Capitalize on your conference investmentJoe AmorosoConferences, trade shows, useful tips
When the leaves start to turn in autumn, it signals yet another
busy season of mortgage industry trade shows and conferences. In
addition to the annual Mortgage
Bankers Association convention in Orlando this year, and the Western Regional Mortgage Brokers
Conference in Las Vegas, you may be looking forward to the
opportunity to attend several other state or regional meetings.
Given today's tight training and education budgets, trade shows
and conventions still present one of the most cost-effective ways
for you, as a broker, to immerse yourself in the industry, as well
as meet with current or new wholesale lenders in person. In
addition to meeting lenders, there are many "value-adds" to
explore, like technology and service providers, appraisers and even
credit reporting agencies.
It's best to determine up front what you would like to get out
of the trade show, whether that means meeting potential investors,
software suppliers, credit vendors or perhaps even closing
agents.
Here are a few suggestions to help you get the most out of an
industry conference.
Make the connection
In my experience, the most valuable and insightful time I spend at
a conference is meeting peers from other brokerages or lenders.
Don't underestimate what you can learn from talking to your peers
and even your competitors. Often, you can find out how they buy
their leads or train their people.
In addition, when brokers run their own small shops, they often
don't have a direct link or strong pulse on what's going on in the
rest of the mortgage industry. I recently took one of my sales
managers to a show so he could get a better idea of the overall
breadth of the industry and the competition out there.
It can be beneficial to see where you fit in, and also rather
sobering to see what's going on outside your own backyard. Trade
shows are excellent venues to learn about new industry trends and
hot topics, like interest-only loans, where there is guaranteed to
be plenty of buzz.
That's why it's so crucial to connect with others at industry
shows so you can find out what's out here and who's doing what with
marketing, product lines and even training.
Scout referrals
Another basic element of industry shows is, of course, networking.
Where else can you find hundreds of mortgage professionals
congregated in one place who specialize in all different aspects of
the business?
You're sure to be focused on meeting plenty of wholesale lenders
while you compare different lender products and services. But
besides lenders, take advantage of talking to others in the
industry to build relationships. They can be terrific sources of
referrals for you down the road.
Don't overlook seminars
I don't know how many times I've been a speaker at a show and left
packed cocktail parties to walk into a room of only 15 people.
Seminars are often overlooked at conferences, with most attendees
placing strong emphasis on the social aspect and not the
educational aspect.
Do yourself a favor. Seek out seminars and panel discussions
that focus on hot industry topics that are relevant to you and your
business, like predatory lending, sales underwriting and compliance
issues. These are fantastic opportunities to learn about the issues
that matter to your bottom line.
Get a handle on the competition
There's no question that regional and state shows provide a
concentrated opportunity to meet lots of industry people. It's also
no secret that conferences often serve as outlets for subtle
recruiting purposes and commercial espionage.
Say you're looking to hire an originator, for example. If so,
conferences are a great place to make subtle hints to your peers,
share information and make some good contacts. You may even
consider setting up an interview, if appropriate. In any event,
you're sure to get the scoop on the competitive marketplace.
Put it into play
The most important thing you can do after an industry show or
conference is to come back with something tangible that enhances
your business. Trade shows aren't cheap to attend, so make sure it
was money well spent.
Whether that means you implement a specific software application
you saw demonstrated or you start to utilize a marketing company
that sells leads, make it a point to follow up on those items that
can significantly enhance your business. That's the real return on
your conference investment.
Joe Amoroso is a senior vice president with Opteum Financial Services. He may
be reached by e-mail at
[email protected].
