Follow-Up With a Winner: Matt Elerding Chase's Home Lending Division, Vancouver,WA |
2006 origination volume: $76,000,000 Original Interview February 2007 In Touch Today: How have the recent events in the mortgage and housing markets affected your business? Matt Elerding: Surprisingly, it has actually not had as significant an effect as I expected. Our business has actually increased, which I think is part of being with a big bank. There are two primary reasons. First, clients are at a point where they just feel a bit more comfort going with a large, recognized name as opposed to a smaller, lesser-known organization. Second, many competitors have disappeared or cut back dramatically. The elimination of products has certainly been a challenge. It seems that almost daily we are having a policy change or guideline update. What may be available one day is not always there the next. My team and I are finding that it is critical to stay on top of all our program guides and credit policies. Nothing is worse than recommending a loan program to a client only to have to go back two weeks later and tell them it is no longer available. In Touch Today: Have you been approaching marketing or other methods of business generation differently given the current state of affairs? Matt: Consistently reaching out to every customer and prospect is critical. I've done this all along, so at this point, I have not tweaked or altered my marketing efforts. Our approach has just been “business as usual.” But now, more than ever, we make sure that we maintain painstaking consistency in our marketing efforts. The approach that has always worked for me is quarterly newsletter mailings coupled with something personal once or twice a year, such as a Christmas card, a classical music CD, etc. It is nice to have the backing of a big bank, but it is equally important to make sure that the essence of your personality be a part of your marketing campaign. In Touch Today: What programs are you currently offering that seem to be working well for you? Matt: FHA is starting to become an attractive alternative. I used to do a lot of FHA but then got away from it when all the other types of mortgages started rolling out. Now, with new loan limits as an additional benefit, FHA can be a good choice for the right person. In Touch Today: What advice would you give other real estate agents who may be struggling to keep or find clients? Matt: Just being willing to outlast the “other guy.” It is no secret that things are a little tough right now. Our industries; both lending and real estate, are going through a bit of a cleansing process. Gone are the folks who jumped in thinking that this was going to be “easy money.” Gone are folks who are not committed to making this their full-time career. Gone are the folks who are not willing to dig in their heels and work just a little bit harder to get through this difficult time. In Touch Today: What personally keeps your spirits up in a difficult market? Why do you stay in the business? Matt: I am in my 10th year in the business and I have enjoyed my role as a mortgage banker. I would hate to see a hiccup in the market force me to do an unwanted career change. I remain optimistic that all this turmoil will have a rewarding upside once we get through the tough part. Every job and industry has its ebbs and flows, and this is simply one of those times when we just need to stay on task in order to get through to the other side. In Touch Today: Do you have a daily affirmation or inspirational quote which you'd like to share? Matt: If you can’t laugh at yourself, make fun of other people. |
