There’s no doubt that we’re in the middle of global market changes due to the COVID-19 virus. There are so many unknowns during this time and loan officers are left with questions.
Despite this, mortgage originators have the chance to pivot their business, and provide value and help to others, all while helping to secure the future of their business. Finding your niche is critical, especially as the economy continues to tighten.
Consider the Situation
With any market changes, alongside the negatives, there’s also opportunity. For mortgage originators, this time is a chance to evaluate: do you need to change how you approach your business? Pivot your strategies? Refocus your attention on certain partners?
There are some mortgage originators who will choose to change careers altogether during a time of economic tightening. And although you do have this opportunity, you also have the chance to strengthen your business while facing the current uncertainty.
Stay Up to Date
First and foremost, staying up to date about the state of the market and the mortgage industry is more important now than ever. Set yourself apart by being highly educated and current on the current events and how they affect your clients and partners.
Subscribe to trusted industry leaders’ blogs, podcasts, newsletters, and webinars. Making time for education isn’t just a suggestion right now, it should be a requirement. Otherwise, the quickly changing landscape may catch you off guard and in a vulnerable position.
Communicate with Your Clients
First and foremost, you need to up your client communication. There’s a lot of confusing and bad information out there right now, driven by fear and conflicting news. Because of this, it’s more important than ever to be a trusted advisor for your community.
Sending out regular updates on the state of the economy to your database is a great place to start.
By setting yourself up as a trusted advisor during turbulent times, you’ll also be your client’s go-to for mortgage questions and needs in the future.
Update Your Partners
In the same way, your professional partners are facing many questions about the market. Whether they’re fielding inquiries from their customers, or facing tough business decisions of their own, you can be there to support them too.
Check in even more regularly with your partners–did you send weekly update emails before? Add in a phone call or daily email updates. Let them know that you’re here to help, and dedicate a portion of your week to cultivating your current relationships with your partners.
Because of the recent market changes, you’ll probably be relying more and more on strictly conventional loans. Therefore, cultivating relationships with realtors to earn referrals is absolutely critical for staying in the business right now.
Seek Out New Partnerships
In addition to your current relationships, you also need to dedicate extra time and effort to finding new partners. Because of the unique circumstances, you’ll have to get creative to find new partnerships.
Focus on online groups on Facebook or LinkedIn to find possible new partners. Start picking up the phone and checking in with realtors, insurance agents, title companies, and other possible partners.
Encourage Your Team
Your team is probably feeling the effects of all of these changes too. Do your best to encourage them, especially if they are new to the industry–remember, newer mortgage professionals didn’t work through the 2008 recession, so this may be uncharted territory for them.
Stay in close communication with your team and be as transparent as possible. And don’t forget to treat them a little bit, too!
It’s important that you’re not a loan officer who looks back at these market changes in five or 10 years and sees a failure. This situation may be your chance to pivot to find your niche and true success in the industry.