How do you get clients in the door? Do you have the budget and time to undertake a massive marketing campaign? Could experience with multiple property types and applications increase your value to the commercial market? Where are your deals located? How is the market in your area? Is your referral network bringing you enough business? These are all questions you need to consider when you think about how to increase your deal flow.
Of course every loan you work will not close; that is not the reality of the commercial mortgage industry. You need to be in front of the right people at the right time with the right solution to even be considered. Here are the 5 main factors that affect your deal flow which ultimately affects your cash flow. The first step is awareness; knowing what the issues are will allow you to determine a solution. Rate yourself in each of these areas:
-Referrals: Referrals are king. This is by far the number one way for a commercial broker to get business. This certainly works well for those that have been in the industry for years and have a large network, but what about those new to the industry? Can you survive waiting on someone to refer you when no one knows you exist?
-Marketing: This is how we let our potential clients know who we are and that we can provide them with a solution for their financing needs. The problem is that there are hundreds of other solutions out there all competing for the same client. Without the budget and knowledge to do it right, it is very difficult to get a good return on your marketing investment.
-Expertise: What you know and how long you have been in the business has a dramatic affect on deal flow. Of course, those that have been in the commercial business for 10 years have a greater client base and referral network. You can't buy experience, no matter how much you spend, but what you can get is training. Through continuing training, especially at the beginning of your commercial career, you can build the knowledge it takes to get the deals done. Share that knowledge with your potential clients and you have set yourself up as the expert in the field, despite your lack of experience.
-Geography: It is no surprise that by serving a larger geographic area, you will be exposed to more deals. However, without the support of a large national company this is very difficult and potentially cost prohibitive. The downside of most national companies it that by bringing the deals to you they will expect something in return. Often a big chunk of your commission. It's a catch 22, you get more clients, but now you need even more than before just to break even.
-The Market: Some markets are hot and some are cold that is the reality of the industry. If you are only serving a small geographic area and that area goes cold, what do you do? The key is to ensure that your client base is as diverse as possible, not only by location, but by property type and industry.
What to do? Build your business. Start by looking at the percentages that each of the above are contributing to your total deal flow and set targets for the coming year as to what you want the percentages to look like. For example, if referrals now make up 10 percent of your total business, set your targets for 20% next year and establish the game plan to do it.
For marketing, are you tracking a cost per closed loan? Do you know what you're spending for the revenue you're generating? Begin to cull out the sources that are not generating the returns you require.
When looking at geography, start to examine how you can expand the markets you serve. This will both increase your deal flow and minimize a downward movement in any one particular market. In effect, it is diversifying your portfolio. Look for a partner that can introduce you to new markets and provide you with lead sources into those markets.
In summary, deal flow is driven by your presence. When the market knows you're there and do quality work, your flow will build exponentially. The next step is to formulate your plan to increase that presence and identify the partners that can help you do it.
Copyright (c) 2007 VEC Financial Group
But while having car insurance is usually not an option, how much you pay for it is. Here are the 4 greatest factors that can influence how much -- or how little -- you pay for auto insurance. You
Sadly, you can't do too much about your own personal demographics. Car insurance actuaries (the bean counters who pore over the statistics) "know" that a male that under the age of 25 is involved in more accidents than than a female driver of the same age.
So if you're a young man, you'll pay more. Sorry about that.
Want to pay less? Get married -- you'll often see a reduction in your insurance rates. Why? Because the mass of married males are involved in fewer accidents than the mass of unmarried males of the same age. It is what it is.
Another way to save money is to take an approved driver's training, or driver's safety, course. That can often result in a modest discount. Ask your agent for details.
Of course, your driving record has more to do with your rates than almost anything else. If you have any points on your record, or a past accident (or two) within the last three years, your rates will be higher. And if you are not careful, eventually you can have your policy canceled.
Lastly, how much you drive each week can affect your rates. So see if you can carpool or take mass transit to and from work, at least some of the time. Hey, listen -- you'll also save money on gas as well as wear and tear on your car. Not to mention doing your part for the environment. How good is that?
Your Car
If you drive a car that car thieves like to steal, your insurance carrier is going to charge you more for insurance. Similarly, if you own a car that is expensive to repair, you'll pay more for insurance, too.
Bought a brand-new car? You'll probably pay more. But you can reduce your rates if your car has certain safety features like daytime running lights, anti-lock brakes, airbags and automatic safety belts. And if you live in an urban area, you might want to consider anti-theft devices like a steering wheel lock, and/or a car alarms.
Your Neighborhood
And speaking of the big city, you will find your car insurance rates will be much higher than if you live in the suburbs or out in the country. This is mostly due to the fact that increased traffic will lead to increased accidents. And theft is always a reality as well.
Your Policy
The kind of policy you choose, or more specifically the coverages you elect, will also effect the cost of your auto insurance payments.
So seriously consider increasing your deductible, especially if you drive an older car. It all depends on how much your older car is worth. If the value of your car is low, Why pay a high premium every month to insure against a collision that you may not want to repair? Also consider dumping some of the other coverages you may never use, like medical (if you have other medical insurance) or roadside assistance (if your credit card already gives you coverage).
Conclusion
There you have it -- a few factors that can have a great impact on how much (or how little) you pay for insurance. Check it out and save.
Both Patrick Bedall & Ara Rubyan are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Patrick Bedall has sinced written about articles on various topics from Finances, Real Estate and Finances. The VEC Financial Group (VEC) was created to SOLVE THE DEAL FLOW PROBLEM and to provide Associate Brokers with the tools, support, and clients required to be successful. Together with the Commercial Real Estate Investors Network (CREI) we are changing. Patrick Bedall's top article generates over 165000 views. to your Favourites.
Ara Rubyan has sinced written about articles on various topics from Cars, Computers and The Internet and Auto Insurance. For more info on , visit Ara Rubyan's. Ara Rubyan's top article generates over 3600 views. to your Favourites.