Bruce Lee, the famous martial arts master, had a very famous quote that I believe all mortgage originators can learn a great deal from: “I don’t fear the man who has practiced 10,000 kicks. I fear the man that has practiced one kick 10,000 times.”
Now, let that sink in for a second before you continue, ok?
As originators, we are always trying to grow our business. We want agents to send us business and we invest in scripts and coaching. But, most of the time that leaves us just wondering why we aren’t succeeding to the level we want.
Then we see an ad promising us that we can buy leads so we try that. Wait, how about the ways to get business from Facebook, Instagram, and of course the new bots that are being promoted?
Don’t misunderstand me, some do actually work!
But, the problem with operating this way is that you are treating your business like a ping pong ball and hoping something will work. Now go back to the wisdom Bruce Lee stated above: you are far better going deeper than wider.
That may sound confusing, so let me explain. Have you ever said you want Agent business?
Of course you have! But, have you actually tried to figure out a plan or are you just hoping to meet agents, use the script you just got, and hope they will use you and be loyal? Let’s do some calculations. Say you want to earn $100,000 a year. Your average loan is $200,000 and let’s just say you earn 100bps per loan.
You’ll need 50 loans a year to earn your $100,000. Of course, some will fall out and some will be higher or lower than the $200,000 average.
You don’t want or need every agent to do business with you!
If you can identify 12 agents who sell 4 houses a year, you will be closing 48 a year. Instead of constantly trying new things to find new agents, you can actually start to build deep relationships with these 12 agents.
The same goes with your other marketing efforts. If you want to be successful, you need to go deep on 3-4 strategies that you can make work for you and that can generate consistent new business for you.
The problem with most originators is that we all suffer from marketing ADHD. It’s far better to do 3-4 things better than anyone else in your market than it is try 34 tactics and get poor results. Become a Bruce Lee originator and practice 1 thing 10,000 times until you have it nailed down before you move on to the next shiny object!
Brian Sacks is an originator with Homebridge Financial in Baltimore Maryland with over 35 years of experience closing over One Billion in loans. He is also the author of The Original Success Manual 48 Proven Ways To Immediately Close More Loans and founder of the Top Originator Secrets Blog.