Summary
Art And Science All Bundled Together as a Recipe for Success
Summary:
Success comes from the implementation of pre-planned strategies that are turned into action habits...
Successful strategies, such as offering personalized solutions like tailored loan packages or exceptional customer service, often involve going against the grain and doing what others don’t.
These action habits, which are consistent and deliberate actions that lead to desired outcomes, must be laced with tenacity... There will be successes, setbacks, frustrations, gained momentum, effective use of time to maximize productivity, and hopefully, many paychecks.
Article:
For loan salespeople, the strategies outlined here are not just concepts but crucial stepping stones to personal and financial growth. They are the key to achieving our career and financial success goals, inspiring us to reach new heights.
These strategies are not a one-time fix. They demand unwavering commitment and consistency from you. By establishing procedures to develop a marketing program, structuring daily action habits, and consistently executing the strategies, you can pave the way to success. Committing to the plan is the key to achieving these goals.
Components of a new strategy:
Assess one’s attitude and willingness to change.
Recognize the need to develop entirely new behavior patterns.
Be willing to form and commit to new action habits.
Commit to constructing a unique marketing system.
Set up appropriate software and databases that help consistently market daily, weekly, and monthly programs.
Consistent follow-through is the key.
Execute the strategy aggressively and show tenacity by sticking with the plan.
Commit and follow through. Have a coach, friend, or loved one hold us accountable. Report our progress and solicit feedback.
Effective time utilization can mean the difference between closing a deal and losing a potential client in a loan sale. This sense of control and confidence is invaluable in the fast-paced world of loan sales, empowering you to take charge of your success.
Effective time management applies almost universally, whether individuals organize their daily tasks, manage family activities, plan social events, prepare for special occasions, shop for a date or spouse, or engage in a profit-generating enterprise. For a loan salesperson, effective time management could mean prioritizing follow-ups with potential clients, conducting thorough market research, or attending networking events to expand their client base. For instance, spending an hour daily on follow-ups, dedicating a week to market research, and attending at least one monthly networking event could be effective time management strategies.
Resources designed to enhance the value of time effectiveness have become a combination of motivation and technology-driven, including software programs, online databases, and sufficient hardware. These resources serve as tools and support systems on the journey toward success. There are more brilliant programs than anyone would ever dream possible. The same applies to implementation, training, and daily execution. Learning to perform well with a horse and a saddle still requires good training and daily practice. With these resources, we are empowered and equipped to take control of our success.
Structured planning fosters individualism, personal happiness, and autonomy, ultimately enhancing civil society for future generations. Success also serves as an example for friends, associates, kids, and family. It is a great motivator and the best revenge for those who doubt. It’s about achieving financial success and finding personal happiness and sovereignty in our journey, inspiring those around us, and contributing to a better future.
A platform for change:
A written action plan is not just a piece of paper; it’s a practical roadmap to our success. It contains a daily list of activities, prioritizes their importance, and schedules each personal and professional goal. For example, a loan agent who solicits prospective borrowers for financing, typically secured by real property, should have a pre-planned daily action plan and an around-the-clock system with a weekly activity schedule. Following this plan can bring a sense of accomplishment and motivate you, inspiring you to push forward and achieve your goals.
The loan agent or other salesperson has multiple tasks:
Identify a qualified lead.
Pursue getting an appointment.
Make a sales presentation.
Explain the benefits.
Answer questions.
Handle the objections.
Ask for the order (closing)
Close the transaction.
Or repeat 2 through 6 again.
Motivation to produce many closed loan transactions to satisfy customers, employers, and oneself is necessary to earn commissions and sustain a decent standard of living for one’s family. It’s important to remember that while professional success is crucial, maintaining a healthy work-life balance is equally significant. This balance ensures that we succeed in both our careers and personal lives, providing a sense of reassurance and support. Knowing that you can excel in your career while having time for your personal life can bring balance and peace of mind.
I have some suggestions for creating an action plan.
