At the start of a new year, everyone is setting professional goals and searching for ways to improve. There is something about the beginning of the year that makes everyone want to do and be better. Maybe it’s time to take some continuing education courses or you want to challenge yourself by learning a new area of the business. Everyone will likely have something they want to do this year to improve their career.
No matter what your goals are for the new year, I want to challenge lenders to make it a goal to be better communicators. Why? While at face value, being a better communicator does not sound like the goal that’s going to have the biggest ROI or drive your bottom line, I would argue that it’s one of the best investments you can make in your business.
Purchases are coming back and refinances are declining, so it’s time to get back to the grind. You need to be in touch with your Realtors, as well as past borrowers to make sure you’re setting yourself up for success in a purchase market. If you have not already been doing this, the time to start is right now.
Realtors
With the increase in refinances this past year, you may have fallen out of touch with many of your Realtor contacts. In a purchase-driven market, it is critical to be in touch with your realtors on a regular basis. According to Shape, up to 21% of your referrals will come from Realtors and I would argue that figure is even higher today. Regardless, around a quarter of your business – if not more – depends on your relationship with realtors.
If you have not reached out in a while, now is the time to touch base with them. Especially over the next few months as we gear up for the spring homebuying season, make sure you are at the top of your Realtor’s “must call” list. Ensure they have your correct contact information and connect with them on social media platforms to remain in their orbit. If your name stays in front of them, there’s greater likelihood that they’ll not only remember you, but also make referrals.
