A quick review of today’s headlines is enough to throw anyone in our industry into a depressive state. From “Home Resales, Prices Decline” to “Siemen’s Cutting 4000 jobs”, to “Housing slump Weigh’s on Lowe’s” and finally my favorite, “Countrywide cancels Posh Ski Trip (sidebar on the Wall Street Journal Online).”
While I think it’s important that we pay attention to the news, I also think we can overdo it. Really, what good does it do to be constantly focused on the negative press we’re getting. Some of it is necessary but I think there’s got to be a limit in order for us to focus and get some things done. For instance, falling home prices could be great for a buyer who is in the right position to buy. Particularly with all the foreclosures out there. Again, bad for the homeowner who’s experiencing the foreclosure but good for the private investors who are looking to expand their portfolios.
As far as news is concerned, all I need is Robert Ashby’s Mortgage Market Update. I’m serious. After I read that and look at his cool graphs, I know what I need to know (thanks Robert). Then I can go through my day focused on what I know I can have influence over. And that’s precisely my point. Us industry folk could be a lot further ahead if we’d spend the day discovering opportunities instead of rehashing what’s bad.
I hosted a teleseminar last week with one of the top producer’s in the whole of state of Georgia. He’s consistently in the top 5 of the state. (The GAMB publishes an annual list of top 25 or 50 producers.) He’s fired up right now. He’s closing loans and making things happen. And the reasons are simple: He hasn’t altered what he’s always done. It’s still working. And, he doesn’t spend a lot of time watching the news. He gets what he needs and then gets moving. He’s also a voracious reader. He’s tearing up books at the rate of 2 a week. It focuses him and keeps him fired up.
So, today I challenge you to stop rolling around in the mud with the pigs and start getting back to the basics of what’s worked for you. Re-read that book, re-listen to that cassette or CD program, make Lenderama a part of your daily consumption and go find someone who’s tearing it up even in this market. Real mentors love to teach what they’re doing.
You see, everything has a good side and a bad side. Let the rest of the world puke up the bad stuff over and over like a college hangover. You go and discover the opportunities while everyone else is “B-ing and moaning.”
I know you can do it and I definitely believe in you!
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{ 4 comments… read them below or add one }
Rich,
I found myself among the big time biatchers & moaners, it was time to stop. I do continue to post the not so good news on my blog, don’t want to pull the ole ostrich head in the sand thing. Yesterday (timely I know) I actually changed my categories to, The Good, The Bad & The Ugly. Finding data on The Bad & The Ugly is not a challenge. I am determined to post positive news if and when I can find it. I’m looking for a story to post on anyone who utilized a, “subprime,” product to purchase a home within the last 3 years and remains in the home and happy. We all know they are out there and that side of the story needs to be told as well.
I’m off and running, in a positive direction hopefully!
Rich - I am humbled that I am having that big of an impact. Thank you for the compliment and I am glad to see the mortgage market updates are being well received.
And you are correct, there is good in every crisis, so many of us need to post the good stuff to and I am talking to the mirror on that one.
We must have the same mirror!
FMB - great idea! Subprime has helped a lot of good people get into homes that stay in the homes and pay their mortgages. I’m sure they’d be willing to talk.
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