Weighing out the numbers!
This is the last installment of this year’s business planning process. Looking back over these five posts in October and revisiting the Business Planning module on the IMT Coaching website should make it simple to create your plan, systems, and schedule to make it all happen.
The one special reminder of this year is to be sure you weigh out your numbers to match your business and your markets. Nationally speaking, purchase business is up more than 20% while refinances are up better than 80% over 2019. It’s important to look hard at your numbers AND your local market to see how that plays out. To be sure we are not likely to see a 1% drop in interest rates in 2021 that we saw in 2020. While I don’t see a dramatic rise in rates in the first part of 2021, I also don’t see rates rushing higher either. However, many of the refinances that were easy to identify and do, you are likely to have done, so that second wave of opportunity will likely be more work to identify.
Now purchases are a different story. It seems to me that the activity in the purchase arena will be just as strong in 2021, and in some markets you might expect better numbers than you have seen this year. While the purchase business is likely to replace the refinance opportunities you may see dissipating, repeating the total volume in 2021 will likely decline for you if you don’t have a plan to capture and retain those key new referral partners we have talked about in past blog posts.
So when you are weighing out your numbers; check the blend of your business and then see what those numbers look like if you grow purchases by 20% and see a decline of 40% to 50% in your refinances. If the new totals still work for your plan, you are fine; if not, you need to press into those new referral partners the balance of this year so you can gain the commitments you need to succeed! It’s very likely that you will find all the new referral partners you will need by pushing hard on the “Other Professionals” side of your triangle that will help you get what you need.
As always, if you have any questions or comments you can visit the www.IMTcoaching.com website or email me at [email protected]
