by Ed Craine
With the holidays safely behind us, and 12 brand spanking new months ahead of us, it gives me pause to reflect on the past several (and trying) years. While I don’t know many people who would be willing to admit the last few years have been easy, the facts don’t lie. And the facts show that more millionaires were made during the Great Depression than at any other point in our nation’s recorded history.
While that may sound bizarre, it’s just bizarre enough to be true. Depressions or recessions give people a chance to capitalize on the fact that competition wanes. Businesses fold, and as is particularly relevant to the mortgage industry, people decide to try their hand in another field. People begin hunting for bargains, and often find them. This opens up all kinds of opportunity for us to create or formalize our own niches. There are still millions of homeowners who need assistance with refinancing. There are countless new buyers on the market, looking to take advantage of the great opportunities that today’s interest rates afford.
Indeed, if there are any upsides to the recession such as we’ve been experiencing, it’s that there are bargains to be found for our clients, and great opportunities to expand our client base. But we must be willing to put in the legwork. Going back to basics, reconnecting with past clients, networking and active marketing will be imperative, but worth it. After all, that’s what the promise of a New Year brings, isn’t it? A chance to reignite our passion for our career (and maybe make a couple of bucks on the side), all the while helping people to realize their dreams of owning their own home, and a secure financial future?