YOUR HOUSING MARKET SURVIVAL KIT: 5 Power Strategies for Building New Business During Today’s Market Decline

The latest S&P/Case-Shiller Home Price Index report is out, and the results are not pretty. The report shows that housing prices dropped in 19 out of 20 metros for the year ended February 2008. Some markets are down as much as 20%.

Click here to read the individual market results.

Now that you’ve read it, forget about it, because, this doesn’t need be negative for you. As I’ve said many times before, loan officers who know how to change and focus on the opportunities aren’t necessarily going to suffer because of this trend. The most successful loan officers have enough business to keep them going and growing for the long term and even in today’s marketplace.

But I know many of you are worried about the short term and you need to act fast. So I’ve pulled together 5 strategies that can help you put out the fires of your day-to-day challenges and grow your business:

1. Acquire new referral partners and cultivate the ones you have. There’s nothing more important to your business than your referral partners. Focus an hour a day on building referral relationships. Call five financial planners, CPAs or Realtors every day. Set one on one meetings. Hold joint seminars for consumers. Follow up via email with short five-minute videos explaining how you can help them grow their business.
   
   Watch how Linda McKinley emphasizes the value of her services to a financial planner:
   http://www.screencast.com/users/LMcKinley/folders/Jing/media/05bc7216-c1cd-4878-8c2b-8780d9c51a04
   
   Here’s a link to our report The Art of Referrals.
   
   
2. Manage your mortgages. You’ve probably got anywhere from 100 to 1,000 mortgages under management. Somewhere in that database is a goldmine of new business just waiting for you to pull it out. By managing your mortgages on a monthly basis through the RateWatch system, you’ll uncover dozens of hidden opportunities monthly.
   
   Watch Dylan Kramer follow up with a Realtor to explain his Mortgage under Management service: http://www.screencast.com/users/Dylan_Kramer/folders/Jing/media/778e7541-8b14-4547-ba24-e00442c459eb
   
   Hear how Jeremy Forcier is cranking out loan after loan and has 25 leads he hasn’t even followed up on yet:
   http://davesavage.typepad.com/my_weblog/case_study/index.html
   
   
3. Stop the bleeding of home price reduction with a Maximized Seller Buydown Strategy.
   
   Watch Scott Nicholson explain his seller buydown strategy to Realtors:
   http://www.screencast.com/users/scottnicholson1/folders/Jing/media/54ad683d-aacf-4289-8101-3d4a3756cf7b
   
   
4. Offer free/complimentary services such as credit reviews, freedom point reviews, recast reviews and divorce planning.
   
   Read how Khai McBride generates new commissions by offering a free credit review:
   http://www.themcweb.com/KhaiMcBride.pdf
   
   Watch Jonathan Klein explain his Divorce Plan: http://www.screencast.com/users/jkcdppi/folders/Jing/media/94663d38-71ae-4fa1-b0d8-dfcefb5aba1c
   
   Read my blog post about freedom point reviews:
   http://davesavage.typepad.com/my_weblog/2006/10/helping
   
   To see how a Recast Point Review works first-hand, view an online video: ftp://downloads.mortgagecoach.com/Training/Strategy_Alert
   
   
5. Turn one loan into multiple loans.
   
   Learn How Richard Lovell Turned 1 Loan Into 4 Loans:
   http://davesavage.typepad.com/my_weblog/2008/03/learn-how-richa.html
   
   Read how Trevor Hammond uncovers a hidden opportunity and walks away with a lifetime of commissions and referrals:
   http://davesavage.typepad.com/my_weblog/2008/01/trevor-hammond.html
   
   Hear how John Weller turned 1 loan into 2:
   http://davesavage.typepad.com/my_weblog/case_study/index.html

ONE LAST TIP: After closing every loan, make sure you put them in the RateWatch system and ASK FOR REFERRALS!

Comments

[Jay Pirotte]

This is my first time on this site and if people don't see this as a value than they aren't a professional. I can also see them out of the business in the near future.

[Alessandra]

I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

Alessandra

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