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Using a Contemporary Approach
For the sake of simplicity and efficiency, you'll use a contemporary approach. It includes investigating your business to understand its strengths and weaknesses, and evaluating the outside environment for opportunities and threats. With this approach, it helps you think from the market's perspective and align internal and external factors to create value and establish a key competitive advantage.
Internal Focus
You evaluate internal factors by using an inward focus. Begin your self-analysis by studying your strengths and weaknesses as a loan originator. Consider from your own point of view and from the point of view of agents you deal with. Don't be modest. Be realistic.
In looking at your strengths, think about them in relation to your competitors - for example, if all your competitors provide on time closings, then high quality loan processing is not a strength in the market, it is a necessity.
In many cases, a loan originator's strength is their most common type of borrower. In coaching one of my clients, Steve Essington with Roberts Mortgage, he tracked the type of borrower he serviced most frequently in 2005. To his surprise, second home homeowners were at the top of his list. Steve realizes he can promote this area of specialty to agents who cater to the same type, knowing that none of his competitors do.
And by understanding your weaknesses, you can manage and eliminate threats that would otherwise catch you off guard. Steve admits that he's not keeping in touch with his client base as well as he could. So in 2006, he's made it one of his top priorities before competitors try to steal away relationships.
Looking outward means searching for opportunities and threats. Opportunities are positive external conditions that you do not control, but of which you can plan to take advantage. Ask yourself, what are loan originators NOT doing to service agents, what do agents need that you could perhaps provide? Think in terms of what would benefit them - increase in sales or listings, less stress, bigger commissions, more referrals...
A useful approach to looking for opportunities is to look at your strengths and ask yourself whether these open up any opportunities. Alternatively, look at your weaknesses and ask yourself whether you could open up opportunities by eliminating them.
Threats, on the other hand. are what you see that could make you obsolete; that could wipe you out. Interest only and the pay option ARM products are getting tougher since credit is tightening. If you service mainly low-end buyers and housing prices in your community are continuiing to escalate, affordability becomes a threat.
Alignment
Carrying out this analysis will often be illuminating - in terms of spotting your competitive advantage, pointing out what needs to be done, and in putting problems into perspective.
But don't expect to spot your advantage from sitting down for 5 minutes, pondering the questions I proposed and seeing it come alive. It takes time to research, study and analyze. And if you've been frustrated from not having an advantage that makes you distinct, then this is certainly a worthwhile exercise.
You can also apply this self- analysis to your competitors. As you do this, you'll start to see how and where you should compete against them.
Become an Agent Magnet
Each week I try to give as much information as I can, given the space available. But if you're serious about taking your marketing to the next level, you need to take the next step. If you want to...
- develop a powerful marketing message,
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- develop campaigns that keep your pipeline overflowing,
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- make marketing less of a struggle and burden...
Then the Become an Agent Magnet Program has what you're looking for - detailed, how-to action plans on growing your business with successful relationships with agents.
Learn more about it here:
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Helpful Resources
Become an Agent Magnet Program - Includes $491 in bonuses and free shipping
Tax Advantages for Home Ownership - Great closing gift that produces instant referrals
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