Earlier this week Starbuck's took the time to retrain some 135000 baristas on how to properly make their coffee's. They closed down 7300 branches for 3 hours the other night. That's a staggering move when you step back and think about it.
As mortgage brokers in an ever competitive market what can we take from this move by Starbuck's? To me it says if competition can eliminate the ability for a jugernaut like Starbuck's to rest on it's name alone it could really be devastating to a small broker. Without quality people will take there business elsewhere. For Starbuck's it's about the espresso for us it's about the service and of course loan programs. Being a broker our control over loan programs is limited, however, we do have control over what programs and services are offered to a given client and how they are ultimately delivered.
Let's take a page out of Starbuck's book and retrain ourselves on how, we as brokers, can deliver to our customers the products and services they have hopefully come to expect!
Improving Quality in a Unstable Environment: The Starbuck's Example
Poor Listening Skills - A Major Barrier To Effective Communication
By Dharmagadda Sreedhar
It is not possible to do the job or a routine work with out listening. Listening skills play an important role in overall communication process and are essentially important for sales personnel who directly communicate with customers. Not only the sales personnel but many people are poor listeners in their everyday life. Listening is often confused and interchangeably used with hearing. There is a major difference between listening and hearing.
Hearing is a physical act while listening is the act of hearing while also retaining and comprehending the information. Listening is active while hearing is passive. Though everyone knows the importance of listening skills when communicating to each other but very few pay attention to their listening skill and this often becomes a major barrier to effective communication. It is revealed by several studies that adults typically listen at only 25% efficiency level and experts agree that poor listening skills are the biggest contributors to poor communication. It is not just listening but skillful listening is what is needed in this competitive world. Skillful listening generally involves ability to evaluate ideas, recognize the difference between fact and opinion, use questioning and feedback to clarify communication, recognize loaded language, and recognize common listening barriers.
Listening may fall into any of the categories mentioned below:Active listening: Active listening is a way of listening and responding to another person that improves mutual understanding. You listen closely to content and intent. You try to block out barriers to listening. Most importantly, you are non-judgmental and empathetic.
Inactive listening: The definition of this is the old adage, "In one ear and out the other." Inactive listening is simply being present when someone is speaking, but not absorbing what is being said. You hear the words, but your mind is wandering and no communication is taking place.Selective listening: Selective listening is hearing what you want to hear or what you expect to hear instead of what is being said. You hear some of the message and immediately begin to formulate your reply or second guess the speaker without waiting for the speaker to finish.
Reflective Listening: This is one of the most complex types of listening. It involves actively listening, interpreting what is being said and observing how it is being said. You work to clarify what the speaker is saying and make sure there is mutual understanding.When one is involved in the communication process he may be engaged with any of the above listening skills or may some times combination of all.
Poor listening usually occur due to lack of control over the speed at which speakers speak, not being able to get things repeated, the listener's limited vocabulary, failure to recognize the "signals", problems of interpretation, inability to concentrate, and even may be due to some established learning habits.A 10 Step Formula which will help to listen better.
1) Face the speaker and keep an eye contact2) Keep an open mind
3) Listen to ideas/concepts and not just words
4) Don't interrupt the speaker
5) Wait for pause for questions
6) Ask questions
7) Be attentive
8) Feel speaker's feelings (empathize with speaker)
9) Give feedback
10) Pay attention to what is not said.
Article Source: http://EzineArticles.com/?expert=Dharmagadda_Sreedhar
http://EzineArticles.com/?Poor-Listening-Skills---A-Major-Barrier-To-Effective-Communication&id=950245
Have You Lost Your Loan Officer
With all of the turmoil in the mortgage industry many people may find themselves without a mortgage advisor. Loan originators around the nation have become casualties of the current market.
If you are still around, this gives you the opportunity to really build your reputation. Hey, you must be good if you can weather this storm!
Less Loan Officers = Less Competition
If you're dedicated to this industry and really in the business for the long haul, nows the time to kick things in gear. Get organized and get focused!
Build the 3 R's
Relationships + Reputation = Results
What Is Your Plan For Success In 2008?
Interesting guest blog over at Savage Insights discussing what the mortgage biz has in-store next year for those of us originating loans. Everythings a little different depending on what part of the country your in, but as with every new year I'm sure there will be new opportunities for driven loan officers.
Loan Officer Training - What's YOUR Reason For Getting In The Mortgage Business?
I was walking into a Wal-Mart and the greeter said his usual line "Welcome to Wal-Mart..." I don't know why, but I struck up a conversation with the gentleman. As we were talking, people kept coming in and he would say his line and then continue the conversation with me. Off the cuff I asked him why he worked there, his answer was "because I like to help people".
