Bliss Sawyer's Marketing Blog

This is your mother talking....

During my 18 years in the mortgage business, I have seen many ups and downs and we have all felt the feast or famine cycles.  After working with thousands of originators on their marketing and production goals, one of the primary struggles I see has nothing to do with marketing or even production.  It has to do with SAVING.

Many of you are doing very well right now and your paychecks will reflect this.  But remember that THIS WILL NOT LAST.  The very best piece of advise I can give you is to think long-term.  Here is a formula that I have used with my coaching clients and myself that has proven to be extremely effective.

1.  Figure out the minimum you need to pay your bills and living expenses each month. 

2.  Estimate the number of loans needed to close to reach this goal.  This is your MINIMUM production each month.

3.  When you close MORE than this, put half of that income into a savings account. 

4.  Use the other half for paying down debt, vacation, toys (usually the kind with motors), etc.

5.  Do NOT go into debt for vacations, toys, etc. thinking you will continue to have high income and be able to make the payments.  Do NOT increase your monthly debt load.  This creates unnecessary stress when production goes down.

There are many in our industry that have lost their homes over the last year.  I am amazed at the sad financial stories that involve people with mortgage backgrounds. 

By following this simple formula, you will feel more in control of your business and be able to continually work on your production in a healthy way.  You won't worry about slow times and your confidence will translate into less wild swings of income.  Your focus will be helping others get into a home rather than just feeding your family.  And believe it or not, this will make you a better originator.

OK.. enough nagging.  Go get some more loans!

Thanks for all the great responses!!

WOW!  I was shocked at all the feedback I received on my marketing budget question. Thanks to everyone for sharing.  Many were emailed straight to me, but if you have a few minutes, read through the comments left at the end of the post right below this one.  This will be especially helpful if you are just beginning to work on your budget.

I also wanted to share one email I received from Lisa Swoboda.  I especially like the attention she gives to clients in her budget.  This is often overlooked and can have a great impact on the number of referrals you receive.  There were times when I received more referrals from certain past clients than Realtors I was wining and dining. 

Hello Bliss:

I have been working on REALLY getting a handle on what and where I spend money, at home AND at work, so your question is really timely- here’s the latest version of where I am in marketing~

My Monthly Budget includes:

Gifts to Clients (I estimate a minimum of $50 per client and in this market we are looking at an average month of 5 closings a month)- $250

Open House Packages and Gifts:  25 $5 Starbucks Cards and one give away per month at $50 for total of $175

Mailings,Thank you’s, etc: $125

For a total of Approx $500 per month.  Some Month’s I am higher or lower, but this is a good average.  In a better year, it was closer to $750 or $1000 per month, but I was making more!

I am thinking of adding Coaching to this puzzle, but at this point that would take away from the other- and while I could get away with smaller closing gifts, etc- in this market, with all the first time homebuyers I seem to be working with, I am thinking that the closing gifts are getting me a good portion of my new clients- people are REALLY appreciative of the treats, the towels, the gift baskets and the added gift certificates. And I try to get 5 names from them of people who may be interested in a loan. 

Thanks for the opportunity to be part of your input team. I really enjoy reading your well thought out articles and ideas.  Having been in the industry as long as I have, I need a little shot in the arm with fresh ideas and original plans on how to proceed. It seems like the Mortgage world is full of land mines that blow up in your face daily- we take it on the chin for everything, the delays, the endless paperwork, etc.  It’s nice to get a little back- a smile, a fresh idea. It’s really great.  Enjoy your day! 

What's in your budget?

I'm working on an article about "Marketing Budgets" and would love to hear your answers to these two questions:

1.  How much do you budget for monthly or annual marketing?

2.  What items are included in this budget?

We can all learn from each other so thanks in advance for sharing!  Feel free to answer by commenting below or by email:  bliss@blisssawyer.com

Up, Down, All Around

The stock market is down.  The stock market is up.  People aren't buying houses.  People are starting to buy houses.  Rates are down.  Up a little.  Down.  All around.  Change seems to come hourly.  You may not like it, but it is to your advantage to be able to discuss these topics and reinforce your reputation as an expert.  People want to work with someone they trust and your knowledge is one of the simplest way to become a trusted advisor. 

Here are some tips on how to talk with referral partners and prospects in this type of market.

• Understand your local market and stay on top of new developments and statistics.
  

• Understand rates and what moves them.  Read market updates EVERY day.

• Look for opportunity to discuss these issues.  Not in an overly technical way, but in a personable, friendly way.

• Dwell on the good, the positive and the silver lining .  Yes, it is possible.

• Don't dominate the conversation, but make sure you are part of it.

• Let people know they can contact you at any time if they have question or need help with anything.  You have to verbalize that you are a resource.  This will get your phone ringing.

