Shock and Awe or Boiled Frog?
QM, ATR and UDAAP! Oh My!

To the new and the old, the fresh and experienced:

The world is your oyster. The opportunities are endless. Technology has never allowed greater efficiency and pay by hour (compensation by loan and dollar size of loan) is near peak. The road blocks lie in the way of the employers, less the employees. But, when compared to the refinance phenomena and sub-prime, no-doc aberration it seems like a loss to be forever mourned.

In the normal life cycle going back a 100years (Happy 100 MBA!), the environment and opportunity is good. If you are fresh to this business, you don’t know better. You are fearless and enthusiastic. You don’t know ‘that office is closed, that builder works with that bank, that attorney only refers his brother or that financial planner has no business’. So the fresh mind walks in and asks for the business and actually may get it.

Those same fresh eyes will also look at the spreadsheet of names and not see AVCO labels and Holiday cards, but Pinterest favorites, Facebook likes and YouTube videos giving helpful tips.  Experienced folk have a lifetime of relationships with huge potential. They have only viewed those relationships with one set of glasses trained to see one thing.  In the world we are now in, a revaluing of that “past book of business and relationships” is in order to move forward. The experienced will habitually keep coming back to that book expecting to get the same result, so they need to correctly assess the value in the current market and then decide if they can adapt their approach to tap into the true value it possesses.

Social media guru, Ted Rubin, has redefined the measurement of success as Return on Relationship by Kathryn Rose and Ted Rubin (available on Amazon).  It is the value that you accrue over time by nurturing the relationship. ROR is the perceived or real value gained through competency of performance and sharing of knowledge and recommendations. Last year’s Nielsen Global Trust Survey showed that ninety-two percent of consumers around the world say they trust earned media (word-of-mouth, friends and family) above all other forms of advertising—an 18% increase since 2007.

The fresh view knows how to build relationships online overlaying their existing face to face relationships. They know how to connect and weave bridges and roads through the many levels of their social web so that personal and virtual bleed together, fully leveraging the other.  But they don’t have the reputation of experience or the scale of past customers to rely on.  If one could merge the two they would have a powerful business!

Truly having a two way relationship with your customers so that you know what they are feeling, where there pain points are, who they are talking to, what they are saying, what solutions they need and when, is vital so that your message is clearer and more valuable than all the others in the bandwidth of broadcast today . Make that broadcast channel from you about them so that they hear and you listen.  Your brand is their opinions, listen and adjust. Help them share their opinions and your brand grows.

So to those experienced out there, try and harness that lightening in the bottle when you started the business. Be fearless, be open, and be energized.  The value of your old sphere of influence needs to be revalued for ROR and not be seen with Refi Glasses.

Those new to the business don’t listen to fear. There are new minds in every industry, especially real estate, which are breaking new records and new ground. There is a fine line between arrogance and confidence; find it and walk it.

So can the old become new again? Can the fresh be perceived as experienced? I say yes, but it takes a clear mirror and a strong will that not all possess.


“Indifference is expensive. Hostility is unaffordable. Trust is priceless.” Ted Rubin


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