Mortgage Pros: This Trick will Get Your Business Back on Track

The funniest thing about history, is it seems it repeats itself over and over again.

Here we find ourselves again, in yet another cycle of the housing industry. For those that know me, you know that I refuse to call any cycle an up or down cycle. Just simply, a cycle.

In any entrepreneur's business, there are cycles, no matter the industry. They aren't up or down necessarily, just different. Within each cycle, whether a flower shop owner or a mortgage pro, you have to alter your business to align with the cycle.

One of the most common retorts we received over the past couple of years here at BHBTV (a lifelong learning platform for the housing industry) is "I am too busy to learn", "too many deals on the go", "I am already on track for an award".

But in the past 6 months, viewership and downloads of our platform are up 374% year over year. Where did all of those "I am too busy to learn voices go"?

Don't get me wrong, I am glad you're here, that's what our platform is all about and why we made it free . But I am also hoping the first lesson you have learned is to always be learning. Each cycle is a little different but many of the constructs are the same, including the need to find new ways to do business.

No, the market hasn't "tanked". It only feels that way because you were doing the easy business, or the low hanging fruit the last few years, and why not? There was plenty of it to go around. All you have to do now...is learn.

What should you learn?

Well, if you were primarily, prime business before, try to learn Alt. If you were working with Prime and sub prime, try to add Private or hard money to the mix. In times of change, diversification of your business is key to remaining a top performer. Many of your Alt and Private Lenders have channels right now on BHBTV . Jump on and watch and catch up on what they do, how they do it and how to incorporate them into your business. No need to chase down your account execs or BDM's.

But what if I did all of this before the cycle changed and things have still slowed down?

With our consulting clients we have seen this a few times. If product shelf isn't the issue, we take you through an extensive SWOT analysis of your business and in particular on where clients were coming from when it was busier and where the gaps are now that the tap has slowed. We then look to fill those gaps with marketing and rich media ideas, referral ideas, and things like altering your community involvement among many others.

One of the easiest things you can do seems so rudimentary but works like a charm and that is re-doing your market analysis.

Step 1: Write down the 150-200 most successful people you know

Step 2: Analyze what makes them successful in your eyes and how you can leverage their success into your own by adjusting your referral process.

Step 3: Reach out to every one of them and ask if they can explain what you do. (This is very important, because if they can't answer this, you were never getting any business from them)

Step 4: Correct or fill in any blanks they may have about what you do. Then ask, "do you know anyone in your circle of influence (clients love to hear that you think they have influence) who could use my advice (not services - don't cheapen yourself) right now"?

Step 5: If they say no, rephrase the question into an open ended one - "who do you know that has talked about, refinancing, renovations, starting a business, consolidating debts or buying vacation property recently"? You will almost always get a name.

Step 6: Repeat this whole process with any names you get. This will in turn keep your pipeline full and should keep business rolling in.

This process is just one of dozens of things you can do to adjust to today's market and stay busy, as well as maintain your top performance.

Because if you don't do it, the mortgage pro down the street just might. Then what?

Keep learning my friends.