As we contemplate the new year’s potential, it’s important to reflect on the previous year in order to create goals for the year ahead. By looking back on the success and failures of our business in 2013, we are able to learn from and take advantage of the knowledge we gained from the mistakes we made or the opportunities we missed.
Let’s start with a list enumerating the important building blocks of our success last year, and noting how you utilized those building blocks to generate each prospect and close each loan. The list should include referral partners, speaking engagements, civic and association memberships, trade shows, community events and peer groups, with an adjoining column for closed loan production statistics.
Referral Partners Create a spreadsheet listing every loan closed. Make a notation next to each loan indicating where it came from. Potential referral sources might include another mortgage banker, a past client, an attorney, a Realtor, or a friend/community connection. This will help you determine where to focus your energy and marketing efforts in 2014. Are you spending your resources in places that yield low results? Have you put effort and time into a membership that has not produced any results? In the coming year, should you allocate your time elsewhere?
Clubs and Organizations Did you join any clubs or organizations to advance your business in 2013? Did you join the Rotary, the Lions Club, the builders’ association or the local board of Realtors? Did you make regular appearances at their lunches and meetings and share with them how you help folks plan for retirement? If so, the start of a new year is time to evaluate the success of your efforts. How many of your applications and closings came from connections made through the organizations you joined? Conversely, are there other groups you did not join last year that you would like to try? Now is your chance. Decide where your success came from, and where you should spend your effort and membership dollars in 2014.
Speaking Engagements Take a look at the ones you did and the ones that got away. Each year I prepare a list of organizations or communities that I would like to get in front of. Now is a good time to reflect on how those efforts paid off. If you didn’t schedule any speaking commitments last year, consider making a list of each county you do business in and research opportunities to participate in that community in some way. Perhaps the chamber of commerce hosts a community marketing meeting, or a senior center holds classes on topics of interest to its members. Look for meetings for local Realtors, or check out the events at the builders’ association.
Conventions, Trade Shows and Parade of Homes Each year in my market there is a home show, an event called Legislative Days at the Capital, a builders’ convention, and an active living senior expo. The home show, hosted by my local builders’ association, hosts an annual parade of homes showcasing builders and new homes in my market. Such events provide an opportunity to get involved, join the committee, meet builders who may be interested in your services, and teach the public about the HECM for Purchase program. If you can venture a little farther from home, there’s also the MBA convention and the Insurance and Financial Planners Convention. Think of all the places you can set up a booth, hand out literature and meet folks who serve customers with similar needs and interests.
Finally, closely review the applications you took and the loans you closed. Look at how many applications you collected and how many you closed per month to determine the frequency of your production. Set a goal for your production in 2014, and think about how to enhance your exposure in the coming year to achieve that goal.
Analyze -The ratio of applications and closings -The cities in which your clients were located -The average size of your closed loans -The type of loans you closed: Purchase vs. refis, debt-free vs. homes with mortgages, fixed rate vs. LIBOR -Your average client: marital status, gender, age
If you can set aside some time to assess the nature and success of your past business, you will know more about how you can advance your business in the future. By knowing where you came from, you can find out where you’re going. I wish you a productive and successful 2014.
