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"How do you respond if a potential client or referral partner asks, “What are your thoughts on today’s market?”

Today’s Housing Market Calls for Daring Leaders

One of the things I love most about working for MBS Highway is the opportunity to meet originators and real estate agents across the country and learn more about how we can help them with the challenges they’re facing in their businesses. I also love being inspired when I hear important advice from the industry’s top speakers.
I was just in Vegas speaking at a branch manager conference, and I had the chance to listen to one of my favorite speakers, René Rodriguez. He talks about reframing our beliefs. And it’s exactly what I think many of us need right now.
It’s true today’s housing industry isn’t for the faint of heart, volume levels are still nowhere near where they were last year. If you find yourself saying things like, “This market is terrible,” “I wish the Fed would stop raising rates,” or “If only we could go back to last year,” then I encourage you to take some time and try the exercise below; it can help you reframe your beliefs.
Practice Reframing First, let’s discuss why staying in a negative mindset is so harmful to our well-being and business. When we are constantly in a negative mindset, our energy is low, and we naturally attract others with low negative energy, making it harder to shift over to a positive mindset. Plus, our beliefs and mindset determine our next actions.
Imagine if a potential client or referral partner asks you, “What are your thoughts on today’s market?” If you’re stuck in the mindset of “this market sucks,” a potential client or referral partner will feel the negativity in your answer. It might leave the client second guessing if homeownership is a good idea or the agent might be hesitant to send you business.
The first step to reframing is to take a few deep breaths and ask yourself what you’re grateful for. I find this is the quickest way to return to an open mindset and boost my overall mood. And don’t overthink it; this exercise becomes easier over time. When I first started practicing this, I was surprised by how hard it was to think of three things I was grateful for. Once I took the pressure off myself, I found I was grateful for even the smallest things, like my coffee on a cold morning. I encourage you to write these items down as well. When I’m having a particularly stressful day, I find it encouraging to glance down at my list and realize while this moment might be tough, the day has also had moments of happiness and peace. Once you’ve listed what you’re grateful for, you’ll be more open to the process of reframing. The next step is to become clear on your current beliefs. Maybe it’s, “I’m worried I won’t do enough business to support my family in this market.”
Dig deeper and ask yourself why you believe this. Maybe it’s because activity has slowed, or your referral partners aren’t doing as many deals, which means less referral business.
Next, we must put the work in to know our numbers. How many deals did you do last year? What’s your conversion from application to closing? How much business came from referral partners?
When we are comfortable with these numbers, it becomes clear what we would need to do to reach our goals. For example, say the numbers show you need to bring in 20 more applications a week or five new referral partners to help you achieve your goals. Focusing on how to achieve these specific actions in your business can bring a new outlook.
Daring leaders are not complaining about today’s market. Instead, they have reframed this belief to ask, “Where is the gift in the slowdown? Where is this market asking me to step up and grow so I can better serve my customers and reach my goals?"
Written by Megan Anderson
About the Author >>>
One way to increase our level of conversion is to feel more confident. Remember, at the end of the day, people do business with people they know, like, and trust.
How MBS Highway Can Help
MBS Highway can help you become a daring leader in today’s market. Let’s say you completed the reframing exercise and discovered in order to reach your goals, you need to pull in more applications, land a few more referral partners, and work on increasing your level of conversion overall. Below I’ve highlighted some tools to help you achieve this.
Goal: Increase Your Level of Conversion One way to increase our level of conversion is to feel more confident. Remember, at the end of the day, people do business with people they know, like, and trust. Embody being a forever learner of the market. Staying up to date with the latest economic data and what is happening in the world can help you understand how this news impacts rates and your clients’ mindsets.
MBS Highway makes this easy with our morning update video, where we break down the latest economic data, housing reports, and overall news and how they could potentially affect the housing industry. Watching this daily video will help you sound more comfortable and confident when talking with clients, helping ease their minds about potentially making one of the largest financial decisions of their lives. Goal: More Applications Most people are underutilizing the power of social media. I want you to think of social media like a free CRM system that allows you to connect with new leads and nurture those leads through consistent posting and allows you to stay top of mind for when a potential client needs a mortgage.
If your goal is to get more applications in the door, then MBS Highway is here to help with our Social Studio tool. This is a video teleprompter tool and it helps you make short-form videos for social media. We have pre-written scripts, including ones that pull in local data. You can even create your own scripts. Plus, the teleprompter makes these videos so easy to film. These videos will position you as a trusted advisor and help attract new leads. Plus, they make the prospecting process completely different. For example, many people follow me on Instagram @iammegananderson. When I meet new loan officers and realtors, it is mind-blowing how many people feel like they already know me. Instead of asking, “Who are you and what do you do?” they ask about my dog Snoop or my recent trip to London. We connect on a deeper level, and it makes it easier to know how I can provide value or ask for business.
Goal: Land New Referral Partnerships Do you have a plan to land new referral partnerships? If not, MBS Highway is here to help! We have co-branded pieces to help your agents move the client along the homebuying journey and overcome common challenges in today’s market. One of my favorites is our Cost of Waiting analysis, which can really help clients understand the cost of delaying a home purchase or refinance. This is one of many tools on MBS Highway to help you land new referral relationships. We also host a monthly webinar for your current and potential referral partners to help strengthen your relationship and show them the value of the tools you can access. Click the link to join our next one, and don’t forget to invite your referral partners!
Daring Leaders Keep Faith One quality daring leaders have in common is faith. They believe all is possible, and they’re not afraid to put the work in and take risks. Daring leaders are consistently reframing their beliefs because they know what they believe and feel dictates their next thought, action, and response. They continually push the envelope and hold themselves accountable. They are not afraid to take risks because they know their numbers and know what it will take to reach their goals.
If you need help being a daring leader, take a free 14-day trial of MBS Highway and learn more about how our daily coaching videos, lock alerts, financial calculators, loan comparisons, and more can help you better serve your clients and grow your business now and for years to come.
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