Mortgage Loan Officer
How you run your Loan Officer Business
It is not just how much money you make as a mortgage loan officer, its how you make your money
Do you own your career or your career own you?
For most loan officers, the company boss. Working on evenings and weekends are common. And when they do get home, they can not sleep because they have a hundred things to do next day to ensure no loan fall out.
We talk a lot about different marketing concepts and techniques to increase profits and earn more money. But how do we make money is just as important if not more important.
Remember a company, any company there is only one reason – to make you money. That is why you got in the industry is not it? Making money? And why did you want more money? To spend more time with your family or to take vacation? But guess what? The way we structure our business does not let us do any of those things.
We must take a lesson from the banks they are closed on weekends. Why are you a loan officer to open? Because the real estate agent might call an open house like a pre-qual Sunday morning. Or a customer want to meet you, but he will only come on Saturday so he does not miss work.
It all goes back to how you create your loan officer activity. If any of these seem familiar to you, get your copy of E-Myth Revisited and read it again. But this time do what it says. Do not just run a business, build the business you want to run.
Lester Nathan, a consultant to the pharmacy business, defines economic freedom as "freedom to come and go from your business that you want and participate in whatever manner you wish, but keep cash flowing into your pockets. "
Which phase of production are you at right now?
Survival – How you can hardly make enough and are fighting for rent and grocery money.
Subsistence costs – how you doing enough for basic needs and not much else
Comfort – When you have enough coming in to the middle class
Prosperous, where you feel good
Abundance – where you have more than you need
If you are still in Survival mode, and then do what you must eat. If you're on another level, you must create your business in a manner that supports you – your wants and desires.
Making one million U.S. dollars does not do you any good if it takes you 70-80 hours a week and takes a toll on your health.
There is a wise saying that comes to mind – Youth is used to make money and bring health. Old age is spent trying to buy your health back.
Setting boundaries is the only way to be truly successful in all areas of your life. There must be a balance. Work vs. Home. Secular vs. Religious.
So how can we keep a balance? How do we train our clients to give us a life?
1st When desirable, rather than desperate. By playing hard to get. When you can make someone go through hoops to work with you, they'll want to do it anymore. Should you choose a financial planner, who would you want to work with, the guy who will take some as a client, or who have a requirement that you have at least 1 million in assets before he would even talk to you? Now ask this question to your customers. Who would you rather work with a loan officer, one who answers his own calls and jumps every time you call, or there always with a client when you can, but take the time to give you special treatment?
It's about their perception. Customer's opinion of you. There are so many loan officers out there now that do not have to worry about the way they come out to people. They dress sloppy, they act sloppy and their work is sloppy. We need to differentiate ourselves from these bums.
2nd By being the expert. If you are 'the' person to talk to about loans, people will come to you. Everyone wants to work with the best. And there are enough people out there willing to pay for it.
3rd By being unique. By offering something no one else makes you stand out. The more you stand out, the more you will be remembered. Your Unique Selling Proposition is critical here. Develop a good, and be sure to use it.
4th Work by appointment. Make it seem you are busy, even if you are not. It goes back to being desirable. People want to do business with successful people. Act successful and you soon will be.
When people apply for a loan in their bank, they dressed up a bit. They bring their financial documents with them. They come when the bank is open. You are the bank. You borrow money, like the bank does. Do not let brokers and customers push you around. Set your limits and stick to them. If people do not respect them, replace them. There will be others to take their place.
About the Author
Ameen Kamadia, known as “The Millionaire Loan Officer” offers dozens of free articles about mortgage marketing. Get dozens of great cheap lead generation ideas at his
Mortgage Marketing
website.