Why Your Business Should Be “Boring”

Here’s a fact: the more boring your business is, the more money you will make.

I’m not talking boring as in sit home on your couch and eat potato chips all day; I mean being so regimented that to the outsider looking in, your repetitive routine seems downright boring.

Every successful person I study is boring.  They have a process and systems that they execute like clockwork every hour of every day for years, often decades

The ability to make your life regimented just might be the most important skill set you can acquire.

How I Earned $40,000 By Being “Boring” For 90 Days

Years ago when I was training for a college lacrosse scholarship my dad hired a personal trainer and nutrionist.

To increase my weight and strength to optimal levels, my trainer set forth a nutritional regiment requiring a 6,000 calorie diet and a strict work out regiment of three days on, one day off, combining both cardio and heavy weight training.

Like any new habit, I resisted.

At the time, I was only consuming about 2,000 calories and working out a couple of days a week based on a self-prescribed exercise routine that had no strategic formula.

Before the training and nutritional expert, what I ate and how I exercised were  done randomly.

My internal desire to succeed – (and quite candidly to have a great looking body for the “ladies”) – inspired my perseverance and I eventually created new habits.

After a month I was eating 6 meals a day at the exact same time every day.  I worked out religiously after school 6 days a week, strategically working out muscle groups that would increase speed and power.

My routine was so regimented and predictable, it was boring.

The result?

After three months I literally looked like a professional body builder.  I benched over 300 pounds, shaved a half second off my 40-yard dash and was a human wrecking ball on the lacrosse field.

I played my best lacrosse of my life – with a new confidence – and I earned a scholarship to Butler University to the tune of $10,000/year for four years.

A Boring Business = Big Results

Your business should be boring: ruthlessly regimented and predictable.

But how?  How can you be so regimented when underwriting is so unpredictable?  When realtors and customers can be so ignorant of the mortgage process and blow up your phone all day?  When regulations seem to change weekly and pricing changes daily?  How?

The answer is to build a framework for your time while allowing freedom within that framework.

I am a HUGE advocate of creating an ideal week.  That means YOU decide what each day of your week is going to look like and dictate how your time is spent.

Most loan originators walk into the office each day and are slaves to their email and phones.  They react to the to whichever fire burns hottest or whoever screams the loudest, and by the end of the day they accomplished little to put money in their pocket.

It’s true that to be a good loan originator you need to troubleshoot.  But if troubleshooting comes at the expense of the rest of your day – especially your business development time – you’ll never make any real money in this business.

Time-Blocking: The Key To A Productive Day

The best way to create a framework or an ideal week is by time-blocking.  Time-blocking is the simple act of blocking out chunks of time in your schedule for specific tasks.

Below is a simple outline of an ideal day that I used often when I was originating full time:

9:00 – 11:00 Prospect Time

11:00 – 2:00 Referral Source Face-to-Face Appointments

2:00 – 6:00 Service active deals

The three time blocks above can be broken down as: prospecting, relationship-building, servicing.

This was my basic framework.

First and foremost, making prospecting or business development the first appointment of your day, every single day, is THE most important decision you can make in your business.

If it doesn’t happen in the morning, the chances of it happening at all are slim to none.  So get it done, and keep the leads flowing in.

The framework has freedom.  Inside your prospecting time you might create “themed” prospecting days where you switch up your prospecting focus so you don’t get burned out targeting only one channel.

Below is a powerful “theme week” for prospecting:

Mondays: Prospect New Realtors

Tuesday: Active Deal Updates

Wednesday: Lead Follow Up

Thursday: Past Clients

Friday: Builders or Banks

For your face-to-face appointment time block, you’ll schedule coffee or lunch appointments with new realtors or other referral sources.

Then finally during your “servicing” time block, you give yourself plenty of time – 4 hours each day – to knock out any processing or administrative type work you need to get done for your active deals.

Remember this: a task will always expand to the amount of time you give it.  If you consciously choose to service active deals for four hours in the afternoon, you’ll get it done in four hours.  If you leave it open and give yourself all day, it will take all day.  You choose.

Get Boring

If you want to make the money you desire in the mortgage business and do it consistently, you MUST get regimented in your schedule.  Take control of your time, design your ideal week, stick to your time blocks and execute.

The more “boring” you make your business, the more successful and predictable you’ll be.

What’s your ideal day or week?  Share it in the comments and go public to hold yourself accountable!

And, if you found this blog post helpful, please forward it to at least two or three colleagues you think could benefit from it.

 

 

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