As published in Scotsman Guide's Residential Edition, July 2008.
Whether you are in sales or management in the mortgage business, the level of your knowledge is one of the most-important aspects of your success. To build your knowledge, you must educate yourself continually. This is a vital component to achieving excellence in sales and leadership.
In fact, the more we educate ourselves daily, the more excellence we will achieve and the greater our level of success will be.
You've likely heard that knowledge is power. That statement is actually false -- knowledge is not power unless you apply it. Many knowledgeable mortgage professionals are unsuccessful because they have not converted their knowledge to its correct application.
You've also likely heard that practice makes perfect. This also is false. Rather, practice makes permanent. Whatever you practice becomes your habits -- right or wrong. For example, consider one thing at which you have been successful outside of work. Whatever it is, the reason you are good at it likely is that you've done it many times. You learned the right way and then applied those skills to create excellent habits.
This is the formula to success in business and in life, but you must learn the right way first. Everything we do well in life we do because we are knowledgeable and educated in it. The most-knowledgeable loan officers typically are the most confident and successful.
To be among the most successful and to reach excellence, then, you must educate yourself and your customers continually.
Start each day with education
One of the best tips I ever got was to start every day with 20 to 30 minutes of good information. By reading books, articles and other literature on sales, motivation, communication, etc., from some of the most-successful businesspeople in the world, you gain a great deal of knowledge. You also become more confident and highly motivated from the information you gain.
The key is to choose the right information resources. To achieve holistic success, your informational intake should be a mix between skill-based, industry-related and personal-development education.
• Skill-based education: There are three areas on which you should focus -- sales and leadership; communication and interaction; and organization and time management. There are many excellent industry-specific and general sales and business training programs, books and articles you can access.
• Industry-related education: Industry information is a must. You can stay on top of what is happening in the mortgage industry through industry publications, Web sites, newswires, associations, etc. Knowing what products are out there, what the real estate market is doing, what regulatory and legislative changes are happening, and what rates are doing, for instance, is vital to your success. Also keep an eye on related industries and the general economy so you know what is happening and how it affects your customers. The more knowledgeable you are, the more credibility you have.
Page: 1 2 Next