Christine Beckwith on the Year of the Niche
The shift in the market is undeniable at this point and yet, some originators are still employing the same strategies, week after week, month after month, with declining results.
“Originators have to understand the levers that they need to adjust to get to the level of both personal income goals and company required milestones or sales metrics, or sales levels that are required of them, and they need to understand what those are. I think it’s vital that they do look in the mirror at what it is they can do to stay in the boat that they’re in,” said Christine Beckwith, business coach and president of 20/20 Vision for Success.
Beckwith will be moderating the panel “Hidden in plain sight: an overview of loan programs that can set you apart” at the Power Originator Summit, which will discuss bringing in new business and serving clients who have non-traditional needs through products that may have previously unknown both to the borrowers as well as originators who never had to dip their toe into the niche waters.
There’s a growing need for niche products, but originators across the board have demonstrated a reluctance to respond. Beckwith thinks that many of them are waiting it out, having consistently done the same types of activities and gotten overall positive results in terms of volume, units, and market share for many years.
“There’s a real foundation of reassurance that comes when you’re successful in this industry,” she said. “I think a lot of guys are like, ‘this is going to pass,’ and here’s what I think won’t pass: the guys that move to niching and become veterans experts and reno experts, and non-QM experts, and real estate education experts, these people that are moving to these niche platforms, what they essentially are doing—because they are finding the business in these areas—they’re leaving everyone else in the dust.”
On an executive level, there’s frustration with originators who aren’t eager to adopt and adapt to new products and training because they’ve gotten complacent. In order to achieve joint success, however, there has to be joint responsibility of mortgage companies and individual originators to adjust when the market changes, whether that be ensuring that their interest rate is competitive, having the right products, and knowing the benefits of those niche products.
“The million dollar question for all companies right now is how do they bring the resources in that give [originators] the direction they need, and then the biggest question is, how do you get them to drink the water?” Beckwith said. “All the companies are bringing the wells, they’re finding the water . . . they’re trying to get the horses to drink. We’re kind of in that area right now. So I think more than ever, people like myself will really help close that help by increasing accountability and awareness and giving the resources that allow companies to really get people marching the way that they need to be.”
Beckwith has the gift of creating organization out of chaos in businesses. Her virtual training system is the same system used by the likes of Grant Cardon and Daymond John, and applicants who are accepted into the program undergo an “intense” sales business management course. Her business is made up of about 70% mortgage clients and 30% real estate client, both individual salespeople and managers, all of whom have a deep-seated “belief in accountability and coaching” and who are interested in partnering with her to build their businesses.
Beckwith said that she sees market symptoms improving this year. Sure, rates may continue to rise, but that’s a good thing, and as builders can catch up with some of the demand, and equity goes up, that’s a good thing for the originators who are in a position to capitalize on it.
“It’s the Year of the Niche,” Beckwith said. “You’ve got to find the two or three marketing funnels that are flowing, and you’ve got to position yourself as an expert in those things, and you’ve got to go out and get those funnels. You can no longer be everything to everybody. You’re just not going to win the game that way.”
Don’t miss the niche loan session “Hidden in plain sight: an overview of loan programs that can set you apart” at the free Power Originator Summit in Anaheim on April 4th. Register today!