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…And Not Be A Doomsday Prepper
While the changes are unclear it is certain they will arrive for the HECM program. The question is how will you prepare? Not for doomsday but in a measured and practical way. A different look at current needs vs. sustainability.
We’ve come to expect change so how do we prepare for it in our workplace, in our industry? Here are just a few tips to help us prepare for the coming year. #1- Admit that changes come often in our industry. Just like our children (if you have any) grow and change so does our industry. Just as we manage our borrower’s expectations we must manage our own. #2- Know the stages. Similar to the stages of grief we must move through the stages of change. From shock and denial, anger or frustration to acceptance…
7 Comments
Please keep me informed.
Embracing Change, Sorting through all of the rhetoric is difficult. It’s the uncertainty that makes us fearful. Most fear change because Change equals effort. Effort to conform, effort to adapt, effort to accept. The Change that is coming is positive change. Everything changes it is how we as an industry progresses, although you may not think that progress is happening at the time. Often looking back you can see how that change that you hated has improved the life of our clients and your life as well. Learning to accept change in this industry is critical to being successful in your career. Dealing with alterations to your normal procedures can be frustrating, unwanted, and even scary, but change can bring many positive aspects to the industry and allow it to be sustainable. To help you cope- Ask yourself why do you feel negatively about the change? Ask yourself what scares you or makes you uneasy about the upcoming change to our industry. Are these valid fears? If you find that your concerns are legitimate, create a Plan B that you can implement in your worst-case scenarios. Once you make an action plan, let go of anxieties about situations you can’t control and optimistically expect the best results that could happen from the change. Remind yourself those in charge have good reasons for the change. You have to trust the Industry leaders are making the choice to change for a reason that will benefit the Industry. Recognize that people in power have a picture of the entire situation. They have information that you might not have. Expect the best. Prepare for the worst. Capitalize on what comes.
Nancy,
Excellent points! I agree that learning to adapt is a survival skill for any reverse mortgage professional.
Shannon, when you did seminars, how many mailers did you send to get acceptable # of attendees and did you offer food? Thanks, Kurt Feddersohn
Kurt,
I typically sent 3,500 pieces to get 15-25 attendees, 10-12 buying units, 6-8 evaluation sheets (leads) and 2-4 closed loans. Ironically the smaller groups (15-20) yielded the same number of loans as groups of 30-40.
Shannon,
Here in the Inland Empire near LA in late 2007 it took about 5,000 mailers to get 20 attendees including spouses.
Shannon,
In the grape industry the winter can be grueling and the pruning quite deep. But in the end, the best grapes pour forth.
For now in our industry the pruning is still going on. Endorsement numbers are expected to be low and that expectation may go much lower depending on how Congress and FHA shake out their decision on what should be done.
After four great years of harvest (fiscal years 200-2009) we have had three (and most likely four) straight years of lean.
Will things take off in fiscal 2014? Well, I am no pessimist. That is when I expect to see a good low end double digit percentage growth. Could we get back to 30% and more growth soon? It could get better than that. As to how soon 100,000 endorsements come? Well, until we know more about 2013, that guess will just have to lie dormant.