In the fast-paced Mortgage and Real Estate industries, it’s one thing to know what you should be doing to grow your business. It’s another thing to actually make it happen.
Many of the High-Payoff Activities that allow Loan Officers and RE Agents to thrive are based on simple, well-known principles and strategies. However, if you don’t work to build those best practices into HABITS, they will simply be the first tasks avoided when your day goes awry.
The very first step to adding more High Payoff Activities into your day is to address your current Low-Payoff Activities. Low Payoff Activities are tasks and actions that waste your time and decrease productivity. These are bad habits that need to be minimized, delegated, or completely avoided. How many of these Low-Payoff Activities are holding you and your Production back?
Avoiding Low-Payoff Activities
In our culture, the email inbox so often rules your day. It seemingly overtakes you as you stare at your laptop, tablet and phone — even when you’re supposed to be concentrating on something else.
Top producers look for ways to batch emails at designated times, and they realize that a clean inbox doesn’t pay them anything. Close outlook, kick your chair out from under you, and go see a Realtor, Attorney, CPA, Financial Planner, or any other referral partner. Don’t let email be an excuse for avoiding prospecting for new clients.
Returning Phone Calls
Is your voicemail queue constantly full, and you are returning calls all day? That is typically not a good sign. If a borrower is calling you, it means your proactive communications are falling short. It is so much more effective to beat the borrowers and Realtors “to the punch” and call them before they call you.
Chasing Loan Conditions
If you find yourself constantly tracking down loan conditions, you likely aren’t putting in the necessary work or delegating on the front end. Playing catch-up is a frustrating waste of time — especially considering that it can be avoided by doing due diligence at the beginning of the deal. It will make your processor happy as well.
Spending your day reacting to problems and challenges prevents you from spending time on the type of proactive efforts that grow your business. If your day seems to be running you, rather than the other way around, you probably haven’t prioritized and planned you way you need to.
At a certain point, it’s prudent to let someone else take the reins. LOs do everyone a disservice when they believe they are the only ones who can adequately solve a problem or push a file through the process. Unnecessary legwork on deals that are in the works hinders your ability to originate new loans. Yes there are problems that will require your expertise, but your Assistant and/or Processor can’t rise to the challenge if never given the opportunity to make mistakes and improve.
You went to Facebook intending to post something work-related from your profile, but suddenly it’s been two hours and all you’ve done is look at wedding photos of a relative you barely know.
It’s time to be honest with yourself: Are you spending too much time in social media, and, is that time well spent? Social Media: get in, post, get out!
Much like social media platforms, websites and blogs can become major stumbling blocks. What begins as a well-meaning attempt to check a home value can easily turn into an hour spent wandering a news site or shopping at Amazon.com. Take your Chrome Web-Browser that is sitting on your task bar, and bury it deep inside several layers of folders on your desktop. Then, when you feel tempted to visit AmazonDotCom you’ll have to work to get there… in that moment you’ll have time to ask yourself “Is this really what I should be doing?”
Which Low-Payoff task from the list above do you need to eliminate the most? Take a few minutes and create a simple plan to avoid the task that would save you the most time or would give your productivity the biggest boost.
Next week we will look at the High-Payoff Activities that you will want to embrace to make 2017 your best production year yet.