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Taking Control of Your Origination Business

MAR 27, 2014 11:08am ET
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Do you wake up every morning wondering where your next lead will come from?

Well, I have to tell you that for many years, I wondered why the real estate agents I was marketing to weren't sending me clients every single day, including Saturdays and Sundays. After all, I was buying them lunch. I was attending meetings. I was holding new Realtor training sessions. I was including them in my home-buying seminars. 

That’s when I realized that I was letting someone else, namely real estate agents, control my business and my income. The latest 2013 NAR "Profile of a Realtor" study reports the following:

They have a median gross income of $43,500. A real estate broker's gross income is $54,900, while a sales agent's gross income is $34,000. After 16 years as a Realtor, the gross income is $57,300. Oh, and that's before expenses!

Depending upon where you are in the country, that could be anywhere from one to six deals a year.  So let’s say that their net income is about $20,000. I decided that I was not going to rely upon a $20,000-a-year real estate agent to determine my income. 

Now, don’t get me wrong, there are some great agents out there who do a ton of business. And I did have a great referral relationship with a couple of them. But what I found was that I was spending way too much time trying to generate business from an agent who would only give me one or two deals a year (and that was a big maybe). I needed to spend more time generating my own leads from past clients and consumer-direct marketing systems. 

So, do you know where your business is coming from every day? You need to develop a business plan so you never have to wonder how you are going to support your family and yourself—and not rely on a $20,000 a year person for food, clothing and shelter.   

Karen Deis' business coach Victoria DelFrate has written a new e-book called "Winging It Won’t Work," which includes downloads for her business planning workbook. More information can be found at www.LoanOfficerTraining.com and clicking on the "BOOKS" tool bar. 

Comments (4)
Very insightful, Karen! A wise person told me long ago to "never rely on financial advice from someone who makes less money than you"!
Posted by | Tuesday, April 01 2014 at 12:28PM ET
Hey Teri- EXACTLY and thanks for commenting.
Posted by | Tuesday, April 01 2014 at 5:45PM ET
Karen:
I'm with you 110% Nobody is better that yourself to write own pay check.
Stop depending on any one else; generate your own data base!
Posted by Angelo M | Wednesday, April 02 2014 at 1:33AM ET
Thanks for your comments. A top producer that I know lives by this motto: "Every day you wake up-you wake up broke! Go out and make some money today"
Posted by | Wednesday, April 02 2014 at 11:31AM ET
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