You might be thinking that your circumstances are too difficult or that you are too old to change your life’s direction. But waiting longer will not make anything easier; the time to start is now and you can make a difference. The fact of the matter is most people don’t pick up their hammer of purpose and begin building. Or if they do, their actions are too few and with little direction. It is no wonder that the walls of many people’s lives are crumbling.
10 Tips to Stay Focused
1. Begin at the end. Your purpose is the foundation of your life.
2. Change your beliefs. Never be a self-doubter or a negative self-talker. You were designed for far more than you believe you are capable of achieving.
3. Raise your standards. Continue to raise them throughout your life, setting aside time each year to ask yourself the question, “How can I raise the bar in my life this year?”
4. Strive for excellence. If it can be done better, be the one to do it. If it wasn’t excellent the first time, do it again. Quality is one of the most important ingredients for success.
5. Make smart choices. Don’t underestimate the power of a smart decision.
6. Develop your discipline. Nothing defines you more than what you do on a regular basis. Create habits that move you closer to your goals.
7. Learn your lessons. None of us are perfect; you will make mistakes. Admit your mistakes and move forward.
8. Persevere with patience. Live one day at a time, enjoying the excitement and beauty of the process.
9. Refine your edges. Always look for ways to increase the value of your life. Remain open and teachable.
10. Concentrate on character. Do what you say you will do- always follow through. And when you don’t or can’t- admit your mistakes promptly.
Wednesday, April 24, 2013
Mastering Implementation
Mastering implementation is really the one thing that most people do not get. If you're not implementing you are missing out on taking your High Trust business to the next level.To be a great implementor, you have to be a end result thinker. You have to be thinking each and every day, as you run your business, as you build your business, you have to be thinking end results.
The way you best do that, I think, is to make observations. To be frequently involved in asking yourself what is working and what is not. Where do you want to go that you are not in your business. And to make these observations on an hourly or a daily basis is absolutely critical. It is not only critical from the standpoint of improving your personal and professional efficiency, but it is critical from the standpoint of making sure that you build lead time into whatever processes that you are trying to put into place so that they are in place by the time it counts.
It is critical to have that thought process that does not force implementation and pressure, but rather allows implementation as part of a plan. I have found that most implementable or strategy that most people are attempting to implement that is not implemented without a sense of design and plan, but rather implemented under pressure, never gets implemented the right way.
I have witnessed that in my own career, not only as a loan officer but also as a speaker. Under end result thinking, the question I would ask you to ask yourself would be this question: What one thing, if changed, would make the biggest difference in your business? If you were to ask that question and gets four answers a year or two answers a year and implement only two to four things per year that would absolutely redefine your business.
I have to tell you something. Inside of one or two years you would be light years ahead of everybody else that is not thinking this way. Now, before you go implementing on end result, step two is critical...
The way you best do that, I think, is to make observations. To be frequently involved in asking yourself what is working and what is not. Where do you want to go that you are not in your business. And to make these observations on an hourly or a daily basis is absolutely critical. It is not only critical from the standpoint of improving your personal and professional efficiency, but it is critical from the standpoint of making sure that you build lead time into whatever processes that you are trying to put into place so that they are in place by the time it counts.
It is critical to have that thought process that does not force implementation and pressure, but rather allows implementation as part of a plan. I have found that most implementable or strategy that most people are attempting to implement that is not implemented without a sense of design and plan, but rather implemented under pressure, never gets implemented the right way.
I have witnessed that in my own career, not only as a loan officer but also as a speaker. Under end result thinking, the question I would ask you to ask yourself would be this question: What one thing, if changed, would make the biggest difference in your business? If you were to ask that question and gets four answers a year or two answers a year and implement only two to four things per year that would absolutely redefine your business.
I have to tell you something. Inside of one or two years you would be light years ahead of everybody else that is not thinking this way. Now, before you go implementing on end result, step two is critical...
Wednesday, April 10, 2013
Planning For Profitability
Look at your business. You are 100% responsible for it. With that being said, I suggest that you do an analysis at least quarterly to determine the profit picture on a per-prospect basis. There are really only 4 types of clients you can have:
The High Profit: High Maintenance client typically is that source that refers you lots of business, but that business and the nature of the operating style of the source require inordinate amounts of time from you. Consequently, you have higher levels of stress and are not able to develop other, less maintenance-oriented relationships. This source also tends to create havoc with your support team for the very same reasons.
The High Profit: Low Maintenance source is however, the best kind of client to have. They treat their career as a profession, develop the right kinds of pro-active work habits, don’t spend their time on clients that are high maintenance, and focus on creating meaningful encounters for their clients, leading to repeat and referral business. These are the low-stress, high-quality business prospects.
The Low Profit: Low Maintenance source is generally one who either is new to the business and has not yet developed a large book of business, or for many reasons, doesn’t necessarily need to do lots of volume. In either case, this source is good because the profit per loan is still comparatively very high.
