By Brian Sacks
We’re human, and because of that we’re bound to make mistakes. But just because we’re prone to making mistakes from time to time, doesn’t mean we should give ourselves a pass to make them repeatedly. Over the next several months, I’ll share with you what I’ve found to be the 8 dumbest mistakes that we make professionally, and why we need to apply ourselves towards avoiding these mistakes in the future.
“Dumbest” Mistake # 1:
Becoming an Advertising Victim
When I first started as an originator (many, many moons ago), I looked around to see what my peers, colleagues and competitors were doing to earn new business, and promptly decided that I should do the same things. It seemed logical at the time. I was new in the business of origination, and was eager to follow the lead of those around me experiencing great success.
Perhaps you did the same thing, or are still trying to do the same thing. I’m confident that you’ve had advertising reps bombard you with messages telling you that “You need to get your name out there so that when borrowers think of securing a mortgage, they think of you.” Sound familiar? It should; this is the advertising salesperson’s standard pitch.
They want you to put your face on restaurant place mats, on billboards, on shopping carts, on the radio, on the TV, in the newspaper, etc. It seemed like everyone else was doing it, so that’s exactly what I did. The only problem was that it didn’t work. When I confronted these sales people, letting them know that I wasn’t receiving any ROI on my investment, I quickly learned that they must hear this a lot since they all had pretty much the same reply: “You need to give it time. Keep running your ads and you will get responses. Remember, the key is getting yourself noticed and getting your name out there.”
I’m not one to mince words, and I’m not about to start now. They were unanimously dead wrong! The only one who made any money off of my advertising dollars was the ad sales rep. And in today’s market, more than ever, you need to be able to track and account for every hard‐earned dollar you spend. Why in the world would we choose to spend money on advertising that doesn’t work?
But, make no mistake about it; a worse mistake you can make is dropping your marketing efforts altogether during a down market. Need proof? Just look at your own e‐mail box and mailbox. There are hardly any pitches from mortgage companies arriving these days. Whereas just a short while ago, you couldn’t open up your email without a ton of spam e‐mails from mortgage companies or open your mailbox to find two or three pounds of solicitations from mortgage companies.
This is not the case anymore, which means now is the best time to ramp up your marketing and your worthwhile advertising efforts, since you are guaranteed to get noticed without all the other clutter and competition around.
The key is that you must use what is known as Emotional Direct Response Marketing, which is highly targeted only to the prospects you know you can help. More importantly, it will allow you to track where your business is coming from.
This means that you can start eliminating what is not working and pour that money back into ads and marketing strategies that you know are working. Doesn’t that make a whole lot more sense? It took me many years to learn Emotional Direct Response Marketing even existed and a few more years to master it, but the result has been a seven‐figure difference in my annual income and it will have the same impact on your business and bank account.
Brian Sacks is the CEO of www.loanofficerformula.com. He has been an industry expert for over 24 years closing over 6000 loans totaling 1 BILLION Dollars. Brian has trained thousands of originators And company owners in North America sharing his “FORMULA” for success that will allow you to close LESS loans, Make More Money and Have a Life REGARDLESS OF MARKET CONDITIONS.