In just 39 days, 2020 will be here. For many in mortgage banking, 2019 was great; for others, not so much. In the year ahead, sales organizations will need to address the challenges inherent in a marketplace characterized by the resurgence of purchase money and the reduction of refinance volume. It seems like some originators are always caught by surprise when interest rates move against them. Here is how to manage the up and down cycle of sales performance.
Top producers understand that they cannot control interest rate changes or build a business model based on refinancing. What they can control are their behaviors to lessen the impact of external factors on their sales results. Being prepared isn’t just a Boy Scout slogan for them but the driver of everything they do. It starts with making time to get better and improve.
Anthony Iannarino, a noted sales guru and author of a great blog, offers important insights on how to view meaningful change and take action. Iannarino says, “the Future You is the person you want to be. It’s the version of you that you are becoming, and every decision you take between now and the future is going to determine who you are when this time has passed. The best way to think about what you must do now is to look back from the view of Future You. Future You provides better guidance on the decisions you make than Present You.
“On the other hand, the Present You wants to hit the snooze button three times when your alarm alerts you that it’s time to get up and get moving. Present You seeks comfort. Future You wants you to exercise the self-discipline to get up and start your day in a way that prepares you to be productive with your time.”
Take the Time to Plan for 2020
This is a good time of year to set aside some time to think about the Future You and how you plan to accomplish your personal and business goals in 2020. What are you going to do differently next year and how are you going to improve your selling skills?
Here are five questions to help guide you in this process:
- Will you wait until the company provides training or will you retain sales experts who can help you prospect better using the latest sales tools such as social media?
- Not sure where to start? Do you need a business coach who can help you frame the right strategies to move forward?
- When was the last time you read a sales book? Is it time to join a business book club to discuss the latest on selling and business? Business is continually changing and not being up-to-date on the most recent trends can be detrimental when dealing with more knowledgeable referral sources and borrowers.
- Will you finally sign up for the Harvard Business Review online subscription? Will you listen to regular sales podcasts? To stay ahead of the competition, originators must allow time to read and listen to the latest research in selling.
- Is this the year that you generate enough sales volume to warrant establishing your own team? All top originators in the mortgage industry have a dedicated team model to help them stay top-of-mind in the marketplace. This is not by chance.
The next year is upon us. Take the time to review this year. The good and the bad. Determine what can get better and take action to ensure your own success regardless of marketplace conditions.