The Low Profit: High Maintenance source. Look out! These sources are the easiest to influence to give you business but the hardest to manage. They are usually more transaction-driven, operating out of fear and lack of confidence. They are on the phone to you and your staff constantly and every deal is a neck breaker. These types of sources are very plentiful, but, over time, will destroy you. BEWARE.
One thing you should do is evaluate each of your prospects from the above perspective. Decide clearly which ones represent the greatest long-term opportunity. Additionally, you might want to quantify this.
Create a profitability model by mapping, on a graph, the annual worth of everyone whom you consider to be a core client. Determine exactly how much they earned for you in commissions last year. Then, do the same analysis for the first 6 months of this year. This will allow you to develop a keen awareness about your business profile. First, based on pure “gut feelings,” you’ll know whose business was not worth what you made from it. Second, it will allow you to develop a standard by which you can now compare all future business prospects, either in the targeting stage or after they have chosen to do business with you.
This system acts as a benchmark to make your business more profitable.
The High Profit: High Maintenance client typically is that source that refers you lots of business, but that business and the nature of the operating style of the source require inordinate amounts of time from you. Consequently, you have higher levels of stress and are not able to develop other, less maintenance-oriented relationships. This source also tends to create havoc with your support team for the very same reasons.
The High Profit: Low Maintenance source is however, the best kind of client to have. They treat their career as a profession, develop the right kinds of pro-active work habits, don’t spend their time on clients that are high maintenance, and focus on creating meaningful encounters for their clients, leading to repeat and referral business. These are the low-stress, high-quality business prospects.
The Low Profit: Low Maintenance source is generally one who either is new to the business and has not yet developed a large book of business, or for many reasons, doesn’t necessarily need to do lots of volume. In either case, this source is good because the profit per loan is still comparatively very high.
The Low Profit: High Maintenance source. Look out! These sources are the easiest to influence to give you business but the hardest to manage. They are usually more transaction-driven, operating out of fear and lack of confidence. They are on the phone to you and your staff constantly and every deal is a neck breaker. These types of sources are very plentiful, but, over time, will destroy you. BEWARE.
One thing you should do is evaluate each of your prospects from the above perspective. Decide clearly which ones represent the greatest long-term opportunity. Additionally, you might want to quantify this.
Create a profitability model by mapping, on a graph, the annual worth of everyone whom you consider to be a core client. Determine exactly how much they earned for you in commissions last year. Then, do the same analysis for the first 6 months of this year. This will allow you to develop a keen awareness about your business profile. First, based on pure “gut feelings,” you’ll know whose business was not worth what you made from it. Second, it will allow you to develop a standard by which you can now compare all future business prospects, either in the targeting stage or after they have chosen to do business with you.
This system acts as a benchmark to make your business more profitable.
Wednesday, April 3, 2013
Managing Your Clients The High Trust Way
To consistently add value, you must maintain an accurate bank of information on your clients. Here are eleven guidelines for making the most out of your automated contact management system:
1. Make sure you know who originally referred your clients and whom your clients refer to you.
2. Determine the most effective and efficient method of communication (email, cell phone, home, etc) for your clients and log it into your system.
3. Record as much relevant data from your High Trust Interview as possible, including your clients’ Core Values, Highest Value Needs, the rules they told you to play by, their buying strategy, and any other details you feel will help the relationship proceed smoothly.
4. Never talk to a client about a next step or action without immediately logging and alarming that event.
5. Alarm all events that you don’t want to miss (birthdays, anniversaries, holidays, etc.) Learn your clients’ favorite restaurants, sports teams, colleges, etc. so you can add value in relevant ways.
6. Alarm all points of contact during a transaction that you do not want to miss. This single step towards being proactive can eliminate seventy-five percent of your reactive phone calls.
7. On all multi-event scenarios, like the quarterly dialogue calls or annual client reviews, schedule them for the life of the relationship. For example, if you plan to be in business for the next twenty years, schedule these points of contact for the next twenty years, through 2033.
8. Automate your time blocking schedule and make sure your assistants can access your calendar for maximum efficiency.
9. Automate the details and dates of your value-adding campaigns, designing auto processes or activity series.
10. Build templates with merge capabilities for main client communication events so that you don’t have to do so manually or repeatedly as you go.
11. Update key data regularly.
1. Make sure you know who originally referred your clients and whom your clients refer to you.
2. Determine the most effective and efficient method of communication (email, cell phone, home, etc) for your clients and log it into your system.
3. Record as much relevant data from your High Trust Interview as possible, including your clients’ Core Values, Highest Value Needs, the rules they told you to play by, their buying strategy, and any other details you feel will help the relationship proceed smoothly.
4. Never talk to a client about a next step or action without immediately logging and alarming that event.
5. Alarm all events that you don’t want to miss (birthdays, anniversaries, holidays, etc.) Learn your clients’ favorite restaurants, sports teams, colleges, etc. so you can add value in relevant ways.
6. Alarm all points of contact during a transaction that you do not want to miss. This single step towards being proactive can eliminate seventy-five percent of your reactive phone calls.
