Victoria Fifield

Aug 25
0

Gone Off on a Customer Lately?

By | Mortgage Business Tips, mortgage coaching | No Comments

goneoffonacustomerIn this current environment of overwhelming volume, lack of support, long hours and pushy, sometimes unsympathetic customers, there’s a good chance you may have blown your lid unintentionally a time or two.

It may have been justified. It may have felt good. Heck you may have even received an apology after you, “set them straight.” BUT it is important to recognize that those interactions with your customers that are putting you over the edge, like the question, “Why is this taking so long?” OR the annoyance of receiving 3 texts, 4 voicemails and 2 emails ALL from the same person in a period of 15 minutes, or the frustration of wasting hours on the bossy rate-shopper who also happens to be a repeat customer who you thought was loyal to you, are ALL the same challenging situations you’ve always faced in this industry.

The only thing that’s really changed is YOU due to the insane workload and unusual work environment.

How you’re attending to your own physical and mental health during these intensified levels of stress will directly affect your ability to effectively solve problems and respond rationally to challenging situations. Some basic best practices that can help you immediately decrease the effects of stress are: getting a solid night’s rest, staying hydrated, eating nutritious meals and snacks, exercise and short breaks in order to decompress.

No double about it, regaining your patience and your poise will always get you farther than putting on those verbal boxing gloves, so next time when confronted with a tense situation, try one of these three options for harnessing your cool and defusing heated interactions with customers and referral partners.

  1. Don’t take them all!-You can say, “no.” I’m sure there are several deals right this second you can recount where you knew in an instant that it was going to be ALL bad. Trust your instincts and give yourself a break. Your sanity is worth passing on a few.
  1. Don’t immediately respond/react-When faced with an accusation or rudely posed question or insult, wait 5 seconds to answer and say, “I hear what you’re saying, let me put you on a quick hold while I get to my office and sit down so we can discuss this, give me a minute.” And then place them on hold and get your head straight and take a couple of deep breaths. You’ll be amazed at how this short interlude will diffuse not only your anxiety and upset, but your customer’s as well.
  1. Repeat what is said-Most times in the heat of the moment, people will say things without much thought. It’s important to mirror back to them what they just said, so next time you’re hit with a judgement statement, insult or accusation, wait 5 seconds, then reply, “What I just heard you say was,…. In mirroring back what was said, the person will likely be surprised and even a bit ashamed of their words and will rephrase their question or comment and adjust their tone.

Remember, even when you’re right, blowing your top or, “setting somebody straight” adds zero value to your day or to your business, plus it’s the only thing the person will remember about working with you and worse will be the ONLY thing they tell other people about their experience with you.

Feb 06
1

Prospect tells you their bank gave them a better rate-Now what?

By | Mortgage Business Tips | No Comments

blog2019I’ve had many, many discussions with clients over my 12-year tenure as a Business Coach about being bold and being confident when communicating with leads, past customers and potential referral partners. Asking for what you want,  asking tough questions and setting expectations are paramount to effectively winning people over and closing more deals.

Great case in point…

A client of mine in FL just told me that two weeks ago she took a call from a lady, prequalified her, then when she followed-up with her a few days later, the lady informed her that her bank who she had $500,000 with, gave her a rate of 4.75. Instead of throwing in the towel and letting this woman walk away due to a large difference in rate, my client professionally and candidly told her…

“I in no way can meet that rate, however, I will absolutely get you to the closing table on time, which the banks are notorious in missing closing dates AND I will be in constant contact with you, guiding you, taking your calls , emails and texts the whole way through which will not at all happen for you with your bank.”

BAM!

My client told me that the lady paused and said, “You know what, you’re so right and I really like you, so let’s just move forward.”

And the moral of the story is…

Be confident, be bold, communicate the truth and never assume rate is everything to everybody.

Want scripts like this to get better results, too? Check out Coach Victoria’s latest eBook, Scriptopedia-A Colossal Collection of Mortgage Sales Scripts that Drive Response, Increase Opportunity and Grow your Business!

