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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.
How to Become the Expert
We now know the benefits of choosing a niche and becoming the expert. So how do
you become the expert?
To become the expert in a your niche, you really must have a thirst for knowledge.
You have to commit yourself to knowing everything there is to know about your particular area of mortgage banking.
I'm serious - everything! If you believe there is a bit of information out there in some book that will help you,
or an idea in someone's head, then you need to read that book - you need to "get inside" that person's
head. If you don't, then you are leaving the door open for someone else to get ahead of you.
Do you remember playing "king of the hill" when you were young? Do you
recall any reward or glory associated with establishing a spot for yourself somewhere on the side of the hill?
The idea sounds ludicrous, doesn't it? It's really no different in this business: It doesn't pay to be the one
who knows almost as much as the expert.
Read
Of course there are plenty of traditional, standard ways of getting the knowledge
you need. As I've said, read! Reading is an ideal way to become informed because you can do it anytime, anywhere.
I couldn't begin to list the books that might be helpful to you - I take that back - I can begin, and I will, by
mentioning just one book: Napolean Hill's Think and Grow Rich. This book has inspired me to be my best and to do my best, regardless of what I'm involved
with. It will benefit anyone working in any niche.
As far as I'm concerned, always doing your best is part and parcel of being an
expert in your field. Who needs an "expert" who does things half-heartedly or in a half-baked way? As
far as getting the niche-specific information you need, you'll just have to be on the lookout for appropriate books,
pamphlets, magazine or newspaper articles, and the like. They're out there- it's up to you to find them.
Attend Courses
You should also take courses and attend seminars to increase your knowledge of
mortgage banking in general and your niche in particular. I recommend taking a basic real estate course - I actually
require this of the loan officers who work for me. I send them to this training so they can maximize their understanding
of our profession and serve our clients better. Then when they sit down with a client, they know the issues and
concerns from the agents' point of view, and they can talk real estate lingo. It really improves their credibility.
If you do any less, how can you claim to be the expert? Also, this information is invaluable when they sit down
with someone doing a "for sale by owner." It's impossible to provide good counsel to these clients without
a solid background in real estate.
Shadow
"Shadowing" is one way you can learn on the job from someone who is
experienced. This simply involves "being their shadow" - trailing them as they go about their daily business.
In this way, you get a first - hand view of how they do it. Such face-to-face, on-the-job encounters with experts
enable you not only to acquire knowledge, but also to tap into their expertise and see wisdom in action. I have
actually used this strategy to learn the in's and out's of the title business. For an entire week, I "clocked
in" at a title company - I was looking over their shoulders, asking questions, observing - and it has made
me a better loan officer. It's all about educating yourself and becoming the expert.
Find a Mentor
Establishing a relationship with someone who agrees to be your mentor, or coach,
is another way to acquire expertise. These types of relationships are generally more involved than shadowing, and
they can go on for an extended period of time. It's best to be in this type of relationship by sitting down with
the person and spending some time getting to know each other. From that basis, ongoing coaching/mentoring can usually
be conveniently handled by phone.
Many people in our business are happy to give of their time to help younger colleagues
learn the ropes, so to speak. The key here is to establish a relationship with someone who represents the achievement
of your goals. If your goal for the year is to do $2 million worth of business each month, someone who has never
achieved that level probably doesn't have much to offer you. You need to be in touch with someone whom you consider
to be successful, and you must be careful that the relationship you establish isn't a terrible drain on the person.
It should be pleasant for both of you.
The mentor worksheet can help you enlist the help of a mentor.
The next issue will contain several more tips on becoming the expert.
Click here
for more articles by Mr. Sacks.
Visit Brian Sacks's web site at www.loanofficersuccess.com.
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