Surviving in this market...

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Mortgage and Lending

The market is horrible, disaster looms everywhere, sub-prime meltdown kills country!

Ok, we as mortgage and real estate professionals who have been in the game for any amount of time understand that the market goes in cycles. The news media has the general public spooked right now about real estate but we as the professionals need to guide our clients that its a great time to buy. Rates are low, and you get more home for your dollar.

I was speaking to a friend last night about her frustration with getting her loans funded in a timely manner.

Seems a majority of lender reps are not returning her calls and when her files do go into underwriting, it takes days if not over a week to get any movement.  On top of that loads of my other com-padres are saying its just plain hard to get business these days.

Now I'll admit, its not as easy to get things done but on the other hand a lot of competition has left for "greener" pastures so it truly has become a professionals market.

Here are the Ken Henderson tips for making it in the business in 2008:

1. Network, Network, Network Oh did I say Network.
2. Follow up (One of the most important elements)
3. Choose your business partners VERY wisely, for example if you are a loan officer, send your business to the MAJOR better funded lenders then your small niche ones, especially if your larger lender has a program for your client. Pick 2 to 3 banks you work with exclusively and build rapport and relationship with them so that your files can be treated with respect and get pushed instead of sitting on an underwriters desk under dozen's of other files.
4. Be Professional ALL of the time. Return, voice-mails, emails and inquires promptly.
5. Continue to market. I know there's not as much marketing capital floating around but you can do A LOT of free advertising and market to keep your name and services out there. Active Rain is a great tool and there are others.

Heres just a few things that I am doing to stay out there what about you, I'd love to hear it!


http://www.hendersonmediagroup.net
http://www.retirewhenyoudesire.com

 

 

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Rainmaker
385,286
John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana
Thats about it, keep my name in front of them and always give a second visit or phone call.
Feb 28, 2008 04:46 PM #1
Rainer
31,497
Ryan Vivo
Gateway Realty - Fairfield, CA
NRBA Realtor Solano County, Gateway Realty 707-384-5894
Continuing to market is very important.  During times like these, the first thing people do is cut their marketing expense, which usually leads to less exposure, and less business.  Keep Marketing!  AR is a great place to market and not only that, but to build your CREDIBILITY.
Feb 28, 2008 04:57 PM #2
Rainmaker
89,047
Rick Kellow
Cherry Creek Mortgage - West Bend, WI
FHA & Reverse Mortgage Expert

Ken

great post!!! the five tips are right on target... if we stay to your list we will be fine... thank you...

Mar 02, 2008 09:03 PM #3
Rainer
41,102
Tara Colquitt
Tara Colquitt, The Credit Woman, LLC - Philadelphia, PA
Credit Counselor
Hey Ken, I was doing this, but I like that you wrote it down. Thank you!
Mar 07, 2008 04:58 PM #4
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Rainer
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Ken Henderson

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