• Use these as starters... "I saw an interesting article the other day..."  "Isn't it crazy what's happening to our values (or values in other places)..."  "I'm amazed at how low rates are..."  "One of the silver linings to all this mess is that rates are so low..."  "This is an amazing time to buy a house..."

• Be friendly and upbeat.  People will ALWAYS choose the "nice" person over someone else with similiar rates and fees.

• My best suggestion.... Just do it!  Get out there and start talking with people.  Don't wait for your phone to ring (since it probably won't just magically start ringing without effort on your part.)  Even if you feel hesitant or unsure of your knowledge on these topics, your opinion is enough reason to start talking.  Let people see your passion and dedication to this industry.  Even if there has been a bit too much change!

Biking and Marketing

This is an article that first appeared in the Competitive Edge Newsletter....  I've been trying to get a few rides in each week and thought back to my sentiments. There is great potential for a Realtor-driven business in today's market.  Don't miss this opportunity.

 

I have a passion for biking (the kind with shorts, not leather) and marketing; so when I can write an article on marketing that uses a biking analogy, life is good.

Some time ago I hurt my knee while riding.  Twice, I tried to get back into it but pushed myself too hard and was again in pain and frustrated.  It’s now been awhile and today I felt like getting a bit of West Texas dust between my teeth, so I jumped back in the saddle.

As I started my ride, I noticed the computer attached to my bike was not working.  I use this to track MPH, RPM along with a few other acronyms, diligently pushing for better performance.   Today, without the computer, I decided to just enjoy the ride and see what happens.  My expectations of myself changed and I focused on the joy of riding rather than the results.

Your Realtor Marketing attitude should have the same shift.  This doesn’t mean you don’t keep track.  What I mean is that you should enjoy the ride.  Realtor marketing is often frustrating and difficult with minimal results.  Here are a few tips to keep Realtor Marketing something you WANT to do.

1.  Work with Realtors you like.  Your marketing should not be a shotgun approach.  There are enough out there that you can pick the ones who have the same work ethic and values as you.  Ask yourself this question:  Would I go out to dinner and a movie with this person?

2.  Make it fun.  Using the same old, same old marketing is not going to light your fire – or theirs.  Do something that makes them laugh.  Be creative.  You should be laughing as you develop and deliver.  Take some risks this year.  Can’t hurt.  Just might help.

3.  Be a friend.  Relationships sell mortgages.  When a Realtor tells their client that they HAVE to call their lender, it is usually because they trust you, like you and know you.  In the current environment, consumers are going to be placing more and more value on the recommendations of their Realtors.  Your marketing should move relationships to friendships.

4.  Be flexible.  I’ve said it before – even if a Realtor is your best friend, if they aren’t at least trying sending you business, it may be time to cut your losses.  You are spending money and time on Realtors; make sure you are spending wisely.

5.  Remember the benefits.  I often hear loan officers say “I really don’t want to work with Realtors.”  Realtors can be a key part of your business success.  Don’t forget the simple truth that they have the ability to refer clients to you.

6.  Keep the ibuprofen handy.  I felt a few twinges in my knee right after the ride – nothing a few painkillers couldn’t handle.  Realize that marketing to Realtors will have ups and downs. Frustrating times and enjoyable times.  Let the discouragement roll off your back and focus on the good.

Rates are great and it is a fabulous time to purchase a home.  Let your Realtor’s know that you are enthused and ready to help THEM have a great year.

My top three book picks for your library

I've received quite a few email lately asking what I recommend for Loan Officers to read to help them in their business.  Here are a few choices for you...  I recommend you read them ALL!

1.  To generate more business: 
The Ultimate Sales Machine by Chet Holmes.  I love the aggressive manner (in a positive way) that Holmes approaches sales and marketing.  If you want to jump up to the next level in production then it is going to take creative tools and there are fantastic ideas in this book.

2.  To build, strengthen and maintain relationships: 
Little Black Book of Connections by Jeffrey Gitomer  We are in a relationship business.  More important than rates, fees or leaping over tall buildings.  My favorite quote from this book:

Universal Truth of Connecting:  The questions that you ask, the ideas you bring to the table, and your communication skills, combined with your passion, belief, and attitude, are the fundamentals of what it takes to connect. 

3.  To become more successful in every area of your life: 
The Success Principles by Jack Canfield.  I have read this book through twice and gained great insight and motivation each time.  The chapters are small and make a large book seem easy to absorb and put into practice.   The second time I read the book, I did it as part of a mentoring group with two friends which was a very effective way to gain even great insight.  I highly recommend this book for ANYONE that wants to become more successful. 

 

Salesman or cheater, what I learned from an honest clown

Two years ago, I did a post called Who's your inspiration? and continually receive emails from people that were influenced by my dad throughout the years.  This morning, I received another one from Richard Haddad asking me to post this article he wrote about his experience with Zeezo the Clown. 

