Hundreds of people enter the mortgage industry every month in hopes of making big money, but most are disappointed once they get into the industry and wind up leaving after a year in the business. In this article I want to show you how to set yourself up for success as a new broker so you can have a lucrative and lasting career. Let’s get started.
Have an Emergency Fund
Mortgage brokers work strictly on commission. Now commission scares a lot of people, but this one of the best ways I have found to make a lot of money. You need to have some money put away in your savings account the day you start your new position. When you first start out as a mortgage broker, you have to get new clients and build up your customer base. The money that you have in reserve will help take care of your needs at home while you work on building up your client pipeline. Most new loan officers make the mistake of not having a savings and when they are not closing any loans within the first month they tend to want to give up on the business. You will be ahead of most of the new loan officers if you just follow this advice. Get yourself any emergency savings before you start.
Market, Market, Market
Even though you may be working for someone, you have to recognize that you are in business for yourself, so you have to treat your new position as you would treat a business. One of the key things a business needs to survive is marketing. Can you name me one business that can survive without someone knowing about them? So many mediocre loan officers sit at their desk and wait for the phone to ring, not realizing that if they are not working, they are not making any money. You need to budget every month just for advertising. I don’t care if it is as little as $100.00 a month. You have let the world know that you are out there and that you can get them in a home. You are not going to be able to do that if you do not advertise. This is another reason why most new mortgage brokers are out of the business within a year. They sit on their butts, hoping and praying for business to come in, instead of going to get it. To be a success in this business you must market, market, market.
One of mottos I live by is that if you stop learning, you stop earning. Think about it, to move from your present job to becoming a mortgage broker, you are going to have to get the education needed to become one. I want you to go far in this field, so once you get a position as a mortgage broker, continue your education. If you want to be a person who is making six figures a year (Which I hope you do), you are going to have to learn from those that are top producers. Most new loan officers complain about them not making the kind of money they where expecting to make. One thing that I can say is contributing to their lack of income is the willingness not to go out and learn more. You should go to seminars, buy DVDs, buy training courses and books that will help you get to the level that you want. To be the best and to last in this industry you have to learn from those that are the best. Every month you should be striving for a higher income goal and learning from something that will help you get there.
These are the things that most new mortgage brokers stumble on, and cause them to leave the mortgage industry and go back and get a regular 9-5, but if you follow these three things that I have outlined and have patients and persevere, you will become a success in this business, that I can grantee.
