How to Execute a Business Plan as a Loan Officer in This Market
It can be hard to be a loan officer in today’s uncertain market. Refinances are way down, and just like every fall and winter, purchase activity is slowing down, too.
How can you make sure to stay on track and hit your goals?
It’s challenging, for sure — but it’s not hopeless. Here are three strategies for executing a fool-proof loan officer business plan in a down market.
1. Know your market — not the nation’s
Most of the data and trends you read about in the news are national, and as you well know, real estate is a highly local profession. Instead of putting all your stock in those national headlines — or letting it get you down — focus on understanding the mechanics in your specific market.
Where is demand heading? Or pricing? What communities are still seeing strong sales? Which aren’t? Details like these can help guide your networking efforts and ensure you maintain a strong pipeline of business.
2. Keep connecting
Things may be slowing down, but sales and refinances are still happening. People will always have job and family changes that require a move, and for homeowners with variable-rate loans, refinancing will always be tempting.
For these reasons, make sure to keep investing in your network. Attend events, connect with up-and-coming real estate agents in your area, and get your name out there through community sponsorships and other strategies. That way, when someone does need a loan officer, they come straight to you.
3. Focus on quality
Since you may not be processing the number of loans you’re used to, utilize this time to garner referrals and really make your customer experience shine. Give your clients a little extra attention, help educate them on the process, and do what you can to get them the best deal possible.
It may not pay off now (when business is down), but once things pick up, those five-star reviews and neighbor referrals are going to make a big difference on your bottom line.
4. Make sure you’re with the right company
In today’s market, aligning yourself with the right lender is critical. You want one who has strong name recognition, a wide variety of products, and programs that can help ease affordability concerns (like extended rate locks, for example).
If you’re not sure your employer is going to stand strong in the face of a down market, it may be time to look for greener pastures. Interested in joining Embrace Home Loans® as a loan officer? Reach out today to learn about our current openings.