I don't think it matters if you work at a magic store or a mortgage company... this lesson is for all. Thanks Richard for sharing.

Salesman or cheater, what I learned from an honest clown
 By Richard Haddad

When I was a youn man I worked for a chain of magic and novelty stores called Zeezo's Magic Castle.  The company slogan was, "We Only Sell Fun".

It was a wonderful job for a teenage boy because I was able to learn and perform magic every day after school and earn money from commissions selling the magic tricks and novelties like disappearing ink and squirting cameras.

Zeezo the Clown was the owner of the store chain. His real name was Larry Campbell, and he was not only a successful businessman and entrepreneur, but also a master teacher, seeking to help his employees reach their highest potential.

The magic store and Zeezo's mentoring proved to be the perfect equation for me to achieve success. One day the employees were gathered for an annual event to recognize the top salesperson of the year. It was an honor to learn that I would be named as the leader in sales. I understood there would be a generous bonus check awarded during the ceremony. At 15 years old it was an unprecedented boost to my ego to have outsold seasoned adults.

During the awards presentation Zeezo openly praised me for my ability to gather an audience at the mall storefront and achieve such high sales numbers. With his polished bald head and bright wide smile he continued to address the audience as he slowly lowered a white envelope toward my anticipating hand. But just as my fingers started to close on the envelope Zeezo quickly jerked it upward, snatching it from my grip. Then turning to me, speaking only so that I could hear, he said, You're very good as what you do, but if anyone ever walks out of one of my stores with something they didn't want, you will be out of here.

Turning again to the audience he made the envelope maneuver seem like nothing more than a playful joke, now handing me the check as the audience began to applaud.

Standing there at what should have been a moment of basking glory I felt all pride drain through my shoes and onto the floor. I didn't know it at the time, but I would later be thankful for this enigmatic moment of covert humiliation. Larry Campbell was looking beyond the moment.

He later explained he wanted me to remember that moment because it didn't matter how good a salesman I was, if I sold someone something they didn't want then I was cheating them  and no cheater would work for him.

I know now that he was trying to teach me to put integrity before greed and glory. It's a principle I have never forgotten and have always tried to inculcate in my employees and my own children.


 

What to do on a rainy day?

  A week ago it was 90 degrees and today we have freezing rain and a high of 36 here in Good Ol' West Texas.  Crazy... but personally, I love the rain!  And luckily, I only have one outside-the-office appointment today.  So... what to do on a day when you have some time in the office?

Personally, I'm going to organize.  Which is my favorite rainy day pass time (besides curling up with a good book - but I can't seem to find that task on my to-do list).

I like to think I am an organized person, but really I am a fairly unorganized person that likes to organize every so often.  A truly organized person wouldn't let things get so unorganized and then be happy with a rainy day so she/he could organize.  Make sense?

Here are some tips for organizing:

• Purge.  Especially if you have an electronic copy
• Clean out the drawers.  You know... all the crumbs and little notes and bent paperclips
• Organize your files with labels.  The less time you have to spend searching for something, the more you can get done.
• Dust and clean surfaces.  Call it your spring clean.

I believe in accountability (and I know some of you will check up on me!) ... so here's a picture of my cubbies where I throw pretty much everything I'm working on, waiting to work on and just worked on.  By the end of my rainy day, my goal is to file and organize all of this along as well as clean out my files and drawers.  Wish me luck!

The Confident Speaker

I recommend The Confident Speaker by Harrison Monarth and Larina Kase for anyone that struggles with being nervous when giving presentations or even when speaking one on one.  Your ability to communicate in an effective manner will greatly influence the future of your business.  Consumers want to work with someone they trust and that is confident.

This book will help you to identify your fears and then give you the tools to overcome your specific obstacles.  I especially like the last section which covers the following:

1. Impromptu speaking (This will help with your drop-ins!)
2. Large-scale presentations and workshops (a great marketing tool in today's market)
3. Social Interactions (It's all about the networking!)
4. Techniques specifically for men and women (yes... we do communicate differently)
5. Recovering from speaking crisis or blunder (It's gonna happen - so be prepared!)
6. Finding speaking opportunities for practice and polish (I always recommend joining a Toastmasters group)

Winners!

Here are the winners of the Billion Dollar Agent giveaway:

1. Max Ausin
2. Sabrina Price
3. Sheila Moore
4. Kevin Myers
5. Gerald Santoro
6. Sohail Badruddin
7. Beatrice Flannagan
8. Clayton Bagwell
9. Greg Franks
10. John Fortener

Thanks for entering and stay tuned for another one soon!

