Renters to Buyers

Here at the Mortgage Pick Me Up, it is important that we keep sending a positive message to our readers.  Is this blog misleading readers considering the myriad recent doom and gloom headlines? “Weak Dollar”, “Housing Prices to Fall in 2008 and 2009″, “SoCal Home Sales Ultra-Low”; my Google Reader wants to jump off a cliff, and I am right behind it.

So what are we to make of all this bad news?  Do we just pack up our things and head into another industry?  Or do we dust off our phones, and our computers, and our files, and get after it?  I say the latter, and here are three reasons why:

1. Renters to Buyers: The market is resetting itself, especially in areas like Southern California and other bubble areas.  The median home prices far outweigh the median incomes in these areas.  People can’t afford homes at current prices.  Prices must fall.  BUT, that can BE A GOOD THING!  Why?  Ever seen an apartment?  Those are all potential home-buyers.  Many of these people are simply renting because they can’t currently afford their own home.  Once the values drop to affordable figures, the huge supply of homes will now have a huge demand.  If you stick with it, you’ll be there to assist these people.
2. Make Contacts Now: I have been told since day 1 that the “real” Real Estate Professionals don’t go away in a down market.  You know what?  That has to be true.  Sure,  a record number of people became agents in recent years because of the potential windfall of income.  But guess what?  They are leaving the industry.  Many Realtors/mortgage “professionals” are packing up shop.  Should we follow them out of the door?  No, in fact, we should do the opposite.  Set up your shop and make contacts with others NOW.  This is a great time to meet with local Realtors if you’re a mortgage professional.  Back in 2005, you would have had to take these people to Fleming’s to get some time.  Now?  They’re just as happy to meet for coffee to discuss strategy for today’s tight market.  Same goes for Title, Escrow, Appraisers, etc.  If you create your network now, you will be ready for the “jump-off” when the market turns around, and you’ll be far ahead of the next group of wanna-be instant millionaires.
3. Your Good at What You Do: Are you going to leave your job just because the going gets tough?  If you’re reading this blog, you’re either a Real Estate Expert or a Real Estate Expert in Training.  This is a great industry to be in!  The combination of people skills, flexibility and potential for income is unparalleled.  Sure, there may be other sales jobs out there, but how much do you know (or care) about Injection Molding?  I mean, really?  Seriously?  Homes and mortgages alike are personal.  There is a satisfaction to helping someone locate, purchase, sell, or finance a home.  Remember that rewarding feeling you had when you helped close a deal, and the thanks you were given by that homeowner.  Remind yourself that it took an Expert to get that job done, and translate that positive energy into today’s work!

S.M.A.R.T. Goals

I have a background in Executive Coaching. It was a short lived experience, but the training was phenomenal. Many of the lessons I learned were about personal and professional development. The subject of Executive Coaching fascinates me, as I have seen first hand the results that being held accountable by someone can have on people within the workforce. Being held accountable by someone else is a luxury that some people pay for, but truthfully, you can hold yourself accountable. How can you do that? By setting goals and following through on those goals.

In these tough times in the mortgage market, if you are swinging wildly at every pitch, you are bound to strike out. (I also played Professional Baseball so get ready for a few of those analogies.) I have attached a short video by Dr. Stephen Covey who is the well-known guru who wrote The Seven Habits of Highly Effective People which was named “the #1 Most Influential Business Book of the 20th Century.” As an originator, you are in fact your own business. It is up to you to determine what you need to do, and how you are going to do it. Most of the time, managers in the Mortgage Business just want to see results, but they don’t necessarily want to show you how to produce those results. According to Dr. Covey and several other leading authorities on effectiveness, setting the goal you wish to attain is the #1 Step in reaching that goal. (As an aside, Dr. Covey has sold over 20 million books, so I am pretty sure that he knows what he is talking about.)

So, you want to be successful? Take about 15 minutes this morning, and set some time to put together some S.M.A.R.T. goals for yourself. This is imperative to making your ideals become realities. Why do they call them S.M.A.R.T. goals? Each letter stands for what your goal must have to be a legitimate goal worth working towards.

Specific.Measurable.Attainable.Realistic.Timely.

Check out Top Achievement for a break down of how to make sure you’re using this tool correctly.

Ok, here is the video. I thought about this after seeing the video on Activerain.com, which is a great resource available to all Real Estate Professionals. If you aren’t already signed up, you should definitely join immediately. We will discuss that site and others later on down the road. For now, enjoy the video and afterwards set some goals for yourself.

Good Luck!