Habits of Financially Successful Mortgage Business One of my mantras is “keep doing what works, and quit doing what doesn’t.” I learned this mantra years ago from a business coach. My coach advised me to not only look into what works in my business, but also try my best to learn from people who are successful in theirs. Working with mortgage business owners across the United States has afforded me the opportunity to observe the habits of those who are financially successful.
Whether you run a profitable business, or want to increase your profits, these habits offer valuable insight into what works.
Habit 1 Habits of Financially Successful Mortgage Business-
They focus on return on investment (ROI), not cost. High net worth mortgage professionals don’t spend dollars willy-nilly, but they cheerfully spend on tools and services that will pay off. Successful mortgage business owners place the highest value on their time. They are particularly keen on investing in any product or service that is proven to save them time.
Habit 2 Habits of Financially Successful Mortgage Business-
They view their database as a valuable business asset. My financially successful clients view their database as not only a valuable asset while they run their mortgage business, but also as an asset they can leverage when it’s time to sell their business. They make sure their databases are updated and maintained. While they will not personally handle database maintenance, they make sure it gets done.
Habit 3 Habits of Financially Successful Mortgage Business-
They count their money – daily. A business must turn a profit. It doesn’t matter if they are a one-person home-based operation or have 14 locations spread across 8 states. Successful business owners not only know how to read a balance sheet or profit and loss statement, they can also take the financial temperature of their business at a moment’s notice .
Habit 4 Habits of Financially Successful Mortgage Business-
They leverage technology to increase productivity and lower costs. Don’t get me wrong – they do not buy into every new technology fad. They also will not spend hours trolling the Internet. Some of the most successful mortgage business owners I’ve observed may even be classified as “newbies.” Even if they do not personally use all the technology tools, however, they will invest in technology services and solutions with a proven ROI.
Habit 5 –
They have regularly scheduled team meetings. Whether they have 2 team members or 140, meetings are a must. Mortgage originators who are at the top of their game know regularly scheduled team meetings help them keep important lines of communication open with all everyone on their team. Team meetings also help mortgage business owners identify potential problems and opportunities. Business owners with larger teams may not be able to meet everyone at the same time, but they make sure the meetings happen.
Habit 6 Habits of Financially Successful Mortgage Business-
Habits of Financially Successful Mortgage Business They recognize and reward high achievers. Most of the high producing originators I work with have a system for rewarding those who go “above and beyond the call of duty.” They not only reward team members, they also reward their vendors. Rewards do not have to be expensive; in fact, sometimes the best rewards cost nothing. A reward can be something as simple as a card or a sincere “thank you.”
Habit 7 –
Habits of Financially Successful Mortgage BusinessThey focus on their high value activities, and delegate the rest. As far as my financially successful clients are concerned, their time is priceless. A top-producing mortgage broker, for example, will not spend his or her time personally handling search engine optimization. They understand that their time is best spent originating loans or establishing relationships with referral partners. Instead, they identify search engine optimization goals and delegate the implementation.