Next, outline the desired benefits, or how the changes
will contribute to your success and the company’s
success. These benefits might include increasing name
recognition, expanding your client base and enhancing the profitability of each client relationship. Once
that is in place, you must determine who will be involved in the process and have responsibility for the
overall execution and success of the initiative. This
step might include the company’s board of directors,
management and staff.
At the organizational meeting for the initiative,
which should include key stakeholders, the program’s
objectives should be introduced and written details
provided to all attendees. From there, the details of the
implementation process should be discussed and duties
assigned to individuals as appropriate. In addition,
feedback from participants should be solicited and
incorporated into the larger plan where appropriate.
Now you are ready to adopt a plan of action that outlines some specific steps to be taken to advance the
initiative. Part of that plan, for example, might be to
develop a list of the 10 “most wanted” potential clients
along with specific action steps, such as the following:
■ Develop a database of each potential client.
■ Inform all staff members of the program.
■ Identify at least three potential loan types to introduce to the prospective clients.
■ Establish measurable and quantifiable goals.
■ Send letters of introduction to the targeted clients.
■ Arrange one-on-one visits with each of the
■ Document results and feedback for the board and
management regarding recruitment efforts.
As part of the reinvention process, a number of areas
can be targeted for improvement, including client
outreach, referral opportunities and community involvement. On the customer outreach front, for example, a
strategy could be adopted — with management and
staff buy-in — that establishes a minimum bar for the
number of monthly sales calls made by brokers.
A similar strategy could focus on developing new
referral sources, targeting professionals such as attorneys,
accountants, lenders, contractors and even internal staff
— who might be rewarded for generating referrals via
some kind of incentive program. With respect to community outreach, action steps could involve fostering
more involvement with local chambers of commerce,
business organizations, economic development groups
and even schools via direct engagement, writing articles
and teaching classes.
In addition, a series of market-update meetings could
be planned that are co-hosted by other industry partners, such as title companies, appraisers or Realtors.
The goal of these breakfast or after-work meetings,
and referral sources, could be to leverage contacts in
order to expand the company’s commercial mortgage
Another key area of focus for commercial mortgage
brokers seeking to expand their client reach is marketing. In developing an action plan designed to leverage
marketing opportunities, several target areas can be
pursued, including direct mail, media announcements,
and print and online media. Suggestions for action
steps include the following:
n Direct mail. Develop and expand a database of
key business and individual contacts; establish ongoing monthly or quarterly mail campaigns.
n Media announcements. Develop a list of contacts
at local newspapers, magazines and on-air broadcasters; submit press releases to these contacts regarding
events, products and staff changes; establish yourself
as a subject-matter expert for stories and broadcasts;
make use of print advertisements that promote the
company’s products and services; and target specific
audiences by running ads in niche media outlets such
as industry or other business publications.
n Online efforts. Create a website or blog that focuses on company products and services, as well as
market insights; develop periodic e-mail newsletters
that discuss loan products and market trends; include
contact information and free offers to encourage user
Each of these marketing efforts can be reinforced or
augmented through feedback at weekly sales meetings,
which can be kept short, fun and to the point. At these
meetings, marketing strategies can be discussed, progress reviewed and individual success acknowledged.
Of course, not every strategy outlined above will fit
every mortgage broker’s marketing needs. It does not
matter whether the brokerage is a one-person outfit
or has 100 employees — where there is a fit, give it a
try. Imagination and resourcefulness will always pay big
dividends. If one strategy does not generate reasonable
success, try something new.
n n n
Remember, few objectives or plans should be cast
in bronze. As previously discussed, by incorporating
strategic flexibility into any action plan, you can quickly
initiate an alternative if positive results are not experienced. Stay relevant when shift happens. n
by Garry Barnes
View these articles and more at
“Future-Proof Your Business,”
“Success Is Built One Deal at a Time,”
“Construction Loan in Two Steps,”
“Walk the Construction-Loan Tightrope,”
“The Truth Behind Banking,”
<< Flux continued from Page 86
“Imagination and resourcefulness will always pay
big dividends. If one strategy does not generate
reasonable success, try something new.”