One might wonder what it is like to be in the mortgage industry and as a seasoned vet, I can tell you that it is just like any other industry. We have the highs, (1999-2005) and we have the lows, (late 80's, mid 90's, and now). We are cyclical like anyone else.
While you might also wonder how we stay afloat during the hard times, it is really about being consistent and doing what you have always done. A lot of industry professionals feel the need to adjust and change when the market changes. While adjusting can make sense, it does not make sense to change your business practices that were working for you before the downward turn.
What was successful in a good market is still going to work and continue to be successful in a down market. The only difference is that you are just dealing with less consumers that need your product. It is not that you are doing something wrong; the market has just scaled way back.
I have found from personal experience that it is not wise to sit back and hope and wait for the market to improve. You have to make sure to keep yourself busy. That could mean creating that website that you have always wanted or doing what I am doing now and getting into the whole blogging craze. What better way to directly reach out to your peers, competitors, vendors, and customers than to put it right out there and give them the ability to respond to you. It is truly an invaluable tool.
Take the slower times to create business strategy for when the market goes crazy again. Being prepared will help eliminate business that would normally pile up and sit on your desk for hours on end. Try to reform and reengineer some of your current practices that maybe weren’t working the best before.
Getting organized is one of those things that a lot of people take for granted, but if you are getting hundreds of emails a day and you just throw then all into one folder, you are going to find yourself hunting down emails. In the end, that wastes valuable time. Time is so valuable, too; the longer you are at the office ,the less time you will have for your family, friends, and kids. Organization and time management rule this business.
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