It is the beginning of 2018. Still seems odd to think or type that.
Like so many other years, pipelines in the first quarter are off for many and loan officers around the country are hunting for ways to get back into the proverbial swing. With that in mind, we have 5 things you can do today to rev the engine back up.
These are time-tested actions you can take right now and those who follow them can post a great Q1 and set themselves up for a solid Q2. Since we focus a great deal on habits here at Rewire, we are going to refer to these as the 5 Habits to Build a Solid Pipeline.
Read our blog: Will Working With a Coach Help My Pipeline?
5 Habits to Build a Solid Loan Pipeline
#1 - The Habit of Wellness. We must recognize that we are in the relationship business as much as (if not more than) the mortgage business. So, our capacity to create and sustain key business relationships relies, in part, on our overall mental and physical health. With that in mind, a good question to start with is “where does my health need improvement?” Is it in getting needed rest? Is it getting back to eating healthily? Or do we simply need to make time for exercise? This is always the first habit in any new endeavor. Our wellness increases our ability to take action in our business.
#2 - The Habit of Consistent Communication. Again, we are in the relationship business, so there is a premium on quality, consistent communication. And while we know that we need to communicate to our database and to our referral partners, if we would recommit to doing it consistently, it will make all the difference. You can greatly increase the odds of consistency by getting specific with yourself. How many proactive, outbound calls will you make this week? How many calls to the database? If you want to be consistent, get specific.
#3 - The Habit of Organization. This is another prep-type habit. What a great time to get organized. Organize your desk, organize your inbox, organize your files and organize your systems. We know of many originators who loose deals simply because of their lack of organization. Not to mention that being organized will put you in a much healthier frame of mind - crucial for getting more business.
#4 - The Habit of Following Up and Following Through. It’s one thing to commit to a communication plan and be specific about it -- it is another thing entirely to follow up masterfully. Let’s face it: following up is a pain, but to those who do it well get all the spoils. So what’s the plan? Is it specific? How, when and where will you follow up with the calls you made? What’s the specific, trackable plan for following up with all TBD’s and Pre Quals? This one habit has more gold in it than most originators want to admit.
#5 - The Habit of Mastering Your Database. While there is some overlap here, we simply cannot stress enough the power of the database. We realize that this is spoken about, written about, and agreed upon by everyone and yet, it is still a deficit for many people. In the work we have done over the years with top producers, we find that close to 60% of all deals come from the database. Take habit numbers 2 and 3 and apply them specifically to your sphere of influence.
There are a number of other approaches to building a solid pipeline: keep learning in your field from successful colleagues, get a good coach, keep a spirit of humility and curiosity. But starting with these 5 habits will help get your pipeline moving in the right direction.