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Guaranteeing Your Failure in the Mortgage Business

Aug 18, 2007
If you've been in this business for any length of time, you know what a great business this can be. If you're struggling...you need to ask yourself why?

Let's be clear on one thing before we go any further...

There is no one that is preventing you from succeeding. That's right...there's no one standing in your way, not rising interest rates, the fed chairman, your boss, your co-workers, your spouse, your friends...or anyone else for that matter.

No one of course...except you!

You have total control. Other people succeed, so can you can succeed...period...the end. The only thing stopping you is you.

So, let's talk about how you can easily screw up your plans.

If you spend time talking about your big plans for succeeding in your own business you're telegraphing an important message to everyone you mention it to...that you're looking for everyone to approve your plans. You're looking for approval and acceptance without realizing it.

What else does it telegraph? It says that you have absolutely no confidence in yourself. You need to keep your plans to yourself and discuss them only with trusted advisers and partners who are as successful as you want to be.

If other people say you can't do it...especially family members or friends...listen to their point of view, but ignore them. That's right...ignore them. Do it nicely, but ignore them.

If they say you're a dreamer...you're un-realistic...it really means then that you have talked too much about your plans and already wasted a lot of energy. Yes I know...It's pretty hard to convince someone that you can make your living in the mortgage business if you haven't done it yet! So...don't waste your time.

Here are a couple of good rules to follow:

First, don't tell anyone that you want to make lots of money originating mortgages (even though you can), and all of the details on how you're going to do it.

Second, don't discuss your failures and your successes with anyone either.

So why is it that your own family members sometimes try to reduce your ambitions and expectations when it comes to starting your own business or doing something different?

Because it's scary for them.

They like you just the way you are. If you suddenly become successful, they think you'll be different somehow.

The key is...they resist change. On the other hand, you need to embrace change in order to be successful in the mortgage business. That's a huge difference.

Let's look at this scenario:

You mention to a family member that you intend to start or expand your mortgage business either part-time or full-time. No matter what you say at this point, their response is: Are you crazy? How much is this going to cost? You better go out and get a job.

Yes...you'll have enough to deal with...and there will be a number of little failures along the way. But, you'll have lots of successes too.

The biggest reasons for not doing well in this business are:

1. Talking too much about what you are going to do, instead of just going ahead and doing it.
2. Blaming others and not taking responsibility for everything that happens in your life.
3. Not spending at least an hour each day studying the mortgage business.
4. Not setting goals and a plan that enables you to reach those goals and measure your progress.
5. Failing to prospect a little every single day.
6. Failing to invest in tools that can assist you in your mortgage business.

The Mortgage Business offers huge opportunities. I hope you're not sitting on the side lines and watching it go bye!
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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