7. On all multi-event scenarios, like the quarterly dialogue calls or annual client reviews, schedule them for the life of the relationship. For example, if you plan to be in business for the next twenty years, schedule these points of contact for the next twenty years, through 2033.
8. Automate your time blocking schedule and make sure your assistants can access your calendar for maximum efficiency.
9. Automate the details and dates of your value-adding campaigns, designing auto processes or activity series.
10. Build templates with merge capabilities for main client communication events so that you don’t have to do so manually or repeatedly as you go.
11. Update key data regularly.
Wednesday, March 27, 2013
Follow Up Is Not Optional
When it comes down to it, most originators stink at follow-up. Yet as the Law of Response from my book High Trust Selling says, “If you don’t follow up with them, they won’t follow through with you.” You must decide ahead of time how often you plan on contacting your clients and partners through the year…and then schedule these contacts so they are a regular and routine part of your business.
Keep in mind that these points of contact do not include necessary calls or meetings that must be made to discuss or generate sales. They are strictly to create loyalty and build trust. Don’t keep leaving money on the table by failing to follow up. You’re the boss of your business. Don’t put yourself in the position of needing to fire yourself!
Keep in mind that these points of contact do not include necessary calls or meetings that must be made to discuss or generate sales. They are strictly to create loyalty and build trust. Don’t keep leaving money on the table by failing to follow up. You’re the boss of your business. Don’t put yourself in the position of needing to fire yourself!
Wednesday, March 20, 2013
Partnership Planning
The only way to have partners for life is to work strategically with them during their life. This is the follow-up plan that 99% of loan originators ignore.
Here’s a plan for making partnership planning work for you. For the first 3 months of a relationship, meet weekly for 15-20 minutes on the phone. The next 3 months, meet face-to-face, for 30-45 minutes. After that, meet face-to-face once a month for one hour.
Examples of questions you should discuss with your partners include:
Here’s a plan for making partnership planning work for you. For the first 3 months of a relationship, meet weekly for 15-20 minutes on the phone. The next 3 months, meet face-to-face, for 30-45 minutes. After that, meet face-to-face once a month for one hour.
Examples of questions you should discuss with your partners include:
- How can we be more efficient?
- How can we produce more business?
- What needs do we have and how do they need to be met?
Thursday, March 14, 2013
The Mindset of the Consultant
How would you like to be in a position where for the rest of your origination life, you never again have to worry whether your rates and fees are competitive enough to get you business? How would you like to never give out a good faith estimate as the decision-making mechanism a borrower uses to do business with you? How would you like to be in the position of having clients never again question the cost of doing business with you?
If you are like most originators, the fact of having rate and fee discussions with a borrower raises your heart rate, changes your focus, increases your fear and reduces your confidence in getting the deal. That’s why one of the most significant opportunities for loan originators is to know how to create High Trust with borrowers so that rates, fees and price become secondary to doing business together.
Recall the Law of the Shareholder, which says people buy stock in themselves. You must see yourself as someone in business as an originator, not as an originator in business. When you are working with borrowers, you are in the business of consulting. You are NOT in the business of doing loans. Loans happen when the advice you give and the way in which you give it creates trust with your borrowers.
It's time for the borrower consultation!
The High Trust Borrower Interview has five core steps and typically takes between 30-60 minutes:
1. The Introduction: A strong High Impact Opening statement.
2. The Core Values Interview: A series of questions designed to establish the borrower’s central values.
3. The Highest Value Needs Interview: A series of questions to learn the borrower’s needs and the benefits the borrower wants to receive.
4. The Presentation: Here you share your solutions to the borrower’s needs in order of importance as well as product and mortgage management solutions.
5. Asking for the Business: You conclude by getting a commitment from the borrower to move forward.
Remember: Your main goal during this process is to build trust with your borrowers, so they would never feel the need to look for help from any other originator.
If you are like most originators, the fact of having rate and fee discussions with a borrower raises your heart rate, changes your focus, increases your fear and reduces your confidence in getting the deal. That’s why one of the most significant opportunities for loan originators is to know how to create High Trust with borrowers so that rates, fees and price become secondary to doing business together.
Recall the Law of the Shareholder, which says people buy stock in themselves. You must see yourself as someone in business as an originator, not as an originator in business. When you are working with borrowers, you are in the business of consulting. You are NOT in the business of doing loans. Loans happen when the advice you give and the way in which you give it creates trust with your borrowers.
It's time for the borrower consultation!
The High Trust Borrower Interview has five core steps and typically takes between 30-60 minutes:
1. The Introduction: A strong High Impact Opening statement.
2. The Core Values Interview: A series of questions designed to establish the borrower’s central values.
3. The Highest Value Needs Interview: A series of questions to learn the borrower’s needs and the benefits the borrower wants to receive.
4. The Presentation: Here you share your solutions to the borrower’s needs in order of importance as well as product and mortgage management solutions.
5. Asking for the Business: You conclude by getting a commitment from the borrower to move forward.
Remember: Your main goal during this process is to build trust with your borrowers, so they would never feel the need to look for help from any other originator.
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