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Unifund65
74 Posts |
 Posted - 03/27/2008 : 3:13:27 PM
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| I'm thinking about taking a vacation for about a year and come back when the market gets better. What do you guys think? |
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americanheartlan
2258 Posts |
Posted - 03/27/2008 : 3:14:51 PM
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| Who says it'll be better in a year?...Probably worse. |
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jcanepa
800 Posts |
Posted - 03/27/2008 : 3:15:52 PM
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| how long have you been in the business? |
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Unifund65
74 Posts |
Posted - 03/27/2008 : 3:17:34 PM
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| I've benn in this business for 6 years.. made a lot of money.. |
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micheleg
2 Posts |
Posted - 03/27/2008 : 3:19:59 PM
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We all need to step up our game to survive in this industry with the market the way it is. I have been using Keep-In Touch software to stay top of mind with friends and prospects and previous clients and it's helping a bit...
check it out at www.keep-intouch.com and click on their Free Book icon.
The book "Referral of a Lifetime" really helped me get organized and create/stay top of mind....
I may not close 10 deals a month like I used to part time, but I can still close 3 which helps me stay afloat...
Hope this info helps! |
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craigppls
2046 Posts |
Posted - 03/27/2008 : 3:20:06 PM
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| then you set some aside...for the slow times... |
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jcanepa
800 Posts |
Posted - 03/27/2008 : 3:20:09 PM
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| you gotta roll with the punches.... it's just harder to make money the way the market is right now. It's not an "order taking" market anymore... Good luck! |
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homebroker@sbcgl
7249 Posts |
Posted - 03/27/2008 : 3:26:07 PM
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| I have always dreamed to live overseas, we have a home on the Adriatic in Croatia I wanted to live and work there until the market settles, but to bad the average income in Croatia is a whopping $600 a month. Geez its not so bad after all, a depression in USA is better than a good market in many countries. Although their wine is much better! |
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craigppls
2046 Posts |
Posted - 03/27/2008 : 3:28:53 PM
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22 years in this now...there is only one truth...
great market will be followed by **** market...
by keeping your bills low and your office overhead even lower...I am able to ride out any market.
here there is daily wreakage of lenders/brokers/real estate office closings...the last one was a long time friend of mine...his 65K per month business nut was finally to much...hmm who couldnt see that coming...damn
When I first opened I was one of 11 and the height of this we had 83 lenders/brokers in my area...down to 52...and will lose many more |
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cosmos5
37 Posts |
Posted - 03/27/2008 : 3:47:34 PM
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We have seen many offices close and people leave the business. I know you dont want to hear this, but this down cycle is very good for the industry as a whole. It really weeds the good business people out from the bad.
Not to throw more salt on your wound, but my company is growing, by leaps and bounds. We have recently opened a new office in San Diego and have projected more growth. To tell you the truth, when more offices close, we just pick up the clients. People are still buying and refinancing. Just need to be business savy and able to adjust with the times. |
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irishstu7975
261 Posts |
Posted - 03/27/2008 : 4:25:13 PM
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that Keep-in-touch book is available at some of the used book outlets when you go to Amazon for less than $5.00 including shipping ( the actual book was .69 cents)!!
If you get 1 deal out of it the ROI would be hot!! |
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mortgagemessiah
8003 Posts |
Posted - 03/27/2008 : 4:58:52 PM
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| I got approved for a New Zealand Work Visa. Now all I have to do is find a job there. |
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assassin17
7704 Posts |
Posted - 03/27/2008 : 5:15:22 PM
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quote:
Originally posted by Unifund65
I'm thinking about taking a vacation for about a year and come back when the market gets better. What do you guys think?
This is exactly why you will have to leave any mention of mortgage loans off of your resume. Your next employer will not be stupid.
The next trick is how to lie and cover up the gap in employment. |
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UPINARMS
117 Posts |
Posted - 03/27/2008 : 5:47:07 PM
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| Rob a bank. Screw it if you get caught by the time you get out of prison the market should rebound (I hope). |
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mortiz0126
205 Posts |
Posted - 03/27/2008 : 5:58:41 PM
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| The purchase market seems to be picking up with first time home buyers and investors. The refi market is getting more and more difficult because the loans that got these people in to this house in the first place are no longer offered. In my opinion people that could otherwise not afford a home bought one because they were increasing so much in value at one point that they thought this would be their retirment money. The average person all of a sudden became a real estate investor because of no down stated programs and now we are see the effect of this. We made alot of money and thought that it would never end so we increase our debts because we could afford it, now we can no longer afford the big house, nice car, and lavish offices so we say things are horrible (which they are compared to before). At one point in this industry all you needed was a pulse o make six figures part time. Now we need to think outside the box just to get bye and invest a bit more in marketing to get your name recognized. I think with faith and determination many people will survive the storm but many people will loose faith and loose their patience and exit the buisness. I only have one fear. My fear is that with the limited amounts of programs lenders (the ones that are left) will setup large retail operations and come to conclusion that they don't need brokers and exit the wholesale business. Just my 2 cents. |
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gopackers
454 Posts |
Posted - 03/27/2008 : 6:07:17 PM
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Get a job with a european bank and have them pay you in euros. you could take a pay cut and make more money.
