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I think Benjamin Franklin was the one who said that the definition of insanity is doing the same thing over and over again and expecting a different result. As we wrap up 2007, a year that ended, I would dare say, significantly different than most people expected, and move into 2008, how does that saying apply to each of our businesses? What am I going to do differently as a mortgage lender for a “super regional bank” in the Midwest? What is Morgan going to do differently as the owner of a mortgage company in California?
So I want to raise this question - whether you are a Realtor, Builder, Banker, Broker, Home seller, prospective home buyer or whatever role you play in the real estate world…..
What are you going to do differently in 2008 than you did in the first half of 2007? And why?
I’ll do another post later on this week with my thoughts, but first, I want to hear what our readers have to say.
It was Mark Twain you quoted.
You know, I did a little more online research and I have seen that quote attributed to Mark Twain, Ben Franklin and Albert Einstein. I guess I’ll have to stick with Ben since he’s the oldest…..
I would like to think that we will all spend more time counseling our borrowers. I think that we trusted lenders too much. They gave us products and we simply sold them with too little consideration to the worse case senarios in the borrower’s world.
Despite 2007 being the worse year since 1984 in mortgage finance many positive things will come from it.
My world has been insane for the last year and then some. I came out strong last year catering to a niche market. My follow up was not all it could and should have been. This year I use more mail and email communication to my referral sources. I have to see what products are left as I gear up for the rounds at my niche referral clients. I just lost the largest player in that department equalizing us with any other broker product wise. My saving grace is we know our niche and how to serve them better than the next guy. I have always been concerned with some of my clients who seem to keep spending into trouble and refinancing out again on stated programs. Guess it’s time for them to pay the piper with no relief.