Scriptopedia eBook

 

 

 

Sep 24
0

Business Plan Development Rule #1-Start with the Numbers

By | Mortgage Business Tips, Uncategorized | No Comments

numbercrunchingI can tell you from a Business Coach’s perspective that forecasting one’s sales numbers and setting clear income goals is an exercise most often overlooked by solo-entrepreneurs and is exactly WHY it is the 1st step in my own, proprietary business plan development process with my clients.

If you don’t set your earnings goal, and you don’t break it down to numbers you can
track on a daily, weekly, and monthly basis, how are you holding yourself accountable to the grander visions of your business?

How do you gauge when you need to put the pedal to the metal, or when you can give yourself some deserved time off? You can’t! Hence, the feeling of overwhelm, and eventual burnout.

When determining your income goal this year, avoid being too conservative or getting mentally stuck in the here and now. Remember, you are embarking on a new adventure of building your business. Opportunities will spring from the goals in your business plan that you simply cannot predict right now. So go ahead, astonish yourself and set the bar a bit higher.

For example, if you made $82,500 last year and you’re thinking that there’s a good chance you can make $100,000 this year, push yourself a bit beyond what you think you know to be, “realistic.” Tack on another 10% to cover all the unforeseen possibilities that your new business focus will generate. The number you choose should feel like a stretch but still motivate you.

Have you ever heard the saying, “The numbers never lie?” Well, there couldn’t be a truer statement when it comes to your mortgage business.

Knowing your numbers and tracking results is the ultimate way to treat your business like you mean business! So charge into 2019 like the C.E.O. you truly are and eliminate all excuses to attaining your grander visions of your life and career.

May 30
0

Do You Manage Loan Officers in Need of a Boost?

By | Mortgage Business Tips | No Comments
helpupHave a few of your loan officers fallen off the track in terms of their sales, engagement and activity? Try pulling them back on course by offering to act as a power production facilitator. Every sales person needs a boost now and again. Be the type of leader willing to provide structure, ideas, the space and time to help others to help themselves.
Here’s an example of how to immediately kick-start and facilitate a successful Power Production Group:
Invite your select loan officers-Send out a recurring meeting invite to meet twice a month for a period of 6 months. Express in your email invite that you feel they are on the cusp of greatness and you want to help push them over that edge and unearth solutions for what may be holding them back from hitting their goals.
Communicate expectations- Each loan officer who agrees to participate in the Power Production Group will NOT focus on excuses, frustrations & complaints, but rather they will focus on solutions, accountability, sharing, possibility and opportunity.
Ask for commitment-Agree to become a part of this group ONLY if you can commit to the meetings, leave your frustrations/excuses at the door and be open and willing to exchange ideas and try something new.
Share your agenda-The agenda should include, but does not have to be limited to the following: brainstorming networking strategies, sales strategies, building referral relationships and marketing ideas, follow-up strategies & scripts, hands-on training for tools & technology, time management best practices and organizational tips, product & industry knowledge.
Apr 08
1

Are you a Loan Officer Suffering from, “Just Enough Business?”

By | Mortgage Business Tips | No Comments

willtosucceedIf there is one thing I ask my seasoned loan officers to change right out of the gates when they first engage in coaching with me, it’s their, “willingness level.”

You may want more business. You may want more Realtor partners. You may want more direct consumer leads, BUT, the most important question to ask yourself is, “What am I willing to do to get more of what I want?”

Your willingness level will always dictate how much opportunity you can expect. And, to be clear, one’s willingness level is not measured in words, it’s measured in action.

Here are a couple of examples of what I tend to hear from seasoned mortgage professionals struggling with a lack of will…

“I did all that networking stuff before and it never works.”

OR

“Yes, I know I’m supposed to be calling my past customers, but I don’t want to feel like I’m begging anyone for business.”

The examples above are rife with assumption-Assuming there’s no new networking opportunities, no new way to glean business from networking events and that their past experience with networking won’t be any different, today. Assuming their customers don’t want to hear from them and don’t want to help them.

All of these assumptions are simply knee jerk reactions to protecting the core issue, which of course whittles down to that nasty, four-letter “F” word…FEAR!

Everyone feels a certain measure of fear when faced with situations that makes them feel vulnerable or requires them to commit to a game plan for the long haul.

