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Success with Subprime
by Brian
Sacks
Do you have a question for Mr. Sacks? E-mail
it to brian@loanofficersuccess.com.
Click here
for more articles by Mr. Sacks.
What does Success Mean to You?
Wow! What a year we are enjoying. Low rates...many of our
previous clients refinancing...lots of new home buyers. It really doesn't get much better than this.
In fact, 2003 may prove to be a much more difficult year
in which to do business. The predictions are that rates may go up in 2003 (there isn't much room for them to go
down), refinancing activity will slow down, and there may be less new purchase business with unemployment on the
rise!
So much for predictions. The question is, What are you
going to do about it? Since it's a new year, you should start by having a plan.
What Does Success Mean to You?
What does it mean to be a successful mortgage loan officer?
Would you feel successful if you made $50,000 this year? How about $500,000? $1,000,000? Because the definition
of success is highly individualistic, one person might be happy and feel perfectly accomplished making $50,000
a year, whereas another might feel unsuccessful making anything less than twenty times that much.
Regardless of the income level associated with success,
there are other issues that are factors. It would be a hollow achievement indeed to reach an annual dollar volume
goal at the expense of your health or sanity, or at the expense of spending time with your loved ones and ensuring
the overall wellbeing of your family. True success entails not only working hard, but also working intelligently
and efficiently - working smart - so that you can have a life and devote time to achieving non-business related
goals.
Over the years, I've seen numerous loan officers - decent,
hard working people striving for success - become frustrated and leave the industry. That's unfortunate, because
we need all the good people we can get. There's no question that this can be a very competitive business. You can
get jostled, bruised, pushed back, run over, and easily discouraged. That is, IF you choose to line up shoulder-to-shoulder
with all the other loan officers in your area and say similar things, and use the same tactics. If you ask me,
that's not working smart.
I suggest an alternate approach. Learn all you can about
a particular niche in the mortgage loan industry and establish a unique identity for yourself. Go where your competitors
aren't and provide something they don't provide. When you become an expert in the niche, you really eliminate most
of your competition. Having your own clearly defined niche enables you to remove yourself from the rat race. It's
like having your own personal HOV lane to cruise in, except this is the FOE lane - For Experts Only!
How to Set the Stage for Success
The system I've developed is built upon three important
activities: setting realistic goals, developing and implementing a plan for achieving those goals, and monitoring
progress along the way. This is the first of a series of monthly articles detailing these activities. You should
understand that these are not three totally separate, sequential activities. There're more like the strands in
a braided rope. On any given day, I could be involved in all three activities at one time or another.
Setting Realistic Goals
I mentioned earlier that I've seen some struggling loan
officers leave the business out of frustration. I firmly believe their chances for success and satisfaction would
have been increased if they had established realistic goals and made a plan for achieving them. Sure, they probably
all knew that they wanted to make a lot of money, but they didn't know how much, what for, or how. They became
lost at sea so to speak, and didn't know where they were trying to go or how to get there.
It's time for you to clarify what you want to get out of
this business.
- What do you want to achieve for yourself and your family?
- What is important to you?
- What are your interests?
- What are your dreams?
These are the questions to ask as you begin to focus in
on setting goals for yourself. Remember, we're talking about both business and non-business goals here. A price
tag can be placed on your material needs and wants, such as a home or cars or electronic gadgets. These things
can be purchased with the money you earn from time on the job, which directly relates to your bottom-line, or "dollar
sign", business goals.
But keep in mind that all of your non-material needs and
desires (your general health, peace and sanity, family health and unity, strong personal relationships, etc.) are
generally earned with the time you spend away from your job. Balancing business goals that involve setting a target
income with non-business goals that require you to clock out and go home is a never-ending challenge for all of
us who seek success and happiness.
After you establish realistic goals, it is essential that
you remain focused on them as you go about your daily business. They should guide what you think, what you say,
what you do.
In my first year, the yearly goal that I set translated
into doing a million dollars worth of business each month. I wrote "$1,000,000" on three slips of paper
and taped one to my bathroom mirror at home, one on the dashboard of my car, and one on my computer monitor at
work. My goal was literally constantly staring me in the face.
There were times when I was driving home, tired at the
end of a long day, that I would pass by a real estate office I had been planning to make contact with, and I felt
like continuing on my way. But the little note on my dashboard made me stop, and it helped land me some business
that I wouldn't have had otherwise, and it helped me achieve my goals.
Click here
for more articles by Mr. Sacks.
Visit Brian Sacks's web site at www.loanofficersuccess.com.
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