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Things My First Mortgage Mentor, Trainer, Broker Should Have Told Me...Part II

Aug 17, 2007
We've covered the fact that you're in business for yourself and, never stop learning, just to name a few. Here's a few more points that I wish I was told:

1. Find a mentor.

There is a lot to learn. So much so, it's sometimes overwhelming. Working with someone who is experienced can help in areas that are unclear and confusing.

With a mentor, you can see concepts in motion, then emulate their techniques, and finally, tailor them to fit your personality and business. Many of the greatest minds in history had mentors when you come to think about it...

Socrates mentored Plato...Plato mentored Aristotle...Aristotle mentored Alexander the Great...Warren Buffet has mentored Bill Gates...and so on, and so on.

Remember, two experienced people can also team up and mentor each other. It's called "parallel mentoring," and real estate professionals have been doing it for years. With this concept, it's not a matter of learning new skills, but finding a better and more efficient way of getting things done by working together. Teaming up with another Mortgage Professional could be the solution for you.

2. A mortgage loan transaction has lots of details.

When you only have one loan transaction, you'll be able to do it all. But when you have three, four, five, or more in the works...it's more difficult to keep track of the all the dates and deadlines.

Set up some checklists that you and your client can follow for every step in the transaction. Your customer will love you and remember you for it.

3. Spend your technology dollars wisely.

You don't need the newest and latest gizmos. But, you do need ones you understand and will use.

You don't want to over spend and drain precious finances. However, you do need to take inventory of technologies you do have and use regularly. A simple upgrade may be all that's required.

Look for inexpensive programs that can make your marketing efforts easier and more efficient.

4. You need a business plan.

No if's, and's or but's...set up your business plan now. Too many people fly by the seat of their pants on this one.

A business plan aligns your strengths and values with your business. It forces you to set long term and short term goals. It forces you to think about your business in great detail.

If your goal is to close 24 loans in the next twelve months...work backwards to determine how many loan applications you need each month and eventually, how many people you need to contact each day to reach that goal?

Break your goal into bit size pieces...like a daily contact sheet or score card...and, keep track of your efforts.

5. Sometimes you just have to say "NO."

Sometimes you let your prospects dictate to you. If you control your time and efforts, everyone wins and the service you provide is exceptional.

Stick to your schedule and try batching your work. For instance, rather than answering each call as it comes in...return your morning calls at 11 AM and afternoon calls at 3 PM.

Be efficient and organized but not to the point of providing poor service.

6. Continue to invest and re-invest in yourself and your Mortgage Business.

If you don't continue to invest in marketing programs, self-improvement courses, continuing mortgage education, newsletters, and other mortgage services that will improve your lot...you'll fall behind your competition and surely fail in the mortgage business.

How much should this investment be? A minimum of 10% of your gross mortgage earnings is recommended. Many Mortgage Professionals I know invest close to 20% of their gross each and every year back into improving themselves and their business.

If you're new to the mortgage business you need to not only make a time commitment but a dollar investment as well. The drop-out rate in the mortgage industry is extremely high. Don't become a statistic.

Invest and re-invest in yourself and business each and every month. Budget the dollar amount and then review and increase that amount as you close additional loans. You'll be guaranteeing
your advanced degree in marketing and finance and your mortgage success.

7. You'll have "bad" days, and then it'll get even worse.

Yes...we all have them. And, because you're dealing with deadlines and people being inconvenienced...things can get a little heated.

So, do the best you can...don't panic...keep people informed, and...be honest. Everything will work out for the best...and just kept smiling:)
About the Author
Tom Domin is the author of "101 Ways to Originate Mortgages" and publisher of "Tom's Mortgage Tips" a twice monthly Mortgage Newsletter geared for Mortgage Professionals. Increase your pipeline and put your mortgage career on the fast track and sign-up for FREE at http://www.MortgageMarketingToolKit.com.
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