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Advice You - Eight Cardinal Sins That Mortgage People Often Commit
If you could identify mistakes that are killing your bridge game, or your golf game, or your exercise routine, or your budget plan, or whatever, would you take heed of that information and correct those mistakes?
Of course you would, and so would I. But how about the critical mistakes we sometimes make as Mortgage Professionals? Have you det
Of course you would, and so would I. But how about the critical mistakes we sometimes make as Mortgage Professionals? Have you det
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ermined if you're making some major mistakes in your mortgage career?
Review the following points and then answer this question about each item: Am I guilty of this? A simple Yes or No will do. OK...here we go!
1. Failure to establish a unique marketing position. There are lots of mortgage people out there and you need to set yourself apart
Review the following points and then answer this question about each item: Am I guilty of this? A simple Yes or No will do. OK...here we go!
1. Failure to establish a unique marketing position. There are lots of mortgage people out there and you need to set yourself apart
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
from the herd. Most of us just fail to be creative and innovative. The result...we don't differentiate ourselves, our company, and our products from everyone else in the pack. It's the old "me too" thinking and that's a huge mistake.
The easiest way to solve this is to specialize. Pick an area, study it, concentrate on it, and become an exp
The easiest way to solve this is to specialize. Pick an area, study it, concentrate on it, and become an exp
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
rt in that field.
As you know, I love FSBOs to concentrate on. But, you could become an expert in First Time Home Buyers, No Documentation Loans, VA Loans, FHA Loans, Sub-Prime Loans, or Realtor Loans, for example. The nice thing about our business is that there are tons of choices ...pick one...and do it!
2. Failure to appear professional.
As you know, I love FSBOs to concentrate on. But, you could become an expert in First Time Home Buyers, No Documentation Loans, VA Loans, FHA Loans, Sub-Prime Loans, or Realtor Loans, for example. The nice thing about our business is that there are tons of choices ...pick one...and do it!
2. Failure to appear professional.
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
Have you taken a critical view of the image that you portray to prospects and customers? Better yet, have someone review your materials for you and give you an honest opinion.
Now, I'm just not talking about business cards and stationary. I'm talking about every piece of sales, marketing, and correspondence (including email) that a customer
Now, I'm just not talking about business cards and stationary. I'm talking about every piece of sales, marketing, and correspondence (including email) that a customer
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
or prospect ends up with.
Let me give you an example. Here are a few of the addresses that I see; millionaire, redlightlady, redneck, hotnsexy, studman, foxylady, mrbig, to name a few. There are many more that I would not even publish here.
What in the world are you thinking folks?
I certainly hope the email address you use with your busin
Let me give you an example. Here are a few of the addresses that I see; millionaire, redlightlady, redneck, hotnsexy, studman, foxylady, mrbig, to name a few. There are many more that I would not even publish here.
What in the world are you thinking folks?
I certainly hope the email address you use with your busin
ucts have become life saving products for the pharmaceutical companies who doesn�t have many innovative molecules in their product pipeline and have been inc
ess is considerably more professional. Even if you use multiple email addresses, aren't you afraid of picking the wrong identity for your message? I am...and none of my identities could ever be construed as offensive.
You must always appear to be morally, ethically and, politically correct...regardless of your personal opinion.
3. Failure t
You must always appear to be morally, ethically and, politically correct...regardless of your personal opinion.
3. Failure t
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
o set and periodically review your goals. Have you set some goals for your mortgage business? You know...things like how much you would like to make this year including that special treat for attaining that goal...the number of closings required for that income...how many loan applications needed to actually close that many loans...the number
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
of applications from new prospects and the number from your existing database...and finally, how many calls I need to make each day to attain those applications.
Unless you go through the above logic multiple times a year, you're going to have a difficult time in this business. Setting goals enables you to steer your ship by looking at the m
Unless you go through the above logic multiple times a year, you're going to have a difficult time in this business. Setting goals enables you to steer your ship by looking at the m
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ortgage business in small, easy to follow steps. Post a picture or drawing of that special treat or goal you have set in a place that you'll see many times through out the day.
4. Failure to maintain contact with customers and prospects (your database). If you're not keeping in contact with your customers and prospects on a monthly basis...y
4. Failure to maintain contact with customers and prospects (your database). If you're not keeping in contact with your customers and prospects on a monthly basis...y
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
u're missing the boat...loans in your pipeline...and, commissions in your pocket.