Could you define your“ universe of possibilities, ‘which is the total of all potential leads combined in your network and the other professionals, such as real estate agents, financial advisors, and attorneys, who correspondingly have their own networks? This number represents the maximum potential leads you can tap into and is crucial for setting realistic sales targets.
How many prospects can I manage to contact daily and weekly?
How often should I follow up with prospects? Is the answer 30, 60, 90, or more days?
Do I have a written script for verbal conversations and email marketing? (The language script may be formal or informal based on your product, personality, and past relationship with the person.)
Ask questions and allow people to share their thoughts, feelings, and experiences about themselves, their families, and their lives. This can go a long way in establishing a lasting relationship. The answers also help you build a History.
Do I have a formalized written marketing plan? (This plan should outline your target audience, marketing channels, and specific strategies for each channel, helping you stay focused and organized in your marketing efforts.)
What action habits should be expected daily, weekly, and monthly? When consistently practiced, these habits can lead to significant progress and success in your career. For example, daily habits could include reviewing your active leads and planning your day, weekly habits could involve reaching out to a certain number of prospects, and monthly habits could consist of evaluating your overall performance and adjusting your strategies accordingly.
Would you like me to start each morning by organizing my day, reviewing my active leads, and focusing on transactions that are nearing completion?
Am I prioritizing the follow-up of my daily active leads? The highest-quality leads get priority. (Active leads are those who have shown interest, such as those who have asked for more information or expressed a desire to move forward and are more likely to convert, so they should be given more attention in your follow-up strategy.)
Will I demonstrate great tenacity in daily follow-ups with active leads? (This concept is critical.) Enactity here means making persistent and determined follow-ups, which are crucial for converting leads into sales. It’s not just about making the initial contact but about consistently following up to keep your product or service in mind for the prospect.
Am I well-focused on being present or out there while communicating with others? I will convey energy, focus, and determination. I will execute my plans to the best of my abilities, ensuring every interaction is meaningful and productive.
My responsibility is to assist customers in making informed decisions that meet their financial needs and objectives.
Completing transactions is our professional responsibility. Fiduciary duty, which is the legal obligation to act in your client’s best interests, is ever-present.
How many real estate loans or other tasks do I need to complete to achieve my monthly goal of closing?
An envisioned and crystallized amount of gross revenue anticipated to be gained for a specified period, such as a month or a quarter, could prove extremely helpful.
Am I working effectively with coworkers, superiors, subordinates, and independent contractor vendors, maintaining mutual respect and dignity, while understanding their objectives to close transactions?
Do I have the best office technology, phone technology, email marketing systems, customer relations management system (CRM), network marketing, and industry-specific software to do the most professional job?
Do the people around me, including support staff and other like-minded individuals, share my values regarding business, loyalty, relationships, and customer follow-up? Surrounding yourself with like-minded individuals who share your values can provide a sense of community and support, ultimately enhancing your journey towards success.
Do I associate with others with kindred values who share my desire for success, self-motivation, and tenacity? Surrounding yourself with self-motivated and tenacious individuals can be inspiring and help fuel your determination to succeed.
A suggested action-filled daily work schedule.
Start time: 9 a.m. to 4:30 p.m.- Monday through Friday.
Maximum performance may require additional hours, some evenings, and weekends. Prolonged physical and mental effort requires breaks for physical and psychological sustainability. One should also take occasional breaks away from everyday stresses. Daily walks in the sunshine will work wonders for energy, focus, and stamina. Walk a dog or call a friend while frolicking in the forest.
Many believe that the input of effort and the output of results create equal corresponding results. In other words, ifeedback and oproduction are in correspondence. Many people commonly assume that they can expect the same results from each hour of active work. Suppose you are an hourly wage earner at a fast-food establishment. That’s how it used to work, but technology has changed that. However, that is not how success works in most profit-making enterprises. Input and output rarely correspond. The results created through efforts can be leveraged by gaining additional knowledge and utilizing proper technical tools, resulting in geometrically higher creation and production. Could you identify those tools?
