The mortgage industry is a boom or bust kind of industry that makes staying optimistic imperative to long-term survival. When the markets are in flux, the way we focus and stay positive is through self-awareness and perspective. The industry goes through seasons where it has to contract, and both good and bad shifts have to happen.
If you can see the metrics and understand what is happening in the markets, you can plan accordingly. It’s about being proactive during the industry highs so you aren’t forced into a reactive mode during the inevitable lows. This is also a great time to go the extra mile. As the great Dallas Cowboys’ Captain Comeback himself, Roger Staubach, said; “There are no traffic jams along the extra mile.” Staying consistent, staying aware and informed about the opportunities among the challenges, and staying optimistic going forward gives us a perspective and an edge that allows us to navigate tough markets and lean into the chaos.
Prioritize Culture and Community
Finding a way to be collectively optimistic doesn’t come naturally or without a lot of hard work and mutual trust and respect. A strong culture brings with it the communication needed to have some big-picture optimism and strike a balance between relying on what we have learned historically and taking advantage of new opportunities with what is happening now. While the changes in our current numbers can seem daunting, we can also take comfort in the knowledge that as rates rise and inventory challenges and inflation create pain in the short term that we have to deal with, it also keeps the home price within the range of affordability, sustaining our industry and enabling the communities we serve to have access to the American Gift.
Leaning into the Chaos
Navigating a tough market shows us where the greatest opportunity lies. When we talk about leaning into the chaos, we are recognizing that the greatest opportunity comes from challenging and tumultuous times. Chaos is a part of life, it’s a part of freedom, and a part of choice. And times of uncertainty or difficulty provide us the opportunity to shift our perspective, and we reset our ego and vanity from our previous highs.
This is the opportunity that comes with the entrepreneurial spirit within the mortgage industry. This is where we get really clear and hyperfocused on our vision- where We are extremely transparent and tell it how it is. Some people appreciate it and others don’t, and it’s perfectly okay in this time to agree to disagree, and to dig into that humanity and self-awareness. We must learn to accept our differences and disagreements and work toward a common goal.
When things have or haven’t worked in the past, it doesn’t dictate what will work in the future. Things don’t work until they do. And on the other side of that coin, things work well until they don’t. You always have to be prepared for the chaos and find the opportunities within the organization and industry to take us to the next level and change how we do things for the better.
Where EPM Stands Today
We made a lot of investments over a year ago so we could prepare for the slowdowns we saw coming. We were then, and are now, intensely focused on preparing for our future and protecting the people. As I said, the industry is boom or bust; feast or famine, and planning ahead with perspective and optimism in mind has served us well so we can continue to serve others and support our outstanding team and communities.