We are in the midst of the
While his comment may sound a bit extreme, I completely agree. In the amazing mortgage market we have today every originator should not be just getting by or doing OK; they should be closing a lot of loans and making a lot of money.
I am meeting loan originators around the country who are consistently producing $3 million to $5 million a month. In a sales workshop I delivered just last week we had one originator there who registered 70 new loans last month (yes, 70 loans) and another who has closed just over $40 million year-to-date. Consider this possibility: 2013 could be the single best earning year in your entire lending career. When else will you have this perfect storm of opportunity presented to you? How long do you think it will last? Will we ever see it again in our lifetimes?
Here are five ways loan originators can make a fortune this year:
1. Be the rainmaker. Successful salespeople who make a lot of money see their primary role to create customers, opportunities and money. That’s what they focus on and that’s what they do.
As a commissioned salesperson, the more time you spend every day engaged in sales, marketing, networking, prospecting and relationship-building activities, the more new business you will find that otherwise may go to someone else. Invest at least 25% of your time every day in some form of sales, marketing, networking, prospecting or relationship-building activity.
You will find more opportunities to help more customers, close more loans and make more money.
2. Learn to let go. Babysitting your files and chasing down conditions are no way to make a lot of money in this booming market.
Take a good, complete loan application from a ready and qualified borrower, then hand it off to your support team and go get another one.
If you can’t do that you either 1) have a lousy or understaffed support team, or 2) are a control freak. Both will inhibit your income by tens of thousands of dollars this year. It’s a fact you must face: no high-producing loan originator can make a lot of money buried in paper and problems all day long. Once and for all, let it go.
3. Expand your network. Make a list of the loyal business partners you now have (real estate agents, attorneys, CPAs, etc.) who send you referrals on a regular basis. Does that look like the book of business of a mega-producer? If so, get in front of these people more frequently (phone calls, emails, coffee meetings, lunches, etc.) and ask them for more opportunities.
If your list of business partners is a short one, now is the time to enlarge it. More referral partners who know you, like you and trust you will yield more referrals and loans every day. Don’t wait until you “have time later.” By then, it may be too late. Get out of the office and develop new relationships with new people. And do it now.
4. Get aggressive. I have been affixed to this business for over 30 years. From my perspective, too many loan originators play it too safe and stay deep within their comfort zones.
This “if I don’t try I can’t fail” attitude will forever condemn them to moderate results. If you have followed this apprehensive way of thinking in the past, break free now. Stretch your comfort zone.
When you start doing things you normally would never do and contact people you would normally never speak to, you will begin making money you would normally never make.
5. Enjoy it. When business is bad, we worry when it will get better. When business is good, like now, we worry how long it will last.
Stop worrying. Instead, have fun with your business, your staff, your customers and your vendors. Bask in the glory of good times and celebrate your success with those important to you. Consider this fact: People enjoy being around happy, cheerful, positive people. It’s a refreshing and energizing feeling. Your upbeat attitude will likely attract even more borrowers, Realtors and others your way.
Now is the time to crush it. Now is the time to put aside your fears, excuses, hesitation, whatever is keeping you from having that personal best year you have a chance for. Is that a possibility for you? With half of 2013 now in the books, look at your total income earned through June. Now imagine doubling that number from July through December. Wouldn’t that be great?