Wow, this worked; I bet I can do better! We cannot motivate individuals to achieve their goals. They must develop and internalize their own desire and motivation. Sometimes, learning to improve becomes a passion through modified and leveraged processes. Repeated successes always bring confidence.
Thousands of brilliant individuals could achieve more if they were motivated and their time management and daily action habits were changed.
The success of one’s action plan varies depending on one’s circumstances and stated goals. The preacher, teacher, psychologist, company Manager, supervisor, clerk, bookkeeper, accountant, a prisoner in a confined environment, or a salesperson relying on commissions have different success priorities. What is most valuable in a time segment for these folks will differ. Each person should construct a platform and assess the importance, time spent, and results received for each minute.
Historical references in explaining why focusing on the most productive actions multiplies the results:
Economists and philosophers have written about the concept known as the 80/20 rule for centuries.
Jean-Baptiste Say (1767-1832) was a French economist who first coined the term “entrepreneur.”
The entrepreneur reallocates economic resources from lower-productivity areas to higher-productivity areas, resulting in greater yields.
In 1896, the Italian economist and sociologist Vilfredo Pareto developed the 80/20 rule.
In any series of elements to be controlled, a selected small fraction of the number of elements always accounts for a significant fraction in terms of effect.
The Pareto Principle was born.
In 1949, George Zipf, a Philosophy professor at Harvard University, stated:
The input of resources (people, goods, time, and skills) tends to be allocated in a way that a small portion of resources (20% to 30%) accounts for a larger corresponding output (70% to 80%) of results.
In 1951, Joseph Moses Juran, a management consultant and significant contributor to the quality control revolution, wrote the Quality Control Handbook. He renamed the Pareto Principle,
Rule of the Vital Few and the Rule of the Trivial Many.
In 1957, C. Northcote Parkinson wrote two books: Parkinson’s Law and The Law and the Profits. His first Law was:
Work will expand to fill the time available for its completion.
His message focuses on the waste of time and the expansion of unnecessary bureaucracies in business organizations and governments. When people and institutions spend other people’s money, they have a natural incentive to be inefficient and prolong the completion time. Consuming assets rather than getting results is generally their motive.
An official wants to multiply subordinates, not rivals. Officials work for each other. The number of employees will expand 5-7% per year, irrespective of any variation in the amount of work (if any) to be done.
To sum up, most of us misallocate our daily activities. While 20% of our activities account for 80% of the results, 80% of our activities achieve only 20% of the intended results.
20% 20%of loan salespeople produce 80% of the income.
Conversely, 80% of loan salespeople make 20% of the available income.
Twenty % of the lending companies control eighty % of the market share.
Eighty percent of the lending companies control 20% of the market share.
Most companies and bureaucracies allocate 80% of the available resources to the least effective 20% of activities. Bureaucracies, such as the government, are not motivated by performance or results, but by consuming assets, so next year’s budget is equal to or greater than this year’s. They strive for more funding and accumulate more subordinates, regardless of how trivial the jobs may be. Make-work jobs, or otherwise, constantly grow.
Quality of loan leads:
Eighty % of the profits from our loan leads will result from 20% of our lead base.
Twenty % of the profits from our loan leads will result from eighty % of our lead base.
Satisfaction and dissatisfaction are consistent with the 80%-20 % rule.
Eighty % of our happiness comes from twenty % of our relationships, both in our business and personal lives.
Eighty % of our dissatisfaction stems from twenty % of our relationships, both in our business and personal lives.
Eliminate superficial relationships with negative attitudes and repeatedly expressing destructive opinions.
Mutual respect and dignity are necessary ingredients for long-term relationships. That includes respecting the time value of others.
I love critical views from people who have no skin in the game and don’t care. They believe that they are innately intelligent and informed. Their opinions are often expressed without forethought or consideration of others. No other opinions matter: they are the messiahs, the anointed ones who possess it all. Self-righteousness is their claim to moral superiority. Insecurity is the foundation of their insecurity.
