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7 Things to Do When Business is Slow

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. 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.

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.
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.
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!
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.
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.

5 Ways to Beat the Sales Doldroms

Are you familiar with the word doldrums? In our modern lexicon it describes a slump, loss of motion, lack of productivity, or listlessness. For sailors the doldrums were no laughing matter before the advent of steamships and diesel powered vessels. Mariners used the term to describe a windless and potentially deadly zone near the equator where ships could get stuck or days, weeks, or longer as the sails hung slack.

Today many mortgage and real estate professionals are in this windless limbo and consequently may find themselves with empty sails feeling uneasy, bored, or fearful.

So how do we start paddling back to where the wind can fill our sails? Here are five strategies for your consideration.

1. Be Consistent

Habits and routines may seem boring but they can serve us well. Practice consistent routines for outbound sales calls, mining your client and prospect data in a CRM, and meeting with area professionals who interact with potential borrowers. To ensure you don’t fall off the wagon schedule each of these as recurring events on your calendar.

2. Use the Stockdale Paradox

The Stockdale Paradox embodies two elements: confronting the brutal truth of your current situation while maintaining an unwavering faith or belief that you will prevail in the end. This principle is named after Vietnam prisoner of war James Stockdale who was imprisoned in the infamous Hanoi Hilton where he developed several psychological tools of survival. Take stock of where your business stands today and boost your perseverence by envisioning where you want to be.

3. Adjust your message

Is your typical sales approach effective with homeowners? Is your marketing producing results? If not, take the time to dive deep into what motivated your past clients and take the pulse of your local market. Have conditions changed? Is the standard pitch of eliminating required mortgage payments working? If not, work to develop a relevant message.

4. Keep the essentials

There are some expenses that should be eliminated and others that shouldn’t. If you find yourself with fewer closings and less income resist the temptation to fold the tent. Folding the tent is eliminating those key services and tools that are essential to you continuing to market, engage, and followup with potential borrowers.

5. Stay in touch

When business slows take advantage of your time by getting on the phone. Professionals across all industries find that the more personal contacts they make the more likely they are to find a deal. Call your past borrowers and check in on how they’re doing. Ask for a referral. Meet a local advisor or realtor for coffee. No matter what- keep building relationships.

What do you do during a slow business season? Share your experience in the comment section below.