Three Biggest Mistakes Even The Biggest Mortgage Professionals Make (And You Shouldn’t)
It’s human nature to make mistakes. However, it’s also human nature to learn from them and avoid repeating them over and over. In the modern mortgage industry, everything has sped up. “Internet speed” and “network effect” apply to more and more industries every day — and if you haven’t noticed, ours is already one of them. To be sure, financial services in general, and the mortgage industry in particular don’t move as quickly as some others; but that doesn’t mean we don’t move. And that pace of movement accelerates every day.
Failing to keep up is, effectively, the same as making a mistake. So, let’s look at three “mistakes” many of us make every day, and see if we can’t work through them.
Mistake #1: Not realizing we’re making one.
Introspection is the first step to self-improvement. The number one mistake many professionals make on a day-to-day basis is being oblivious to doing some things wrong, or if not wrong, then at least suboptimally.
If you want to appeal to the gen-y-ers, it is absolutely necessary to reflect and adjust to the ever-changing needs and demands of the generation, instead of anxiously clinging to the “good old” ways and refusing change. First of all, take a look at your past and current clients. Are you fulfilling their demands 100%, or are you consistently getting the job “done” but only providing 90 or even 80% of what they want? What can you do to fill those cracks and make your clients even happier?
Also, open your mind to observe and learn from your more successful colleagues and competitors, or even from professionals outside your industry. What are they doing differently? Can you implement some of the techniques in your own practice?
Mistake #2: Neglecting advancement (the 1% rule)
Number two is directly bound to number one; you can’t improve unless you realize you should. And you should. Those who constantly strive for perfection, refine their expertise and broaden their knowledge are bound to ultimately achieve more with less effort, due to the constant stream of know-how they’re consuming.
I know what you’re thinking now: I’m working almost non-stop, where the heck do I find the time to do all this?
And this is where the famous 1% rule comes in. You don’t need to become a learning buff overnight and spend weeks at conferences and trainings to advance your career. Actually, all it takes is a baby step, but regularly and with persistence. If you set your mind to it, improving yourself and your processes by 1% isn’t that hard. You can get that 1% improvement done every day — read a new study, borrow a book written by someone important in the industry, get a new productivity app, catch up with a referral, etc. It’s up to you. At 1% daily improvement, you’ll be at 100% improvement in less than four months, and it only goes on from there.
Mistake #3: Failing to keep your house clean
I know you’re busy prospecting and closing, and you hardly have time to look at your desk, let alone keep up to date with all your paperwork, and really never mind staying up to date with the latest technological trends.
For better or worse, dropping those balls is not actually an option. If you work for me, I spend a lot of time and money to take as much of that off your plate as possible, but if you don’t, make a commitment to yourself to always be on top of your game. Keep your pipeline up to date. Close on time and without errors. Follow-up. Always be in touch with your clients, agents and processors. Deliver on your promises. Be organized and reliable. Only if you execute flawlessly will you come to be considered an outstanding loan officer that people will want to work with.