Acquaintances who do not share our positive attitude about life and our value system are usually negative pains in the neck (a*s) and are considered to become ex-friends. The same goes for (online superficial friends) parasites, we have never met but always express their unintelligent, emotional, and irrelevant opinions. These parasites tend to express their ideological views and attempt to sway others to their way of thinking, which is always a 100% waste of time.
Of course, their knowledge is science-based, spoon-fed information, according to the propaganda machine on mainstream media news, ABC, CBS, CNN, MSNBC, BBC, and FOX. The same applies to obnoxious and opinionated coworkers and employees. Does anyone care about their superficial opinions outside their self-subscribed microcosm? Who cares? Not Me! It is tiring to deal with the stupid.
Eliminating cluttered relationships from our personal and professional spheres will bring tranquility, dignity, and positive outcomes.
Suggestion for a time/value system of daily activities with variable time importance for each activity:
Leveraging time will create more free time. Some of our daily activities can be eliminated, consolidated, or delegated to others. We can use others and technology to leverage our time, talents, and skills. Others may be associates, employees, or independent contractors.
A, B, C, D, and Time Off are subsets of the time management systems.
Time effectiveness may vary depending on our motivation, regimen, objectives, tenacity, and the use of strategic leverage. Leverage comes from delegating to others.
Time is the most valuable resource.
A-Time is face-to-face or one-on-one communication with our targeted buyer or seller. The communication may be in person, by phone, or by email, but it must explicitly express a request from the party or prospective buyer/seller to work with us to purchase our products, goods, or services.
I suggest that average salespeople do not apply 10% of their workday in an A-Time mode. They should strive to spend 60% to 80% of their available time in an A-Time mode and delegate all other tasks.
B-Time is the time spent preparing (preparation time) to transition into A-Time.
A phone call, a letter, or an email request is probably involved. B-Time may constitute 30% of one’s daily schedule.
Push our time into A-Time and delegate B-Time to another.
Examples:
Preparation time.
Could you draft a letter, email, text, or phone call to request a face-to-face meeting with the prospect?
A time does not begin until the customer or lead is in front of you or on the phone.
C-Time is for administrative activities with no specifically defined results. However, it does have value in driving our business forward. C-Time consumes 50% to 80% of our workday. The key is to delegate C-Time to support staff employees or independent contractors, allowing them to allocate our resources to the most effective use of our time.
Examples:
Once we consummate the transaction, all other follow-up activities to drive the process forward fall under C-Time.
Record keeping and regulatory compliance activities are C-Time.
Developing and maintaining marketing systems, including updating the database.
Office organization and administrative duties activities are C-Time.
Interactions with staff coworkers.
Interface with third-party vendors such as escrow, title, appraisal, environmental engineers, and property-related insurance companies.
All general activities required to maintain our business enterprise that are not directly related to closing a transaction are C-Time.
Industry educational events.
D-time is the catch-all term for activities that produce no results and have little value; in other words, it is wasted time.
These activities may consume a large portion of our day. D-time differs from time off or away from our business or money-making activities.
Examples:
Reading the news and engaging in conversations with friends and family. (Some may argue that discussions with friends and family are not wasted time. )
Maintain social media such as LinkedIn, Facebook, Snapchat, and Twitter.
Casual conversations with employees and staff are not related to business.
Industry meets and greets with cocktails with the boys or girls.
Time Off:
Time off is not D-time but is time away from work-related emotional pressure and clutter.
Everyone should take the time to recharge their (mental, emotional, and physical) batteries. Any semblance of work pressures should be avoided, including turning off the phone and computer. Avoid burnout by scheduling focused blocks away from work-related tasks, ideally for full days, unencumbered, and outside of the business environment altogether.
Most people have developed a place to escape from their business life or an activity that helps them transition from a frantic hustle-bustle into peacefulness, tranquility, serenity, and resolve. A personal tune-up comes to mind.
The escapee can take a break from work and, regardless of how temporary, figure out how to spend free time away from societal pressures. I refer to this location as my Mental Hobby Shop.
