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5 Ways to Prep Your Business for 2024



5 ways to leverage the holiday slowdown for growth in 2024


Winter is nearly upon us…officially. The days are shorter, the pace of business slows, and we may find ourselves with the gift of some extra time before the new year.


The slowing pace of business this holiday season is an opportune moment to lay the groundwork for a more efficient and effective 2024. Here are some effective strategies to prepare yourself for 2024.



The Year in Review



Take the time to review the number of loans you funded each month and take note. Examine what factors may have contributed to more or fewer loans by reviewing your calendar activities in previous months. Were you out on vacation? Sick? Did you consistently book more appointments that led to a record month? Look to see when you were consistent in sales-generating activities and when you weren’t. You could even check your outbound phone log.



Reach out to a trusted reverse mortgage professional or business partner. Brainstorm some of your wild and practical ideas to grow your business. Make a list and pick the top three activities you’ll execute in 2024. Add the required recurring actions to your calendar as needed. 



You may also want to reach out to a respected originator thriving where you aren’t. For example, if you’ve struggled to build a referral network now may be the time to ask for concrete strategies to build yours.






Many of your prospects said ‘no’ this year to proceed with a reverse mortgage. But nos can easily become maybes or even yeses when circumstances change. Schedule call-backs with those homeowners who could have qualified but weren’t ready to pursue a reverse mortgage. Timing is everything and the times are a-changin’ with prices still 20% higher than they were in 2019. 



Keep current- Keep certified



Review your continuing education (CE) requirements and schedule the courses you need to complete this month or in 2024. Ask your lender or broker for their recommended CE providers. 



Schedule all required CE renewals on your calendar with an annual recurring reminder to avoid a last-minute rush to complete your required coursework.





With the new year being the time for self-improvement and reinventing yourself, why not reinvent your sales mindset? Whether your sales style personifies an educator, storyteller, or powerful persuader, there’s one more skill you will want to develop- being a problem-solver.



Problem solvers don’t pitch a loan- they match the best possible solution with a given situation. Look back at some of your successful and unsuccessful sales appointments. Where could you have done better by crafting a plan that addresses the homeowner’s pain points? This entails two activities: thorough fact-finding and structuring the loan. Only after you have an accurate picture of a potential borrower’s financial situation can you customize your recommendation when a reverse mortgage is appropriate.



By leveraging the holiday season for introspection, strategic planning, engagement, and refinement, your business can lay a solid foundation for success in the upcoming year. Embrace this time as an opportunity to prepare, adapt, and position your business for growth and resilience in 2024.



Editor in Chief: HECMWorld.com
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.

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