meaningful way.

Like watching great retro movies and spinning vinyl…

“He’s just not that in to you.”

My wife loves Sex and the City. She is going out with her girlfriends this Friday night. They have rented a limousine, booked a table at local hotspot and, have picked out 6 outfits with two alternates - each.

So in preparation for her night out she has been watching old episodes.

Every night.

For 4 weeks.

Last night she watched an episode that included the phrase “he’s just not that in to you.”

Four women were sitting around a table with one guy. One of them details out a date she had the previous night. She had a great time. He kissed her… TWICE. He said he had an early morning meeting. He said he’d call.

All 4 of the dynamic “sex and city” gals gushed over the story. The singular guy at the table, looking uncomfortable, spoke up, “he’s not gonna call. He’s just not that in to you.”

It got quiet and awkward fast - the truth does that.

We go out into our days. We date Real Estate Agents. Tall. Short. Guy. Girl. Fat. Skinny. Boring. Sometimes Funny. We buy lunch and drinks. We call and talk shop. The conversations all end the same.

“Yeah, sure, I’ll toss you a deal… the very next one. I’ll call you.”

Then we wait. He’s gonna call. Do I call Him? She said it’d be the very NEXT deal. Should I call her? Has it been long enough?

HE’S NOT THAT IN TO YOU!

SHE’S NOT THAT IN TO YOU!

Move on and find your soul mate.

She’s out there. He’s hoping you’ll call. She’s looking for you. He/She needs what you have.

He doesn’t want your cheesy “broker open” emails- he wants loyalty. She doesn’t want a script -she wants a trusted relationship.

He wants information. She wants valuable strategic ideas.

So… if you want to get lucky… throw away your freaking 100% No DOC flyers and go commando.

More about the author Daniel Martin.

I pulled into the parking lot around 6:08am this morning only to find I was not the first person here today. Our building manager was busy loading something into the back of his large “Super Maintenance Van