President on surviving and thriving through market fluctuations
Mike Meena (pictured), president of California-based mortgage bank Augusta Financial, is no stranger to the ebbs and flows of the residential financing landscape. With over three decades in the industry, Meena has seen it all.
From the early days of his career to the current challenges of market fluctuations and the aftermath of COVID-19, in the face of adversity his resilience and adaptability shine as beacons of hope, not just for his team but for the countless homeowners and aspiring buyers who rely on his expertise.
“I don’t remember exactly how I got in. I know that I had a friend who owned a mortgage company. I had my real estate license and at the time you could get into mortgage, I figured, ‘Hey, it’s a 9-to-5 job, not a 24/7 job like a real estate agent.’ And I lied to myself and took a job,” he said with a chuckle. The reality? A commitment that stretched from 5am in the morning to 9pm at night, seven days a week.
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Yet, it’s from this unwavering commitment that Meena’s success is rooted. Augusta Financial is a testament to relationships forged and nurtured over the years. The business thrives on referrals, a network woven together by satisfied clients, real estate agents, financial planners, and attorneys.
“I belong to everything and everybody, so I can get as much business as I can,” Meena said.
The pandemic, however, cast long, unpredictable shadows. Companies, regardless of their stature or history, found themselves navigating uncharted waters. For Meena, it was a period of reflection and recalibration.
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“It’s been a struggle for us. It’s a struggle for every other mortgage company out there,” Meena said. But in the midst of the storm, a pragmatic optimism prevails. Meena is a believer in the cycle of markets, and confident in the resurgence that inevitably follows a downturn.
“I think you just have to figure out how to weather the storm and get to the next good market, which a lot of people think is 18 months to 24 months away. We’ll get there,” Meena affirmed. “I’m not really worried about that, but we’ll get back to the next good market and yeah, it’s just weathering the storm, doing as much business as you can and getting systems in place and being ready for the next market.”
In these trying times, Augusta Financial has not been immune to the need for adaptation. Payrolls have been trimmed, and every avenue to sustain and grow the business is being explored with vigor. The company finds its stronghold in working closely with real estate agents and the resale community.
“We’re doing reverse mortgages. We’re doing whatever it takes to get business in here,” Meena said.
Looking ahead, he is not one to be swayed by the whispers of doom. He’s seen markets oscillate, and his experience grants him a perspective that transcends the immediate challenges.
“It’s never as bad as it seems, and it’s never as good as it seems,” he reflected. “It’s just more awareness of what we do, getting stronger with your knowledge, talking to your clients, making sure the agents know you’re here, that you’re still alive and in business, that things are status quo.
“As good as it was in 2020 and 2021, we didn’t think that was going to last forever. And just like this market in 2023, we know this is not going to last forever.”
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