As published in Scotsman Guide's Residential Edition, January 2005.
The No. 1 way to relieve all stress in the mortgage business is to close a lot of loans. In this article, I will show you how to do so consistently. A consistent pipeline produces predictable income, and predictable incomes produce happy loan officers. Whether your income goal for six figures is in the $100,000 range or six figures nearer the million dollar range, this is truly the year for you to break through! You have everything you need to excel.
Last month, I talked about strategies you will need to “go all the way.” This month’s article will focus on the six steps to produce the highest income in the quickest way:
Step #1: Preparation
Equally as important as having a written plan is being totally prepared in other areas. First, I suggest that you begin every day expecting to win. I like the Boy Scout motto: “Be prepared!” The loan business can be very intense. Get yourself there mentally, physically, emotionally and spiritually. You were designed to win. Define what your “Best Day” will look like. Having a “Best Day” will guarantee a “Best Year.” Preparation also includes making sure that you look and sound like you mean business. What is the first impression your customer will get from you? Make it professional and compelling.
The most important time of your day is the first 30 minutes after you get up in the morning. Read or listen to something inspirational or motivational. This habit will create your rudder for the day, your “true north” and keep you on track. Adults have over 60,000 thoughts per day; make certain you have more positive ones than negative in the first 30 minutes. However, too much preparation can cause a “delay of the game,” so do not spend too much time on this first step.
Step #2: Education
Invest in yourself; to earn more, you need to learn more! Spend time every day acquiring the skills you need to break your income goal. Coach John Wooden said, “It’s what you learn after you know it all that counts.” Which areas of knowledge will most improve your results? Be sure you gain product knowledge every day to create credibility, confidence and closings. Knowing your product makes it a lot easier to solve your customer’s problem since solutions come from product knowledge. Upgrade your closing and conversion skills. Your ability to get your customers to sign on the bottom line defines your income. Don’t become complacent about learning and self-improvement. Complacency breeds indifference and opens the door for your competition to pass you by.
Master the art of influencing your customer to buy from you. Remember, you are trying to create an emotional experience for your borrower, not a logical decision. Learn better questions and do less worrying about the answers. Risk more in your approach. Challenge yourself and the borrower. Be willing to fail. All progress in life is preceded by small failures, so fail yourself forward.
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