At some point, many (not all) mortgage professionals become complacent, too comfy and stop stretching themselves. They want more business, but they’re not in enough financial, “pain” to be willing to get out of their comfort zones to make more happen.

If they’ve got, “enough” in their pipeline, then they’re mildly happy. When the pipeline dips again and they don’t feel like there is quite enough, then they get frustrated, spend money and time here and there on different, “shiny gems” hoping for a quick fix.

99% of the time the, “shiny gem” doesn’t pan-out, the money spent doesn’t lead to the leads they hoped for and the one networking gig they begrudgingly show up to, is a bust.

Then, ‘thank God’, a few good leads suddenly come in from one or two of their old, stand-by referral partners and ‘gratefully’ they immediately turn ALL of their attention to those leads and the cycle of, “just enough business” is set into motion all over again.

If this sounds even mildly familiar, read on…

If one accepts that there are no short-cuts to growing their mortgage business and much of what it took to get going in this business in the first place is still required today in order to grow, then all that’s left to consider is…Are you willing to feel the fear and do it anyway?

Here’s what works to grow the business, always has and always will. The GREAT news is that there’s a variety of creative approaches when engaging in the following activities and I should know, I have an entire roster of mortgage professionals I coach who are tackling these business builders in different ways:

  • Various networking (social, business, charity, etc.) and continued follow-up, WORKS!
  • Staying in touch in a personal way (live calls, video, client appreciation events, social media) with our past customers, WORKS!
  • Making sure we are calling on our Realtors and seeing them face to face (socially and professionally), WORKS!
  • Asking for referrals, WORKS!

Stop assuming-Find the will-Get committed-Feel the fear and DO IT ANYWAY!

If you need help getting committed to your business growth goals and getting out of the rut you’re currently in, reach out to me and Ask for a Complimentary Business Coaching Session!

Mar 18
1

Wanna Hire a LOA? Better Read this, First!

By | Uncategorized | No Comments

hiringThe great news I have to report today is that more and more of my mortgage coaching clients are being given the opportunity from their companies to hire Loan Officer Assistants a whole lot sooner and with a lot less volume than what has been the industry norm. Hip-Hip-Hurray for this positive change!

But here’s the rub, not every mortgage professional who’s ready to hire their first assistant has had the experience of managing another human being, holding someone else accountable and engaged, not to mention, actually motivated to excel on the job.

So I wanted to cover one very critical component in successfully on-boarding your new Loan Officer Assistant, that is largely overlooked by those with little to no management experience.

Starting off on the right foot with your new hire means setting the tone, the pace and proper expectations on the very first day. How do we achieve this?…Come prepared with a 30-Day Training Schedule!

The 30-Day Training Schedule that you prepare should include, at the minimum, blocks of time in which to cover the following items:

Expectations: Job roles, tasks and responsibilities, turn-around times, Professionalism, Attitude, Work hours, Breaks, Time off, Sick time, Vacation requests, Team meetings, Employee reviews;

Systems: CRM, Database, Marketing portholes, LOS, Loan flow/Work flow, Office equipment, Proper phone etiquette, Communication channels, Calendar,  Website addresses, Passwords, Other online tools regularly used in their position;

Shadow Work: Allow your LOA to listen to you on sales calls, accompany you at sales appointments, referral partner meetings, networking & during presentations. Schedule time for you LOA to shadow other key team members, too;

Goals: Mission or vision statement, Business Goals, Business Plan, Brand, Marketing plan, Team dynamics, Incentives, Bonuses, Morale boosters; Additional training opportunities;

One final tip: Keep track of what has been covered with your new employee each week, and then on Friday meet with him/her for 30-minutes to review the week’s lessons, answer their questions, ask questions to ensure comprehension and reset the tone for the next week.

Remember, nothing is a bigger turn-off to a great, new employee than to see their boss scrambling, frustrated, disorganized and short on time. By providing your new Assistant with a daily training plan during their first 30-days of employment, not only will you be better able to deal with your own competing responsibilities, but you’ll set a tone for success and more quickly gain the value from investing in a Loan Officer Assistant.

