How to Eliminate Competition, Become an Expert and Have Clients Chasing You by Focusing on Underserved Niches

Did the subprime meltdown crush your business? Did the loans just dry up when 6 months ago things were going gangbusters? Have you seen all the “vacant” signs on the offices where there once were successful mortgage brokers and loan officers?

My question to you is:
Hey Mr. Jack-of-All-Trades-Mortgage-Genius –
“Do you know where your business will come from 60 days from now?

No, I don’t mean “Do you have leads in the pipeline that will close in 30 days and you’ll figure out what to do after that when the time comes?”

If you do know, then STOP now. Yes, hold up a moment. Do not read another word. If you printed this article, tear it up, shred it, wipe with it or whatever turns you on. Just DO NOT read it.

Why? Because you already have all the answers and I cannot help you. In fact, I am going to sincerely congratulate you, because honestly you have perfected a strategy that will give you predictable, consistent income for the next thirty days, 6 months or 1 year from now. There is no point reading the rest, because it does not apply to you.

Listen, I am sorry if this sounds a bit harsh. It’s really not supposed to, especially if you’re struggling right now and honestly considering a career change. You and I both know the free ride is over in the mortgage business, and I mean big time over.

For everyone else, maybe – just maybe – there is 1 tiny morsel or a single glimmer of an idea you can pick up by skimming the next few paragraphs. Worst case, you can impress the others in your office who do things “the old fashioned way”.

Now let’s get down to it. I’m just guessing – well actually I’m not guessing, because I’ve seen it 1000 times before – that perhaps you rely on one or more of the following for your business:

1. Luck
   Useless as a business plan. The reality behind luck is that you make your own and four-leaf money clovers are rarer than an honest politician.
   
   
2. Hope
   Makes “Luck” look like a real Kentucky Derby winner. Hope is for the hopeless and if that’s your ‘modus operandi’, then please join the herd of fleeing mortgage sheep and flock back to Denny’s, Taco Bell and Blockbuster.
   
   
3. Endless, mind-numbing telemarketing
   Your hard work is killing you mentally, killing your business and personal relationships and making you wonder why you ever got in this business to begin with.
   
   
4. Bait & Switch ads (that will very soon get you noticed by the Feds)
   Shame on you. Advertising too-good-to-be-true rates (just to get the phone to ring) when you know they change daily is fraud. Stop now or face the consequences.
   
   
5. Impossible-to-please referrals
   At least SOMEONE is happy with you. However, what kind of loans are you doing to get referrals that complain incessantly about rates and fees? Or even worse – the ones that have the nerve to complain when they walk in with 500 credit scores, no trades, 2 BKs, no job, no money AND expect 100% financing in a brand new half-million dollar home?
   
6. Claiming to be the “one-stop shop” for any and all loans
   It would be funny if it weren’t so sad. I truly do know some incredible geniuses who have memorized 100s of programs, guidelines both FHA and unconventional, yet they are starving today. Can you really be all things to all borrowers? Well, can you?

The Hard Truth
Maybe I was too hard on some of you, yet my intent is to help you wake up, not knock you out. Do you really think you can see yourself as successful 5 or 10 years from now if you’re relying on Luck, Hope, Chance and the other garbage listed above? Heck no, you know deep down inside you can’t. Truth is, everyone else is telling you that’s all you can do.

Did your broker train you effectively? Did he throw a telephone book at you and say “Go Get ‘Em Tiger!”? Still feeding real estate agents donuts and passing out rate sheets? Do you like being hung up on 100 or more times every day? Do you savor the humility of being rate shopped and chopped so that your earnings for all that hard work barely cover a Burger King deluxe meal?

Honestly, how low do you have to sink before something in your head tells you that there MUST BE a better way?

The better way is to go against the grain.

• Is it strange? Yes.
• Is it scary? Yes.
• Is everyone else doing it? No.
• Does it work? Yes.
• Will you stop teasing me and give me a hint? Yes.

In this next set of paragraphs, I’m only going to cover one method of going against the grain. The reason is because to show you everything would mean I’d have to write a book about it (big hint). And chances are you wouldn’t read it anyway. How do I know this? I’ll answer in the form of 2 questions.

1. When was the last time you actually read a book – not just about your industry – about anything? Statistics show that 58% of high school graduates never read another book for the rest of their long lives. Even 42% of college graduates don’t believe in reading even a single book of any kind ever again. With that in mind, you might begin to see how this single, simple idea will instantly make you more knowledgeable than most people in your industry. Yes, instantly. Now imagine if you read 1 book per month (mortgage industry related)?
2. Did you know that even when people are given – yes, given completely for free – the tools they need to be successful, those tools simply go to waste? I’m not even talking about those who never even know the tools exist. Statistics show that 95% of those who actually have the tools in hand and before their very eyes – 95% never even use them.

