Selling mortgages is not rocket science: Are you the CEO of your company?Dave Hershmantraining, resources for success, investment
Do you think that you have a great job in the mortgage industry?
Or do you view yourself as the CEO of your own business? If you
really want to be a leader in the industry, you must view it as
your company. This is true whether you work as a sole proprietor
out of your car or for a national company. It also means that you
must invest significant amounts of your money, time and energy in
your business. And you must make this investment up front, not
later.
I can't tell you how many loan officers contact our training
company and say, "I know I need this training, but I need to close
or one or two loans first." Then, they go months or years without
the training they need. They are running businesses that are always
going to struggle, and most of them will eventually fail because
companies that are under-funded do not do well. Those who are on a
pay-as-you-go basis never seem to reach the top. So here is the
basic question: Are you investing what you need to in your
business?
Imagine you were opening a retail store or restaurant. You would
invest many thousands of dollars and hours before you rang up the
first sale. This would include hundreds of hours of research and
setting up the location. And when it was open, the hours would be
substantially greater. In the end, you would still be in an
industry that has a high failure rate, even with this effort.
People in the mortgage industry don't have to invest as many
hours or dollars as you might in starting a restaurant. But the
concept is much the same. What do you need to invest in? Marketing,
education, technology and more. Perhaps it is a laptop or taking
the time to learn how to use a software program you have purchased
for your laptop. Imagine running a store without the technology you
need. Imagine running a doctor's office without the knowledge you
need!
The investment needed would vary for each person. For example, a
real estate agent of eight years moving into the mortgage industry
would not need to attend a real estate licensing class as an
investment in their knowledge base. On the other hand, someone
moving from the insurance industry into the mortgage industry would
have to take that class. After all, you are serving real estate
agents if you are a loan officer. You need to become an expert in
what your targets are doing so that you can deliver maximum
value.
Some will need a home office. Others will need a marketing
assistant. It is this analysis of needs that is an all-important
research step. When I counsel managers, I counsel them to hire
candidates who understand that they are not applying for a
position, but to start a business. The manager must make these
candidates understand what investment must be made for each
individual. This is a big topic at our three-day advanced mortgage
school (e-mail me at
[email protected] for
more information).
Those who wait for their employers to give them the resources to
be successful will typically have a long wait - forever. Success
comes from within, and the key to this success is finding the right
elements of investment that are needed for each individual. Are you
ready to make that investment?
Dave Hershman is a top speaker and leading author in the
mortgage industry with six books - including two best sellers for
the Mortgage Bankers
Association of America. His mortgage school is the only
comprehensive advanced curriculum in the industry. For a schedule
of classes, free marketing samples, speaking information and
articles by Dave, visit www.originationpro.com or
call (800) 581-5678.
