It’s the middle of March and now is the time to do our first quarter review. Now is the time to pull out the business plan and compare projections with the results. It’s always important to calculate our results as percentage of business as compared to same percentages quarter to quarter. Since all four quarters of the year are never the same, we need to look back and see what the total percentage of closed business or opportunities as compared to the entire year and quarter to quarter. Most of my originators average between 9% and 18% of their total closed business in the first quarter. So get clear when comparing numbers that you check your actual math.
All the indications are that we are going to see a really robust spring market. I am seeing that my clients are carrying about 30% more pre-approvals than the same time last year. We are also seeing higher numbers of listings entering the market in many areas, so that bodes well for higher numbers of transactions. Just be certain to stay well connected to those you pre-approve, and monitor your conversion rates. We don’t want to leak away transactions we are already invested in. Those weekly calls are important!
Interest rates are also very friendly to us at the moment. Remember, last year at this time rates headed higher. Paying attention to an improved rate market can lead you to more total transactions, both purchases AND refinances!
This time of the year it’s a good business to work with some of our Realtor® referral partners on using the “Forever Home Strategy” to generate new listing opportunities.
Last but not least, we need to remember to prospect from the process. There are all kinds of prospecting opportunities from the loan process. Realtors®, Accountants, Financial Planners, Attorneys, Insurance professionals, and all kinds of other opportunities right inside each file you close.
Now is the time to update your numbers and look at the information carefully. We are heading into the spring with many favorable conditions for the housing market. So update, communicate, and don’t PROCRASTINATE! Opportunities are plentiful to those that Just do the WORK!
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