BLOG VIEW: In a crowded industry where every organization claims to have the best service, technology, products and offerings, it takes longevity to truly stand out from the crowd. Having the proven experience and wherewithal to withstand the cyclical and unpredictable nature of the real estate and mortgage industry is what can differentiate your company as a trusted industry leader.
Wisdom From Executives
To have staying power, companies’ teams must be comprised of strong leaders who understand the market and mortgage banking space, and know how to handle client needs with the ebb and flow of this industry. A successful team is led by mortgage industry veterans who know that success does not happen overnight, it comes over years. One must keep a close eye on industry fluctuations and pivot as needed, without abandoning one’s long-term game plan. This strategic approach – coupled with hard work, dedication, and passion – are a recipe for longevity.
While it is necessary to bring the wisdom of past experiences to your company’s current operations, avoid getting stuck in the rigid mindset that all things be unchanged. Having experienced past market crashes and a global pandemic, lessons learned from the successes and challenges illustrate the absolute need and ability to pivot and mobilize quickly to meet market needs.
With evolving technology and changing regulations, we are in a time where flexibility, adaptability and nimbleness are indispensable qualities.
Predicting What’s Next
During downtimes, it can be tempting to set the speed on cruise-control. However, capitalizing on the opportunity to improve operations, technology and refine processes is the best use of time and resources. The downtime provides an excellent opportunity to prepare for what’s next. Using time wisely and having the aptitude to predict clients’ future needs is pivotal for sustained success.
Openness to Client Needs
Companies with staying power don’t develop products and solutions based on assumption of needs, like any business you need to solve for actual pain points and process breakdowns. By taking a client-first and practical approach in solving issues clients face day-to-day, developing solutions becomes simple.
While categorized as financial, the mortgage servicing industry is a people business. Demonstrating openness with clients and employees by consistently checking in and inviting feedback is crucial for building trust with clients and cultivating passion amongst employees. Fostering a client relationship based on open communication is paramount to success. Products and services should provide a purpose and a solution. Resolving challenges enables the client to manage their portfolio more effectively and compete in the marketplace. An open dialogue with clients and third-party providers helps to gain useful feedback to assess whether an idea worth changing is worthwhile.
Stick to Proven Success
Expanding offerings is an important factor for growing a company. However, it is also important to ensure that your company can grow into new areas. Expansion for the sake of adding revenue does not necessarily equate with capability. During the planning stage for new products and services, reflect on whether the organization has the expertise and proven success to go into that area. If not, it will be nearly impossible to compete or satisfy clients and customers fully.
Ability to Learn From Mistakes
Being a successful company does not come without mistakes. They are inevitable and if a product or service is not operating as it should, having the wisdom and experience to know when to change course is invaluable. Sometimes despite all efforts and careful planning, ideas fail. Organizations have shut down entire units, simply because they realize an offering just is not working. For an organization to last, they must fully understand and learn from its mistakes. Those who reflect and dive deep into those mistakes, make sure they are not repeated and become stronger over time.
Angela Hurst is SVP, business development, for USRES and RES.NET.