Why do people misallocate their time and resources?
One prominent reason is the fear of rejection. Fear of rejection is the unconscious reason people move into B-C-times’s’ safe space or comfort zone. When we request that someone work with us, they may respond with ‘No’, ‘Yes’, ‘Not now’, or ‘Maybe later’. They could also totally disregard us.
The most challenging learning curve in any salesperson’s career is understanding that a prospective buyer is not rejecting us personally, but merely our request. The salesperson must locate someone who needs their products, goods, or services.
Marketing Strategies:
Marketing strategies include face-to-face communications, direct calling, mass and targeted emailing, postal mailing, group networking, online presentations, Zoom calls, and attending industry-related trade shows and conferences. Direct calling is beneficial for repeat follow-up calls to maintain an ongoing relationship with active prospects. If you have any unanswered calls, please feel free to leave a message. A follow-up email as a reminder is also appropriate. The named person at least hears our voice and receives a friendly reminder email.
The above activities involve strategies to convert prospects into active relationships, including establishing business relationships and friendships. Actives involve a group communicating with us and expressing interest in our products, goods, or services. Of course, active individuals can and should develop into business acquaintances. Yes, friends do business with friends!
Developing an extensive network of active leads and personal relationships requires dedicated, focused time and effort on a daily basis. Locating and purchasing alone has no value. A list is only the beginning. I would need initial introductions and subsequent follow-ups to achieve success. The outsourcing vendor can verify whether the addresses and email addresses are correct. Active daily management of the list is essential to convert people from cold or warm leads into active ones. Could you import the list into a customer relationship management (CRM) software
Here is a suggested action that we could take for someone who regularly or habitually does not respond to our requests to communicate: send an email stating, ‘Fred, I have tried to contact you a few times without success.’ Would you prefer that I not bother you? If Fred wants to continue the relationship, he will respond. Fred may respond politely and say’yes’ or not respond at all. If Fred does not answer, you may demote him to cold and keep him in your email marketing system’s database. Cold leads receive no personal follow-up; instead, they are marketed via mass email distribution. If Fred is disrespectful or belligerent, delete his record entirely. Subject him to the big Delete in the sky.
A daily action habit is to spend a significant portion of your day calling or emailing people who are actively engaged in their work. However, I call my friends more frequently than every 60 or 90 days, and repeated calls can be bothersome. Would you restart the process every 60 to 90 days?
People change jobs, and companies go out of business, often showing disinterest or disrespect, habitually fail to return phone calls or emails, retire, change names, email addresses, or business locations, etc. Information contained in the prospect list requires constant updates and expansion. The active prospects in the network are the only ones we can reliably count on to determine the size of our network or lead base. Additionally, even with a sizable active lead base, we may lose 20% to 30% of them annually for the stated reasons. Arm leads should become active.
Replacing dead leads with active leads is unnecessary. We may remove the prospect from your active list and cease active follow-up after a reasonable period, such as 24 months of consistent follow-up. The other option is to email them occasionally using our standard email. Over time, they may become active leads again.
The quality of a prospect list may disintegrate overnight.
In 2006, my company was primarily using direct mail, mailing approximately 000,000 letter-form solicitations each month. By September 2007, the market crashed, and the quality of the lead-based lists disintegrated overnight. Thousands of institutional and private money lenders, real estate agents, loan agents, investors, and builders/developers left the industry. My lead list immediately went up in smoke. Poof!
Prepare for that event. You will need to reconstruct a new list, starting from that day. If the quality of your lead base declines, consolidate to include only our accounts and. verify that they are still there.
A poor technique is repeatedly following up with the same prospects, even when they display disinterest or non-responsiveness. The quality of all lists is fluid and constantly changing.
All the above is a recurring process throughout one’s career. As the process becomes well-lubricated through practice and experience, you will expect increasing momentum in business until you have so much business that you need to stop marketing temporarily. Could you allocate the new incoming business and then get back on track?