Scotsman Guide - December 2008 Commercial Edition

6 Tips for Getting Things Done
Take steps to ensure continued achievements in a difficult climate
By Fred Hollister, loan consultant, BaySierra Financial Inc.

Despite the negative economic climate, it’s important to remember that there are still deals waiting to be done. There are still income-property buyers and sellers, and there are still lenders that have money to lend at attractive rates and terms.

In other words, the business is there if you take the right steps to get it done. Here are some tips mortgage brokers can follow to be more successful in this difficult time.

1. Avoid information overload: In our interconnected, wired and constant communication age, most of us likely are experiencing information overload.

We must stay on top of the market and update our knowledge of lenders and their loan programs, current trends and conditions. But don’t spend a lot of time

worrying about the Shanghai or Singapore stock markets unless you are heavily invested there.

The Internet, television, radio, newspapers and magazines will bring us up-to-date on just about every event everywhere. But the percentage of the information that actually applies to our daily lives is rather small.

Keep informed, but don’t go overboard by getting overloaded.

2. Stay positive: The news tends to be fairly negative these days, and it can be difficult to stay positive.

Remember, however, that people want to do business with people they like and who have positive attitudes. Happily, this is an area over which we enjoy tremendous control.

Clearly, you cannot control all the

Fred Hollister is a loan consultant with BaySierra Financial Inc., a nationwide broker of institutional and private-money mortgages. He has more than 25 years’ experience in all aspects of income-property lending, having been a bank commercial loan officer, underwriter, asset reviewer and compliance officer. Hollister may be reached at fredhollister@gmail.com or at (510) 207-8333.

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events in this tough market. But you can control how you handle them.

3. Stick to your plan: Your business plan won’t work if you don’t stick with it. Once you have crafted your plan, keep working it.

This is not to say that you don’t need to modify your plan as the business climate changes. After all, the income-property markets are not the same as they were 12 — or even six — months ago, and your approach likely has changed. But the principles behind your business plan should remain current and valid.

And you do have a written business plan, right? One you check each day as you plan for tomorrow and that you review every Friday as you map out the next week? If not, it’s time to develop one.

4. Maintain your net work: Your business network is more important than ever. As our business world changes and evolves, you must maintain your contacts with lenders, other brokers and other professionals in the business. By networking with other industry professionals, you can stay up-to-date on trends and issues of which you may not be aware and that can benefit your business.

In addition, staying in touch with past clients and potential sources of new business is essential. Most of us are probably good at making initial contacts, but staying in touch and revisiting potential sources of business can be difficult to remember to do.

Keep requesting referrals — from people with whom you’re working and from people you simply know. There is a

premium on personal contact today. People want to meet the folks with whom they are doing business face to face. So if you want to do business with new people or even with people you’ve worked with before, get in front of them.

5. Read the documents: As the deals on which you work become more complex, it becomes more important to understand the transaction. This means reading all the documents — the preliminary title report, the loan-application paperwork, and the existing note and deed of trust, if you’re working on a refinance.

This cannot be overemphasized. Know your deals if you want to get them done.

6. Learn something: Finally, if you have some extra time, use it to update your skills and knowledge or to learn something new. Update your computer skills, master a software program that’s always given you a tough time or even learn another language.

What are you listening to while you are driving? Chances are that most of the news on the radio won’t cheer you up or help you maintain a positive attitude. This is a good time to listen to a sales-tips or other business-related CD. Your commute can be a good time to devote to improving your odds for success.

To accomplish your goals and to be successful as you start the new year, return to the basics: Remain positive and optimistic, stick with your business plan, keep your network up-to-date and remain in contact with people with whom you would like to do business.