Inside The Magnified Environment Of Real Estate Offices

LOs working for real estate companies have to foster upbeat attitudes regardless of reality

Insider

Contributing Writer

In my last article, I discussed the hiring process with respect to matching loan officers to the different types of origination situations. It is clear that someone who grew up within the industry as an independent mortgage broker is not as likely to fit in the chair of a big national bank. At this juncture, we will continue this discussion as we segue to a particular type of origination — working within a real estate office.

As I mentioned previously, working inside a real estate office has been a big part of my career within the industry. I started as an originator with a real estate-owned firm, became the head of production for that company, and went on to direct a sales force for a larger regional real estate company at two separate times, almost two decades apart.

During my career, I have also been the head of sales and regional director of street and bank origination sales forces. This means I have witnessed the differences in these environments and especially what it will take to succeed in one versus another. I did not know it at the time because I was a rookie, but the fact that I closed 600 loans (98% purchase) in my first 18 months of originating within the industry could only have happened from within a real estate office.

For many years, I have pondered this question — What comprises the difference between success inside a real estate office vs. on the street?

Inside The Glass House

It is here that I will introduce you to the concept of “Inside the Glass House.” Why do I use this moniker? When you work inside a real estate office, everything is magnified. There is no hiding anywhere. This brings us to the essential trait of attitude. Don’t get me wrong, attitude is an essential trait for any loan officer. But for an inside loan officer, you are taking the importance to another level.

On the outside, you can skirt by with a mediocre attitude. You may not shine within the industry. But inside the glass house, anything less than an A+ attitude will stick out like a sore thumb. Let me use the present real estate slump as a primary example. In the past 18 months or so, it has been very hard for everyone to keep their confidence high. There is no doubt that just staying up every day has been quite a chore for everyone.

When you work inside a real estate office, everything is magnified. There is no hiding anywhere.

Inside the glass house, the task is twice as hard. Not only must a loan officer keep their own spirits high, but one of their primary jobs is to lift the spirits of the agents that they serve. Because if the agents’ attitudes fall with the slump, this will devastate a primary source of business for the loan officer. Business is down, but if the agents check out, business will get even worse. Thus, the loan officer must not only keep his or her spirits high in a tough market but also have the extra task of lifting up those around them — along with the owner, broker, and/or manager of the real estate office.

Attitude is not the only trait that gets intensified inside the glass house. But attitude is of utmost importance and serves as a prime example of the differences between a street loan officer and working inside a real estate office. And it also serves as an excellent starting point for delving deeper into the topic.