quote:
Originally posted by homebroker@sbcglobal.net
I have always dreamed to live overseas, we have a home on the Adriatic in Croatia I wanted to live and work there until the market settles, but to bad the average income in Croatia is a whopping $600 a month. Geez its not so bad after all, a depression in USA is better than a good market in many countries. Although their wine is much better!
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MortgageBoarder
6473 Posts |
Posted - 03/27/2008 : 6:15:24 PM
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| Leave now and come back in a year and you may not have the same opportunities as those who stick it out and stay present over the next year... that's my .02 |
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USLenderNetwork
106 Posts |
Posted - 03/27/2008 : 6:46:59 PM
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| Find a solid lead provider that will help you get the pipe build with deals that the bank will actually fund. In this market, anyone can app someone. It's more about what will the bank fund right now. Make sure you filter yourself for sucess in your campaign. |
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NNMS
992 Posts |
Posted - 03/27/2008 : 6:50:19 PM
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quote:
Originally posted by mortgagemessiah
I got approved for a New Zealand Work Visa. Now all I have to do is find a job there.
How long did it take? I was looking into those for Australia. |
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MRCHASE
171 Posts |
Posted - 03/27/2008 : 7:28:28 PM
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| Until there is a liquidity market for this residential siht, consider yourself on the road to the airport. Try Commercial. Its worth it. |
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CoralSnake
12459 Posts |
Posted - 03/27/2008 : 7:55:28 PM
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quote:
Originally posted by Unifund65
I'm thinking about taking a vacation for about a year and come back when the market gets better. What do you guys think?
Where are we going?
..am I allowed to bring my Voip phone, or is that against the rules? |
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msancheznj
2252 Posts |
Posted - 03/27/2008 : 8:00:40 PM
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I was thiking the same.
I even have a job offered in Venezuela at the Ports talking to captains of ships and stuff. The pay is pretty good but I feel like sticking around until I can't take it no more. |
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Unifund65
74 Posts |
Posted - 03/27/2008 : 8:07:16 PM
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| I'm thinking about The Bahamas. |
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fastcash
51 Posts |
Posted - 03/27/2008 : 8:10:33 PM
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I think it's a great market!!!
Sean Goodwin
TD Investment Funding, Inc.
Fast Cash - Private Equity - It's All I Do |
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Unifund65
74 Posts |
Posted - 03/27/2008 : 8:12:24 PM
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| How do you figure?? |
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fastcash
51 Posts |
Posted - 04/14/2008 : 12:42:11 AM
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Since the banks are saying "No" to more deals that means I am getting better ones.
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cameronm
8 Posts |
Posted - 04/14/2008 : 06:22:06 AM
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Almost went out of business in 2005 cause I was selling on price - not only was I losing deals over a $100 difference in fees or .125% in rate, I didn't have anything unique to offer my clients - so why should they stay with me?
Got an attitude adjustment from some coaches a couple of years back - developed real expertise at how to attract customers that weren't rate shopper who really needed what i could do - SOLVE THEIR PROBLEMS.
Learned how to market ME - not programs, rates, closing costs, blah blah blah
The "perfect storm" that is putting so many homeowners in trouble and lenders out of business is building HUGE business for those of us positioned to take advantage of it
You have to have FHA in this market - if you don't have it, get with someone who does.
6.5% 30 yr fixed making max points and fees on new FHA loan limits is a pretty nice living (4-5% on $250,000 is $10-12,000 per client with the client getting competitive rate and NO EXPLODING ARMS!)
And I have more business than I can handle here in Indiana and Ohio
Pick a niche, market to it, stay in touch monthly (AT LEAST) with all your past clients - andy you'll be in a position to have GREAT market share and make more profit on fewer deals.
I'm on track for a record year with fewer than half the clients I closed with in 2003 - "what mortgage crisis?"
