New Housing Business Idea & Opportunity Creation
Finding a varied and steady stream of opportunities to make business is key to guarantee the growth of any type of endeavor. But to work out which ideas actually foster fruitful opportunities is not an easy task.
The issue is that not every potential business is profitable even if there are people willing to buy the product. Besides having an idea, there are other factors to consider such as the strategy, the structure of the idea, contacts, and resources available.
For loan officers, a stable flow of referral from realtors won’t be enough to keep their business afloat. They should also put efforts into truly understanding how the product they offer works for different clients, whether it is a loan for a mortgage, house renovations, school or company investment, each type of borrower has its own priorities, challenges, and preferences.
So, how do you turn a potentially great idea into an opportunity to establish yourself as an authority in the field and expand the reach of your business?
Detail Your Opportunity
As a loan officer, you should know by now what resources are quickly available or easy to get and how that helps to compete in the market.
The first step to identify and create an opportunity for new business is to brainstorm in detail what would be the structure of the new deals, the resources owned that contribute to get those deals and what would be the final result.
Market research and understanding of how these new deals/business opportunities fit clients demands should be on top of the priority list. A strategic approach to ideas facilitates having a broader sense of what is to be achieved.
Plan & Set Your Approach
This is when the idea starts shifting into a more tangible set of steps. A concrete approach should include a workflow with each activity necessary to improve the flow of referrals, get new deals or boost awareness in the community.
Each activity is connected depending on how they interact with each other. For example, for a loan officer who wants to expand their reach of the brand, and the idea is to engage in social media and newsletter with prospects to drive them to acquire a loan, first it would be required to have a web site or a newsletter draft to craft the message.
A concrete approach could be a business plan as well. Which is just a document with goals and strategies to develop achieve it.
Make a List with Targets and Buyers
In your current database, there is a chance to find clients that are inactive but could turn into potential buyers.
Loan officers could take advantage of this and nurture the relationship to reengage with them. Lists with former customers should be made apart from prospect targets, even if both are a potential customer for the business opportunity.
The idea is to have a full record of the prospects with contact details (names, titles, how they entered the system) with a clear reason why they fit the target persona of the new business.
It is vital to understand why this new product, said loan or service, is ideal for each specific case, and why you are reaching out to them.
Reach Out to Relevant Buyers
The best way to get results fast is to prioritize contacts in the list. Perhaps some prospects will require more resources in order to convince them to acquire the service - more emails, calls, flyers, visits or any time of interaction that takes time.
There is no right way to prioritize reaching out to buyers other than the one that fits the loan officer needs. It could be better to start with prospects that would acquire services for a relatively small price just to try out the sales process.
Yet, that entirely depends on the confidence on the steps above and the impact this new business opportunity could have in the current stream of referrals.