Loan officer today and business owner tomorrow
“Nothing is so successful that it can’t be mismanaged. If you lose sight of what you are doing, it could be here today and gone tomorrow.”- Jim Pohlad (Owner of the Minnesota Twins)
What are you doing? Are you chasing w-2’s, taking loan apps, hustling for loans and dialing for dollars or running a high performance team that takes care of all that hustling so you can go put together big deals? Either answer is great depending on your goals. So, why do you work as a loan officer in the first place? Money, kids, to make a difference? This is a very important question and the answer to which must be kept front and center, or it will be gone.
Often, when loan officers start their businesses they new they were doing it to build a better life, have more time, make a difference, etc. But, along the way they became not only the loan officer but the CEO, CFO, COO, manager, supervisor, and sometimes even the hourly wage worker. The ideals of a better life get swallowed with working harder and surviving and paying the bills. Without much thought, just like that, you can lose sight of what you got in this for in the first place. How much are you doing that you could pay someone $15 an hour to do? Do you know how much your time is worth?
Since I can’t speak to everything in a short blog, here is an overly simplified model to a better life in the mortgage business:
- Solve the money problem – If you don’t plan and save to get far enough ahead to invest in others and better systems you will be left spending everyday and hour (every dinner with your spouse) not thinking about anything, except, how can I make more $ so I don’t go out of business. Some people never solve this problem in their entire life- this is very sad to me as a coach. And you will get burned out in this industry.
- Solve the time problem – Use the money you saved or set aside in step 1 to buy yourself more time. Hire, delegate, create, and build new time saving systems. Technology is key in today’s world for increased efficiency. Every minute hustling loans is a minute you lost from your family, friends, and future.
- Use the time you bought for yourself to find inspiration, new ideas, better ways of doing things, and creative energy to build your life and/or your business to new heights. This where it really gets fun!
Where are you stuck? Which step is next? How are you going to get to the next step?
Of course, I’m here to help you do that. Just never lose site of what got you in this industry in the first place. Have fun!
Helping loan officer’s turn into business owners everyday.