Did you get the same feeling I did after you read that? The "I like to help people" line is like a reflex, it's just a robotic response to a question. If you REALLY wanted to help somone, you would be a doctor or a policeman or something like that. I find it hard to believe that anyone of us got in the Mortgage Business for that reason, do you? Oh sure, the hepling people thing is a by-product of being a Loan Officer, but it's not the reason to be one, is it?
How about this reason, I got in the Mortgage Business to make money. That's not a sexy answer, that's not a noble answer, but it's an answer that hardly anyone says. But I'll bet deep down that's the reason why a lot of us got in the business to begin with, what do you think? That may have changed now, but at the beginning of your current Loan Officer run?
And now I would like to invite you to get "Mortgage Info With An Attitude" with Free weekly answers about the mortgage business in the Mortgage Mailbag. As a Bonus, you'll receive the Special Report "The 5 Biggest Myths about the Pay Option Arm and the Real Truth About Them". You can access this free service and the bonus at http://www.MortgageMailbag.com
Article Source: http://EzineArticles.com/?expert=Andrew_Poletto
http://EzineArticles.com/?Loan-Officer-Training---Whats-YOUR-Reason-For-Getting-In-The-Mortgage-Business?&id=872078
How to Determine Whether Your Loan Officer is Reputable
In slower markets, some loan officers may feel pressured to close deals that aren’t in the homeowner’s best interest. In order to avoid getting into difficult and financially compromised positions with their mortgages, borrowers are well advised to be acutely aware of the signs of a responsible loan officer when selecting a mortgage professional.
First, look for a Mortgage Planner whose values are focused on helping individuals to achieve their financial goals in both the fastest and the safest way possible. A reputable Mortgage Planner will show you the numbers associated with the proposed loan and provide you with concrete information that backs up his or her claims. Review all of the numbers. If they don’t add up, ask for clarification. If your loan officer can’t or won’t answer your questions, move on--without the loan.
Responsible Mortgage Planners will also tailor their strategies to fit your unique situation. In other words, they always take your personal financial goals into account. No one should try to place you into a loan without knowing the intricacies of your personal financial situation.
Finally, if your loan officer is advising you on issues other than mortgages, you could be working with someone who is compromising your best interests. Issues like investment rates of return and real estate appreciation aren’t the areas of expertise for the vast majority of mortgage professionals and should be left to the professionals who have training and direct experience in those areas.
When seeking a loan officer, look for someone who specializes in mortgage planning, which is the process of evaluating a borrower’s unique financial situation and advising the borrower on a loan that best suits his or her individual needs and goals. If your loan officer is trying to put you into a loan without evaluating how that loan will effect your entire financial situation--including debt management, tax benefits, investment goals and net worth--it’s quite possible that you’re only getting half of the picture.
The bottom line is that your mortgage representative should always be looking out for your best interests, regardless of market conditions.
Loan Officers - The Tale Of The Average Mortgage Loan Officer
On top of that, he was planning on taking about 2 days a week and visit Realtor offices and drop off information for the Realtors. Not just rate sheets mind you, he was going to pass out flyers and a bio sheet telling everyone about him and what he can do for them. After all, it was a perfect fit, a Mortgage guy and a Realtor, they both need each other, right?
Then, he was going to buy a bunch of leads from a lead generation company and spend two nights a week calling folks from the list.Does this sound like you? Do these activities sound like something you've ever done? Most Loan Officers and Mortgage Brokers do at least one of these activities to get their business started. Not only that, but the average Loan Officer continues to do these activities throughout his career.
Then you know what happens? The Average Loan Officer QUITS the business! That's right, he continues to do these same activities and when nothing changes in his business, he gets frustrated and quits the business. In a way it's good because with less Loan Officers and Mortgage Brokers brokers, the ones that stay around no have less competition. With less competition their is more business, that's the way of the mortgage business.The bottom line is, to be average in this business means you'll quit. To NOT be average, you have to constantly be evolving your business to keep up with what's going on with the industry. Face it, whether you want it to or not, this business is ever changing. If you keep doing what you're doing without change, you'll just be average. No one is saying the activities mentioned above don't do what they're designed, but they change as well. Keep up with what's going on.
And now I would like to invite you to get "Mortgage Info With An Attitude" with Free weekly answers about the mortgage business in the Mortgage Mailbag. As a Bonus, you'll receive the Special Report "The 5 Biggest Myths about the Pay Option Arm and the Real Truth About Them". You can access this free service and the bonus at http://www.MortgageMailbag.comArticle Source: http://EzineArticles.com/?expert=Andrew_Poletto
http://EzineArticles.com/?Loan-Officers---The-Tale-Of-The-Average-Mortgage-Loan-Officer&id=864632