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Scrooge McDuck
15037 Posts |
Posted - 04/14/2008 : 06:28:26 AM
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quote:
Originally posted by cameronm
Almost went out of business in 2005 cause I was selling on price - not only was I losing deals over a $100 difference in fees or .125% in rate, I didn't have anything unique to offer my clients - so why should they stay with me?
Got an attitude adjustment from some coaches a couple of years back - developed real expertise at how to attract customers that weren't rate shopper who really needed what i could do - SOLVE THEIR PROBLEMS.
Learned how to market ME - not programs, rates, closing costs, blah blah blah
The "perfect storm" that is putting so many homeowners in trouble and lenders out of business is building HUGE business for those of us positioned to take advantage of it
You have to have FHA in this market - if you don't have it, get with someone who does.
6.5% 30 yr fixed making max points and fees on new FHA loan limits is a pretty nice living (4-5% on $250,000 is $10-12,000 per client with the client getting competitive rate and NO EXPLODING ARMS!)
And I have more business than I can handle here in Indiana and Ohio
Pick a niche, market to it, stay in touch monthly (AT LEAST) with all your past clients - andy you'll be in a position to have GREAT market share and make more profit on fewer deals.
I'm on track for a record year with fewer than half the clients I closed with in 2003 - "what mortgage crisis?"
how do you stay in contact w your past clients? email? call them? what do you do? what kind of client do you solicate? |
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mortgagemessiah
8003 Posts |
Posted - 04/14/2008 : 06:39:29 AM
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| You never ever sell rate or fees. You sell service and explain to clients how you get paid on YSP and front end fees. You'll never have a problem with a client if you do that. |
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cameronm
8 Posts |
Posted - 04/14/2008 : 06:54:41 AM
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quote:
Originally posted by Scrooge McDuck
quote:
Originally posted by cameronm
Almost went out of business in 2005 cause I was selling on price - not only was I losing deals over a $100 difference in fees or .125% in rate, I didn't have anything unique to offer my clients - so why should they stay with me?
Got an attitude adjustment from some coaches a couple of years back - developed real expertise at how to attract customers that weren't rate shopper who really needed what i could do - SOLVE THEIR PROBLEMS.
Learned how to market ME - not programs, rates, closing costs, blah blah blah
The "perfect storm" that is putting so many homeowners in trouble and lenders out of business is building HUGE business for those of us positioned to take advantage of it
You have to have FHA in this market - if you don't have it, get with someone who does.
6.5% 30 yr fixed making max points and fees on new FHA loan limits is a pretty nice living (4-5% on $250,000 is $10-12,000 per client with the client getting competitive rate and NO EXPLODING ARMS!)
And I have more business than I can handle here in Indiana and Ohio
Pick a niche, market to it, stay in touch monthly (AT LEAST) with all your past clients - andy you'll be in a position to have GREAT market share and make more profit on fewer deals.
I'm on track for a record year with fewer than half the clients I closed with in 2003 - "what mortgage crisis?"
how do you stay in contact w your past clients? email? call them? what do you do? what kind of client do you solicate?
I send out a monthly newsletter, a postcard in between with tips and a weekly email - I call when I have something specific for a client (e.g. refi oppty based on their situation, 3x per year credit watch for id theft, etc)
In my marketing I am soliciting people who have likely had past credit problems or BKs - they have ARMs or have a loan with subprime lender
By consistently staying in touch with my clients and referral partners, I am putting myself in the top of their minds so whent they think of real estate they think of me - I am always dropping info to them about the market, their opportuntieis, etc - building my position as THEIR expert in financing and real estate...I am NOT a mortgage seller :-) |
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EMScommercial
5141 Posts |
Posted - 04/14/2008 : 07:10:13 AM
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| taking a year off would be a nice thing.... but i'd never last a month and i'd be right back at the loans.... it's like an addiction..... |
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pdm
342 Posts |
Posted - 04/14/2008 : 07:13:38 AM
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quote:
Originally posted by craigppls
22 years in this now...there is only one truth...
great market will be followed by **** market...
by keeping your bills low and your office overhead even lower...I am able to ride out any market.
here there is daily wreakage of lenders/brokers/real estate office closings...the last one was a long time friend of mine...his 65K per month business nut was finally to much...hmm who couldnt see that coming...damn
When I first opened I was one of 11 and the height of this we had 83 lenders/brokers in my area...down to 52...and will lose many more
AMEN brother , its 25 years for me this past year. 2 of my mentors way back when, went TU this year. One with his fortune intact , the other in a flaming crash. either way ,I am thankful to still be in the game & propspering. |
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