Feb 13
1

Business Growth Opportunities You May be Ignoring

By | Mortgage Business Tips | No Comments

IgnoringIf we aren’t regularly evaluating our business growth efforts, our modes and methods, then there is a high likelihood that we are ignoring the obvious and have some pretty good lumps on our noggins from hitting that brick wall over and over again.

It’s natural to want instant results, an easy path, comfortable, daily routines and absence of confrontation, BUT growth isn’t experienced without some measure of strife and challenge and that goes for both our personal and professional lives.

What you are ignoring the most, in your business, is likely the place where you will find your best opportunities for growth.

Here is a list of things I have found mortgage professionals ignoring the most, regardless of age, tenure in the Industry, or personality type:

  • Speaking in public
  • Past Clients
  • Asking for referrals
  • Social media
  • Follow-up activities
  • Tracking Marketing R.O.I.
  • Building new referral relationships
  • Networking

If you find yourself having an instant gut-level response to any one of these items, a strange tingle of guilt or annoyance, it may be just the thing to start warming up to immediately.

When you uncover what it is that you are specifically ignoring, commit to taking one action, regardless of how small, every single day to fully embrace this new task.

Keep the task in front of you, write it on your white board, set a daily alarm on your iPhone, ask your Coach, mentor or a peer to email you daily to report on the task! After 30 consecutive days, assess your return. Look for the opportunities that sprang from your efforts.

I’ll make a bold prediction… Your daily commitment to this one thing that you’ve been ignoring the most in your business WILL bring you some aha moments, results and growth!

If I’m wrong, then just hit me up for a complimentary coaching session! I’m committed, are you?

 

Jan 23
3

Let’s Take a Closer Look at How BIG Change REALLY Happens…

By | Mortgage Business Tips | No Comments

takealookLooking for big change, a shift, a break, a “Hell Yeah” or a “Halleluja” to come your way this year?

It’s not unusual to launch into a New Year hoping for these things to occur in our business lives. A lot of us will spend a good amount of time researching new marketing spins, the latest trends in social media and systems that we hope will make the BIG difference.

Not that these endeavors aren’t worth the time, BUT the biggest change that must occur in your business this year in order to rise up from your current plateau, will stem from the inside, not from something you purchase or determine to implement.

You want big change in your business? You must change, first!

Here’s what you may be faced with changing:

Your attitude-Do people call you for advice? Do people share their good news, victories and celebrations with you? Do you share ideas openly? Do you listen more than you talk? Do people refer you? Do people smile at you? What type of people (other than your family) do you spend the majority of your time with…what’s their attitude?

Your excuses-Is it your lack of time that keeps you from getting things done? Is it the fact that you don’t have an Assistant that keeps you from doing more? Is lack of money the reason you’re not growing? Are you not the right shape, not from the right area, didn’t graduate from the right school or too old/too young to get more business? Are your kids, spouse, friends, co-workers, Management and the dog at the root of why you can’t work on your goals?

Your willingness-Do you stop short of stepping outside your comfort zone? Do you shy away from tackling new opportunities? Have you learned anything new lately? Do you give, first? Do you refrain from asking for referrals? When is the last time you did something that you were very afraid of trying?

Your expectations-Do people take advantage of your time? Are everyone else’s procrastinations taken on as your emergencies? Do you over promise and under deliver? Do you hold your team accountable? Do you regularly communicate your expectations to your team, customers, referral partners, vendors, etc.?

Your discipline-Do you squander time? Do you have a plan? Do you complete your tasks? Do you show up when you say you’re going to show up? Do you plan out your day ahead of time? Do you stick to your goals? Do your stick to routines? Do you stay up too late, eat poorly, drink too much, lack exercise or live in the past?

Each person’s interpretation of the questions above will no doubt be different. Take a moment to jot down your thoughts about yourself in relation to these 5 game changers then ask someone who you trust and knows you well to write down their observations of you and compare notes. (Critical tip: thank your willing participant, do not compare notes together, do not defend yourself or question their comments the next time you see them).

“Your Reality Is a Reflection of What You Believe You Deserve”-Tova Payne