Loan Officer Hub blog

3 secrets to surviving an economic storm

When you look through the history books, one thing rings true: Change is inevitable. From recessions, to wars, to political upheavals – life (and business) is never short on storms. 

And, when we look at today’s economic climate and the ebbs and flows of the market, many would argue that we are in the midst of a very challenging economic storm. 

But, the truth is… 

Storms will always happen.   

Which is why you must prepare now so you’re strategically positioned to thrive when (not if) those storms hit. Because if you’re not careful, an economic storm (especially one of this magnitude) can easily “kill” your business.  

But it doesn’t have to be this way. 

See, when you study hard markets and look at what differentiated those businesses that went under from those that have record-breaking years, it becomes very clear that there are 3 key things that “winners” consistently do... 

1. They have an attitude of focused, consistent and proactive action.

Mark Twain said over a century ago, "Do the thing you fear most and the death of fear is certain." The psychology of action follows this pathway; "you are more likely to act your way into feeling, than feel your way into action." In other words, do the thing, and you will gain momentum. Turn your fear into power! 

Mortgage professionals who live by this principle often look at economic storms as challenges and are able to stay resilient and focused on their goals – without distractions. 

2. They stay consistent, taking actions that compound every day.

If you don't like where your business is now, massive consistent action is imperative. That’s why the best way to get out of a hole is to stop digging.  

Taking the wrong action – or worse, no action – compounds and accelerates your results in the wrong direction. However, taking the right and consistent action in the right direction can powerfully change the trajectory of your business in even just one month. 

The point is to commit to an action – and stick to it!

3. They choose 3 key actions and repeat them daily.  

In this market, there are 3 key actions you should take: 

  1. Choose your mindset, meditate on it, and set the intentions for success. 
  2. Contact every relationship you value to reconnect and create deeper engagement. Ask how you can help them win, then help them win! 
  3. Increase your empathy in all conversations, but encourage action now that will benefit the client long term. 

Again and again, I’ve seen these high trust behaviors help mortgage professionals withstand the “storm” and continue to have full pipelines – no matter the economic climate. 

That’s why the good news is: 

Good markets come and go and bad markets will never last.  

But it’s up to you to choose your attitude and then decide if you want to be the victim or the victor. 

 

Relationships are the true currency in the mortgage industry.

 

Because when you have the right relationships, there’s no economic storm that can derail your business – EVER! 

Ready to thrive? Join me at my High Trust Sales Academy to get access to the top sales training in the world that will keep your pipeline overflowing with high-quality relationships. Click here to learn more. I’ll see you there! 

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headshot of Todd Duncan

Todd Duncan, CEO, Coach, Author

Todd is a sales entrepreneur who has mentored and taught real estate, mortgage, banking and financial services strategies to over 5 million students around the globe. He started his career as a real estate broker and loan originator, successfully negotiating and financing over 5,000 real estate transactions in 12 years. He then took that success and launched The High Trust Company with a vision of transforming how sales professionals build high-performing real estate and mortgage practices.

Todd is a highly sought-after speaker and the author of 17 books, including the New York Times bestsellers "Time Traps: Proven Strategies for Swamped Sales People" and "High Trust Selling: Make More Money in Less Time with Less Stress." Todd has been featured in The New York Times, Wall Street Journal, Sydney Morning Herald, The Los Angeles Times, The Daily Telegraph, The Seattle Times, Entrepreneur Magazine, SUCCESS Magazine, FOX, CNN and more.

Comments

Michael Voorhees

Great advice Todd, conquering fear is a must, soon the fear goes away and you're unstoppable

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