The amazing thing is....it's so easy and inexpensive to do. A good postcard and letter campaign and an up-to-date mailing list are all that's required. Here's an example of what this means to you: Let's say you have a database of 100 names that you keep in cont
The amazing thing is....it's so easy and inexpensive to do. A good postcard and letter campaign and an up-to-date mailing list are all that's required. Here's an example of what this means to you: Let's say you have a database of 100 names that you keep in cont
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
act with. One out five of these contacts will be making a mortgage decision in the next year.
It may be a refinancing decision, a purchase decision for a new primary residence, a second home purchase decision, or an investment purchase decision. If you think that the 20% number is a little high...use 15%.
That being the case, 20 out of your
It may be a refinancing decision, a purchase decision for a new primary residence, a second home purchase decision, or an investment purchase decision. If you think that the 20% number is a little high...use 15%.
That being the case, 20 out of your
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
100 contacts will be making some kind of mortgage decision in the next year. Will you get all 20? Of course not! But, you'll get your fair share because each and every month you will have kept your name and contact information in front of your database.
If you have been in business for awhile then you probably have 300, or 500, or more, con
If you have been in business for awhile then you probably have 300, or 500, or more, con
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
acts on your list. This is your little "gold mine." How well you prospect your list will determine your return.
No contact list...then start one immediately. It's never too late.
5. Failure to prioritize. Just because we're busy, doesn't mean we're going to be successful. Sometimes we get focused on all kinds of activities rather than resul
No contact list...then start one immediately. It's never too late.
5. Failure to prioritize. Just because we're busy, doesn't mean we're going to be successful. Sometimes we get focused on all kinds of activities rather than resul
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ts. So, we believe we're busy and we are. Unfortunately we're busy doing the wrong things.
Don't forget the most important activity of all is...prospecting for new business. Set aside time each day to prospect for new mortgage possibilities. You won't regret it.
6. Failure to anticipate. Sometimes we get so involved with our schedule; we ge
Don't forget the most important activity of all is...prospecting for new business. Set aside time each day to prospect for new mortgage possibilities. You won't regret it.
6. Failure to anticipate. Sometimes we get so involved with our schedule; we ge
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
blind-sided with something we should have anticipated. Yes...it happens to all of us on occasion. But, if you're continually putting out fires then it's time to change the way you operate. Look at those problem areas and work on eliminating them. Ask yourself why the problems occurred and then correct
them.
Awareness is over 50% of the bat
Awareness is over 50% of the bat
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
tle. By recognizing the problems you've taken the first step on your journey to success.
7. Failure to listen. This is probably the most classic and common error we can make. The mortgage person who hears but doesn't listen...the mortgage person who continually interrupts prospects...the mortgage person that delivers solutions that are off-t
7. Failure to listen. This is probably the most classic and common error we can make. The mortgage person who hears but doesn't listen...the mortgage person who continually interrupts prospects...the mortgage person that delivers solutions that are off-t
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
arget, or...the mortgage person that overwhelms prospects and customers with verbiage that clearly indicates a failure to have really listened to anything the other person has said.
Learn to listen...and, listen to learn!
8. Failure to invest in the tools necessary to improve and develop your business. My email in-box is always filled with
Learn to listen...and, listen to learn!
8. Failure to invest in the tools necessary to improve and develop your business. My email in-box is always filled with
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
equests from people seeking help to get their mortgage business on the right track.
As you know, there's no single "magic bullet" to ensure your success. But, the thing you must do is "invest" in time and programs to grow and expand your business.
If you dedicated one hour per day, every day, to learning and studying the mortgage business..
As you know, there's no single "magic bullet" to ensure your success. But, the thing you must do is "invest" in time and programs to grow and expand your business.
If you dedicated one hour per day, every day, to learning and studying the mortgage business..
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
.and you did that for a period of sixty days...you would easily know more than half of all the working mortgage people in the business today.
Continue to invest in your knowledge and capabilities and you'll take a major step towards success. Couple that with easy-to-use, time saving, editable marketing tools, and...business is sure to follow
Continue to invest in your knowledge and capabilities and you'll take a major step towards success. Couple that with easy-to-use, time saving, editable marketing tools, and...business is sure to follow
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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