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Passive Production

One of the areas I hope to assist with is how to balance management and personal production. The first key to holding onto personal production is that you still have to have a passion for serving your customer base. If you still produce solely because you either need the money or because you are afraid to let go, you will only resent it. You still have to have that passion for the hunt of the new customer or referral source; the satisfaction of a loyal customer returning for advice. If you don't it is better to turn your book over to an experienced LO who can service it well and at least pay you a decreasing annuity on the book.

The second key, assuming you answered yes above, is to have created a detailed system with each step laid out for easy implementation. Without it, delegation is doomed from the beginning. The system allows you to define clearly the job descriptions of team members you will hire to help run your business. Yes, it is key to demonstrate to your best producers that you invest in yourself and that you are able to hand over your business to an assistant so you can concentrate on them when they need you.

The last key is modifying your business to more passive referral sources. Procuring leads from Realtors or builders that require you to drop everything or spend blocks of time in their offices won't work with you as a producing manager who wants to grow their branch. Solidifying your control of your personal database with consistent value touches while probing for more connected leads and referral sources is the best way to passively grow your personal business. But there are other ways as well. Affinity lending, where you become a preferred source of lending for an organization or corporation is a wonderful source. You earn the right to be usually the only name under "mortgage" in their Rolodex. As long as you don't drop the ball you are firmly ensconced and only need to find ways to continue to bake into their culture. CPA/CFP/ATTY are also professionals who want to work with other professionals who make them look good. They don't leave for the next better donut that walks in the door; that is not how they wish to be treated. If you stay an expert with unbiased service(using tools like Mortgage Coach), you will find there is a solid flow of well-recommended business coming your way. One last way that I have found to achieve passive business is through Adult Education. I have found that most local school systems run a quarterly Adult Education program of a wide variety of courses, many self-improvement. They can be multiple nights but I have run mine in one 2-3 hour period. It can be a general, Everything You Wanted to Know Class, or focused on Investor, Construction, Retirement, Divorce, Tough Credit, etc. You will find that the town may publish a course guide that is mailed to every residence and placed in every store. The town may put ads or press releases discussing your class, even including a picture of you. All for free! People will PAY to come to your course! I give the money back to the town, ensuring they will contact me every quarter to remind me to sign up to offer the class again.

Sure only a few may sign up for the class but you receive a list of the names, numbers and emails of all who have signed up so you can send a follow up letter offering a free credit report and financial analysis(pre-approval). I have a set letter that goes out to the list and they are placed in my database. I am perceived as the authority, the mortgage professor to the community and to all my Realtors as well; that value is hard to measure. I will post the letters and forms I use in the course. It's a system that allows me to leverage 2-4 nights a year into 8-20 loans per year. Adult Ed is a great way to passively leverage your knowledge, expertise and your passion for teaching. If you don't have a passion for teaching then why are you trying to manage?