Bad things tend to happen in business because of inaction, not because of action.
The most expensive thing in the mortgage business is COI
(Cost Of Inactivity or Indecision).
For instance, the amount of money that LOs lose by simply not calling their database using simple “loan getting” scripts that are totally cool, the cost of not doing that activity could easily be an extra 10 loans per month.
Figure $2,000 per loan, that means that many LOs are losing $20,000 PER MONTH by simply not doing that activity.
Think of it as paying $20K each of every month to not do that activity.
Cost Of Inactivity (COI)…
Look, the worst case scenario is you waking up 5 years from now and you being in the same or worse financial situation that you are in now.
You spending time working on a strategy that didn’t work, or trying some consumer direct FB ads or some other strategy and not getting results isn’t a bad thing, that’s a good thing because you learn from it.
I spent $10’s of thousands of dollars trying to go consumer direct on FB ads was something that totally didn’t work for me, but I learned from it.
I learned what not to do.
Oh sure, we got leads, but it didn’t convert near as well as referred leads, which come to find out are actually easier (and cheaper) to get than FB or Zillow leads.
You making a video where you stuttered or didn’t look your best or didn’t have a good angle or bad audio isn’t a bad thing, it’s a good thing because you learned from it.
The bad things are the inaction, the things that you were afraid to try.
The biggest failures are the ideas that we never took action on.
Having imperfect conversations with customers and referral partners are the good things because we all learn from them, and we can share in our FB groups for our members to other “action taking loan officers” to tweak them and get others’ ideas and results to learn and grow from.
Just make sure you are in a group of “action takers” instead of forums of those giving opinions that never actually do anything.
Don’t fear the things that you do and don’t work out well, fear the things that you never acted on. Those are the real failures, and you never learn anything from them.
<dropping mic and stepping off soapbox>
Talk soon.
