Prior to Edwin Drake, most oil collection was done by collecting oil that was close to the surface of the earth, in what was referred to as “oil seeps,” or by digging it out of the ground where an oil seep was located.
Drake decided this was not economical, and that a change of tactic was needed. He devised the first successful oil drill, and people laughed at him and mocked the idea.
That is, until it worked. On August 27, 1859, after almost running out of money, Drake hit “pay dirt,” as they say in the oil business.
Drake’s well began to produce a modest 25 barrels of oil a day. This doesn’t sound like much, but Drake’s new approach led to a boom in oil production and exploration.
Within 13 years, the entire area was producing 15,000 barrels of oil a day.
Why do I share this story?
Edwin Drake’s story highlights a key lesson we can apply to our mortgage business. Sometimes a change in tactics can have a massive impact on results.
Brokers frequently tell me they struggle to get meetings with realtors.
I believe this is because they are using the wrong tactics.
The right tactics can dramatically increase your ability to book meetings. In this week’s 10-minute tactical podcast, I share four of my favorite tactics for booking meetings.
I hope at least one of these tactics will help you hit “pay dirt” in your mortgage business in the next week.
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