When Others Zig, You Must Zag

Ok, enough of that. Down to brass tacks. The one method I’m been leading up to is called “Becoming a Specialist”. What do I mean by that? I mean you need to stop for a moment – stop, close your eyes and think. Think about any other industry – any at all – whether it’s teaching, medicine, law, sports, entertainment…whatever. Think about the difference between “generalists vs. specialists”:

1. Dentist vs. Oral Surgeon
2. Family Doctor vs. Heart Surgeon
3. Grade School Teacher vs. Nanoparticle Physics Professor
4. Corporate Lawyer vs. Trust & Estates Attorney for Senior Citizens with Alzheimers
5. Minor League baseball player vs. Barry Bonds
6. Back up singer on American Idol vs. Mariah Carrey

Are you starting to get the picture? If not I will spell it out for you. Generalists earn a living. Specialists make a fortune and charge whatever they are worth. They are the best at what they do and competition is small if any at all. They have a line of people begging for their services, because no one else understands their needs and most of all, no one else has earned their trust.

Ok, so what do I mean about specializing? I mean, pick yourself a niche, learn everything you can about it and then get off your backside and concentrate on marketing to that niche. You will instantly have focus, sense of purpose and a goal (ever remember what they’ve said about setting goals?). You might ask yourself “but won’t that filter out all the possible people I could fish for in the great big ocean of non-descript borrowers?

The answer is yes, and the better answer is YES AND I WOULDN’T WANT IT ANY OTHER WAY. Pick a niche – make yourself rich.

Below are 5 examples of niches. You can choose one in general or really become an expert and focus on a niche WITHIN a niche. Each one of these is “under-served”. That means almost no one is focusing on them alone nor has taken the time to specialize in that particular niche. Don’t expect me to do all the thinking for you, but below is a head start:

1. Reverse mortgages.
   Do you identify with seniors? Do you have a friend or family member who could have used this product?
   
2. Small commercial properties
   How many small business owners do you know? Did you know many own their own commercial properties and are always looking for ways to maximize income and use available cash to make more money?
   
   
3. Bankruptcy homeowners/homebuyers
   Have you ever been poor, down on your luck or even in bankruptcy? Do you know how these people feel? Would you like to show them that there is light at the end of the tunnel and they really, really can buy or refinance their home today?
   
   
4. Luxury apartment renters
   Do you aspire to helping people with great careers get out of their cash sucking apartments and into that gorgeous water-front condo?
   
   
5. Civil servants
   Policemen, firefighters and teachers are people too. Many make a great living, especially with overtime or even tenure. Think they might want to get a house or refinance to get cash for many reasons? What makes you so appealing that these are the only people you do loans for?
   
   
6. Construction
   Have you joined your state or local builder’s association? Do you currently work with a small local builder? Would you like to be the “go-to” preferred lender on every home the builder sells?

Pick Your Niche – Get Yourself Rich

Ok, by now you’ve gotten the idea. Maybe a spark lit up in your mind. Just maybe your perception of what is out there has changed slightly. Just maybe you can see yourself standing out from the crowd and crushing any poorly prepared mortgage broker who dares to enter your territory. If so, then get out their and be hungry for knowledge. That is your first step. Then find out everything you can about your specialized borrower. Put yourself in their shoes and ask the questions they will ask you when they sit in that chair across from you with a look of hope in their eyes. Become the expert, be the expert and most of all – tell them you’re the expert.

On the other hand, maybe you’re a life-long skeptic and don’t believe that you are worth more. If so, then nothing is going to help and I sincerely recommend you take a good, long look at yourself and consider finding a more rewarding career. Hey, not everyone is cut out for this business. There is no shame in knowing yourself and your true dreams and desires. When you leave, no one will think less of you.

Especially not me. I wish you luck in whatever you decide and will continue to support those who desire to succeed.

NOTE: This is the first in a short series of articles on the power of niches. The other articles will go into more detail about these and other niches.

Grant C. Robin is a Nationally Recognized Mortgage Expert based in Miami, Florida. He is a niche specialist and has been mentored by some of the finest trainers in the industry. For more information about Grant C. Robin, contact his office at (786) 522-5321 or write to This e-mail address is being protected from spam bots, you need JavaScript enabled to view it