Secrets Of Real Estate Agents and Mortgage Brokers

home buying | mortgage | refinance

Real estate agents and mortgage brokers, is your business struggling?

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I know how you feel. I have been there more than once. So why do some real estate agents and mortgage brokers experience success in any economy? I know and am about to tell you.

The following article is my own personal story and how I learned one little secret that helped me survive the downtimes inevitable in real estate markets.

My Personal Story In Downtimes Of Real Estate Markets

If you happen to be new to the real estate business there is one truth you must accept in order to build your business. Here it is. The real estate business is cyclical. In other words it is constantly changing according to the mood of the economy.

That is the exact reason real estate agents and mortgage brokers must build a data base to survive.

Here is my personal story and how I learned to succeed even when the economy wasn't doing real estate agents and mortgage brokers any favors.

Surviving Real Estate By Wit And Grit But Mostly Grit

Hi! My name is Kate Ford. In 1979, my husband Steve and I obtained our license to sell real estate in Long Beach, California. Steve was 28 years old and I was 27. We were raising four daughters ages 7, 5, 3, and 1.

Both novices, we had a license to sell real estate but knew nothing about how to build a business.

Continuing into the 80's, we managed to survive market ups and downs by wit and grit, mostly grit.

In 1984 we started our transition from real estate broker to mortgage lender. Steve began first as a loan officer for Great Western Savings and Loan which was then the largest savings and loan institution in the country. Great Western's primary mortgage product was the adjustable rate featuring negative amortization which was the rage in California at the time.

We did OK and managed to survive with gritty determination. But like other real estate agents and mortgage brokers, we felt like we were always chasing business not building a business.

Then in 1991, we picked up our family and moved to a different state where I began to work as a loan officer for Great Western Bank, eventually establishing my own mortgage company. I saw this move as a new start and made a decision that instead of being tossed by the ups and downs of the market, I was going to figure out a way to build a referral business. I was going to do things differently.

How I Learned To Determine My Own Success

You see I was tired of letting the market determine my success. I knew there must be a way to smooth out the volatile ups and downs. I not only wanted to survive in slowdowns but I wanted to thrive.

That was when I discovered this one little secret. Actually, I had always known about it but I never gave it priority.

Here is my secret. Please read carefully. This is something all real estate agents and mortgage brokers must do. To build a business that will survive and thrive no matter how moody the economy, real estate agents and mortgage brokers must build a data base and market to it every week.

One Little Secret For Real Estate Agents And Mortgage Brokers

I am going to repeat what I just said because this is how I learned to succeed even when the economy wasn't doing me any favors. If you intend to build a business that will not only survive but also thrive, you must develop a list of customers, clients, contacts, and real estate leads, and habitually market to them every week.

In this electronic age it is even more important to create these connections. You can do this. Remember, nearly every person real estate agents and mortgage brokers come in contact with is a potential customer or referrer. But they must be reminded softly that you want and expect their business.

Six Essential Contact Elements

Now here are the essential elements of every contact in your data base. It is easy to get this information.

• First and last name
• Email address
• Contact phone number
• Home address
• How you met them
• A personal attribute to help remember them

I am not going to teach you how to build the list right now as there are many ways to accomplish this. But I am going to accentuate one critical idea.

If you want to succeed in the real estate profession and build a business that will last even through recessions, you must make the decision to build your data base. And you must start today.

To begin, you don't need much. Start with a computer and a data base software program. That's the easy part because you probably already have the software on your computer. And if you are not comfortable yet with computers, ask a friend for a little assistance to get you onto the right path.

Make This Resolve Today

But here is the most important point. You must resolve that you are never going to live through a recession again without a data base of customers and lead generators to market to every week.

I will discuss what to market and how real estate agents and mortgage brokers can market themselves in my upcoming articles but for now I want you do two things if you intend to build a lasting referral business.

Firstly, decide that you are going to add everyone you know and everyone you contact to your new data base list.

Secondly, don't wait until tomorrow. Start today.

Success to all. Kate Ford

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