ONE OF THE TOP REASONS MANY ACCOUNT EXECUTIVES FAIL to achieve their income and production goals is not what you may think. Of course market conditions can play a role in production, however all too often there are specific actions that AEs engage in that rob them of tremendous income opportunity.
Many of us have attended some type of time management seminar, and often within a matter of days, for some it’s only a matter of hours, we revert back to our old less efficient habits. Some people never even implement a single thing they learned because they are too busy to make changes.
Everyone talks about time control, prioritization, scheduling etc… However the reason why so few people make the changes in their behavior is because what is lacking is the real core understanding of what you do for a living.
Speaking, training and coaching AEs around the country I have asked them this one question time and time again…”What do you do for a living?” With the exception of a very small few (and they are always top producers) everyone else gets the answer wrong. I will receive answers like “account executive”, “AE”, “wholesale lender”, etc…
THE RIGHT ANSWER IS THE FIRST STEP
The first secret to top success for any AE is to answer this question properly. Knowing and understanding exactly what you do for a living is core to what will drive behavior that will radically increase your income. By now you are probably yearning to know the answer. Well here it is…”YOU ARE IN THE BUSINESS OF MARKETING YOUR SERVICES TO THE COMMUNITY YOU SERVE”!
Yes that is it, plain and simple, you are a marketer. Your community is mortgage lenders, mortgage brokers, and mortgage loan officers. All of the other activities that are encompassed with being an account executive such as making sure files get approved, cleared, closed, providing feedback to your clients on loan status, and other activities of that nature are also part of what you do on a daily basis. HOWEVER, would you be able to engage in any of these activities if you do not have clients sending you business? The bottom line is you cannot be an AE if you are not first a marketer.
SO WHAT HAPPENS NEXT?
The natural progression of events that gets us earning an income, but then limits our income is as follows. When we begin our career as an AE we have to go out and market in order to get business coming in the door. When business starts arriving in the door then all of the challenges that come with getting transactions through the system and regulations start taking away from your marketing and business development time. We very quickly get converted from running our AE business in a proactive marketing fashion to becoming reactive problem solvers. We respond to our client’s needs immediately because we want to make sure we provide service at the highest possible level.
There is a myth that exists about service. The myth is that in order to provide great service you must provide immediate response. Nothing could be further from the truth in the mortgage business. The more complex a business, the more important communication and getting the right answers takes priority over how fast an answer is delivered. The regulatory changes to the mortgage business force things to take longer and everyone in the business knows that.
Think for a second, do you have loyal clients sending you business because you provide instant response all the time or do they work with you because they know you know your stuff, they know your company offers the right programs / pricing, and they know you will always get them answers in a timely manner?
Note the last line said “timely” not “immediate”. Right here is the core of where AEs limit their ability to increase their income. We get so caught up in providing immediate response that it makes it virtually impossible to schedule enough business development meetings with new loan officers and mortgage companies to effectively grow relationships to where they need to be to achieve your desired income and production goals.
Am I suggesting that understanding marketing is all there is to controlling your time and increasing your income?…absolutely not. However until you make marketing the top priority, you will always have it take a back seat to everything else you do in your business. This way of thinking forces you to limit your ability to increase your income beyond what the market does. Great AEs are always building their relationships no matter what else is going on. Whether it is one new appointment per week or per day, top sales professionals are always making sure they are expanding their sphere of potential clients. You cannot succeed at the highest possible level when you operate your marketing plan in a reactive mode.
THE BEST LAID PLANS
Let me share this final example to you which I hope will drive this point home. I am sure there are days where you wake up in the morning with a defined plan to get out and market your business. You were going to call or visit your existing clients or new ones. Whatever it is you had a plan to grow your relationships.
At 9:30AM you receive a text or an email from a client or someone within your company making you aware of a problem with a file. What do you typically do? You likely abandon your plan for marketing to address the situation immediately so you can provide instant response. (I imagine you may be shaking your head up and down at this point in agreement that you are guilty of doing this far too often.)
Here is my point. Imagine the same exact scenario except that when you get the email or text at 9:30AM, you are walking into a meeting with a potential new lender who has the ability to send you a significant amount of business. What will you do in this scenario?
INVITE YOURSELF TO A MARKETING MEETNG
The answer is likely that you will send your client a response stating that you are walking into a meeting and that as soon as you get out you will get on top of handling the issue for them or call them back. When you treat your scheduled marketing time with the same priority as an actual scheduled appointment, you will ultimately end up with more appointments to meet with prospects who can send business your way.
Marketing and promoting your services cannot be the thing you do when you have nothing else scheduled or going on. You must dedicate a portion of every day or every week to marketing. Schedule it as an appointment and when the email, phone call or text comes in, tell whomever is reaching out to you that you are headed into a meeting. In reality you are heading into a meeting. The meeting is a marketing meeting with yourself and future prospects.
ATTEND OUR FREE WEBINAR
If you would like to learn how to take your marketing and income to a whole new level then check out this upcoming exclusive “For AE’s Only” 45 minute webinar on September 3rd at 11:00AM PST (12:00PM MST / 1:00PM CST / 2:00PM EST).
The webinar is titled “How to Instantly Take Complete Control over Your Future Income”.
At this webinar you will learn how to:
- Create a structured marketing schedule and system that you will stick to
- Increase your awareness of mistakes that cost you relationship opportunities
- Put together a highly effective proactive marketing schedule that increases income without increasing your hours
- And so much more
We hope to see you there.
ABOUT THE AUTHOR
Ron Vaimberg is a veteran of the mortgage and real estate industry since 1985. As a leading speaker, trainer and strategic coach, Ron possesses the unique ability to quickly assess any sales situation, marketing challenge, or client’s business problem and provide instant solutions. It is this special trait that makes Ron the go to person for retail and wholesale mortgage professionals, real estate agents, and company owners throughout the United States.
Stayed tuned for more articles and webinars from Ron.
Ron can be reached directly at 866-360-6645, Ron@RonVaimberg.com or www.RonVaimberg.com