The power of proactive service
Fagan’s philosophy centers around client engagement and relationship building. In a market that’s become even more cutthroat, he believes in the power of personalization and proactive service.
“[It’s about] being active,” he explained. “Not just sticking your head in the sand and hoping it’ll get better. Go out there and be on the offense, not the defense. We have a great leader within Guaranteed Rate who preaches and practices this.”
The mortgage industry has always been famously competitive – however, the pandemic and the knock on impact to the economy has transformed it into a ‘dog eat dog’ market. The industry’s competitiveness, according to Fagan, is a double-edged sword. It has led to a thinning of the ranks, with fewer loan officers likely to sustain their positions. However, for those who weather the storm, the opportunities are ripe.
“It’s been said many times that there’s going to be a thinning out in our business,” added Fagan. “There’ll be fewer loan officers getting their licenses. But those who do survive are going to thrive.”
And all of this competition is only being exacerbated by emerging tech. Tools such as chatbots, generative AI, roboadvisors – like it or loathe it, technology is now a pre-requisite in real estate. While acknowledging the efficiencies and advancements brought by AI and automation, Fagan maintains a cautious approach and expresses concerns about compensation being diluted by technology and automation.
Source: mpamag.com