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7 Things to Do When Business is Slow

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Customer service has waned in the last decade

Do you hear the crickets yet? Many reverse mortgage originators and managers report an unusual silence in sales inquiries, calls, etc. The optimistic side of us hopes it’s jus the calm before the storm. Truth to told there are ebbs and flows to any business cycle.


With that in mind here are seven things we can do when business is slow.


  1. 1. Research your local market. Reverse Market Insight’s Neighborhood Dashboard is a great tool to learn more about your local market and uncover unseen opportunities.

  • 2. Optimize your online presence. Can local older homeowners or their children find you if they search for reverse mortgages in your area? If not you’re effectively invisible. If you need to start from scratch or just improve your existing website, reach out to us and let’s find a time to chat.

  1. 3. Reach out to local professionals or begin building a network. Local businesses live or die based on relationships. We’re not the exception to the rule. Disciplined relationship building begins with planning and commitment. Find where the people you want to know mingle and join. Make yourself available and useful by volunteering at events or fundraisers. Your status and value will be noted. 

  2. 4. Enhance your skillset. When’s the last time you read a book on sales techniques, attended a seminar or workshop? If you have more time on your hands now may be the opportunity to get started. 

  3. 5. Drip, drip, drip with email. Do you know it typically a person will see your email five to six times before they respond. Setup a series of emails that introduces yourself or your services. Be careful not to hammer them with too many emails in a short period of time lest they unsubscribe. A Client Relationship Manager such as Reverse Focus’ Sales Engine has just such a tool!

  4. 6. Call your previous borrowers. Has their situation changed? Do they need assistance in requesting a withdrawal from their reverse mortgage? How are things going in general for them? Remember, people don’t care until they know how much you care about them. At the end, ask if they may know anyone who could benefit from a reverse mortgage just as they did.

  5. 7. Prepare for rate cuts. Some economists feel the feel the Federal Reserve has been too slow to cut interest rates most are betting they will cut rates this spring. If true, are you prepared? If you’re fortunate enough to have a CRM (Client Relationship Manager), then look for recent applicants who were short-to-close. Reach out to them (by phone and email). Explain that you are closely watching interest rates and if they drop enough to increase their loan proceeds to qualify without bringing in cash to the closing you will be the first to call them. 


In closing, when it comes to sales there’s one thing a close friend told me a decade ago that sticks with me to this day- ‘Activity leads to opportunities’. A good reminder and perhaps another way to say the harder I work the luckier I get.


Let us know what activities you find productive during this sales season in the comment section below. 


 

 

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