It is not surprising that the mortgage industry can be one of the more challenging industries to work in.
With constantly changing trends, increased rates and an affordability crisis currently facing many homeowners, it’s understandable that we might ask ourselves, “When will things get better?”
In order to maintain and even prosper during these tough times, it is important to follow some tips outlined in this article. Here are three keys to help mortgage pros and their businesses survive while the mortgage industry contracts.
1. Stay in the know
It is important to be aware of industry changes so you can stay ahead of your competition. Keep up with news, attend events, and monitor trade publications in order to stay informed about current trends. This will help you capitalize on opportunities before others do.
2. Build your network
To be a successful mortgage pro, it is important to collaborate and network with other professionals. By doing so you will learn new information and advance your career. I cannot emphasize this enough, there are many others like you going through the same struggles every day. Take advantage of opportunities to meet face-to-face and share ideas. The energy and positive mindset that comes from these conversations can be very valuable.
3. Never stop growing
Continuing to reinvest in yourself and your business is important during tough times. Evaluate what you have done, identify which areas need improvement, and take steps to improve them. Ask yourself these questions: Who am I? What are my goals? Do my goals align with the strategy I have chosen? Am I bringing valuable value to my clients? Having a well-defined strategy will help you capitalize on opportunities as they arise in the future.
The key to success in the next six months for mortgage professionals is investing in their future. Those who make the most significant investments will be those that focus on gaining knowledge and cultivating relationships even when there is limited production. If you put your effort into these things, then success awaits you.
It won’t be easy — you will have to work 10 times harder than during periods of abundance, maybe more depending on what your goals are — but it’s worth it if you want to achieve something great. Be strong! Look forward, not backward, this is an opportunity, not a punishment.
Travis Dyson has nearly 20 years of mortgage industry experience in various roles. He is currently with Flagstar Bank, where he serves as a vice president in sales, covering Idaho, Montana and Wyoming markets.