Bliss

Don't forget to drop-in for St. Patrick's Day next week

Reminder:  Next Tuesday is St. Patrick's Day. Use this fun holiday to drop off something to your Realtors.  Holidays are a great time to give your Realtors a little something to say "Thank You".  Have even more fun by wearing your MOST green outfit. 

This does NOT have to be expensive.  Check out your local Dollar Store or Wal-Mart for small Leprechaun hats you can fill with candy or just look for anything green! 

For future holidays:  if you are a shopper (or married to one) check out your local Hobby Lobby or other stores that mark down items after each holiday.  Many times you can pick things up for 90% off.  Stock up for next year!

Another great book idea

Dawana Manning recently commented with this great idea:  Giving a book to a referral partner is an excellent idea.  I have done this with my Realtors and recently tried it at a Chamber of Commerce luncheon as a giveaway when it came time for door prizes.  Everyone there thought it was an excellent idea.  Everyone else was giving away promotional items that advertised their company.  It made me stand out from the crowd!!!

I have also had a couple of emails recently asking for my suggestions on other books that would be a nice gift (and I'm going to add that these would also be great prizes for a giveaway or door prize like Dawana mentioned)

1. Jeffrey Gitomer's Little Red Book of Selling.  All of Gitomer's books are very motivating and easy to digest and implement.  This one is my favorite.
2. Brian Tracy's Eat That Frog  If one of your Realtors has mentioned that they struggle with time management or procastination, then this is a great gift.
3. Jack Canfield's Success Principles.  I've used this book to start a mentoring group.  We talked once a week and review a couple of chapters and set goals.  It was fabulous!  I also know a Loan Officer that gave this book to a Realtor and immediately started seeing an increase in referrals.

Look for individual circumstances where your Realtor could benefit from a certain book.  For example, if you know a Realtor is starting their own company, then Michael Gerber's E-Myth Revisited is a fantastic gift that says you care about their success.  If you have someone that loves to read, I really enjoyed all of Malcolm Gladwells books, Tipping Point, Blink and Outliers as the information is very timely and interesting.

Again, you are just looking for an opportunity to add value and I think a book is a very effective way to accomplish this.

Pearls of wisdom

I can truly say that the person I am today (the good parts, anyway) have come from many interactions, role models and examples throughout the years.  Especially professionally.  I have learned from many and continue to do so.  I was impressed with some of the thoughts people left on my last post and wanted to share them with you...

Comment:
I love giving books as gifts. To reinforce the power of reading, I had a stamp made which says,"Poor people have big TVs; Rich people have big libraries! - Jim Rohn" and I stamp inside the front cover. The stamp also says the book is a special gift from me.   John Snell

Comment:
Sometimes it's the little things that you tell us has worked for you, or someone else, that gives us the ideas to make our business grow. Times are tough and we need all the business we can get before the rate take off again. Realtors, builders and developers are our business in the future.  Craig Lindstedt

Comment:
Value, value, value. You get what you give. Now might be a great time to approach Realtors as someone who cares and can solve their problems. Sometimes they just need an ear, like we do when things get crazy. Thanks for the idea about this book, even if I don't win!  Sabrina P

Comment:
Bliss; I wanted to share a quick story with every blogger here. About 6 months ago, I had a question regarding handling Real Estate Agents. I looked up your number thinking I would get someone that works beneath you who would take my number and get back to me. No, my phone call went directly to you. I was floored that I would actually be able to talk to you in person! That is service! That is why I always answer my phone. I would continue to recommend your services and share that story with anyone inquiring about your services.  Casey Hamlin   (Ok - so this one just made me feel good!  But I do hope you answer your phone as much as possible and return calls quickly when you get messages.  Thanks, Casey for your nice words!)

Don't forget to enter my latest contest by leaving a comment on the post right below this one.  Win a "Billion Dollar Agent" book to give to one of your Realtors.

Another Giveaway! A gift for your Realtors....

Thanks to Steve Kantor of Billion Dollar Agent for this great giveaway!  Ten winners will each receive a copy of Billion Dollar Agent to give to their Realtors.   I love using books as gifts for referral partners and this book will be greatly appreciated as a token of your appreciation.

Billion Dollar Agent – Lessons Learned includes the success secrets of over 50 top real estate agents who have or will sell over $1 billion in real estate in their career, as well as interviews with top national coaches/trainers such as Howard Brinton, Mike Ferry, Ken Goodfellow, Walter Sanford, and Floyd Wickman.

Steve is also the creator of Best Agent Business, which provides part-time virtual assistants to top real estate agents to help them get to the next level of their business. All of the work is done remotely. We help Realtors delegate and outsource so they can focus their time on their unique talents and abilities. If this is something that you think will benefit your Realtors, then please pass along the good news of Best Agent Business.

To enter:  Leave a comment below and include your email address.  I will be picking 10 winners through random.org Tuesday, March 10 at 5 p.m.  Good luck!