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Rami
36 Posts |
 Posted - 01/25/2005 : 8:18:03 PM
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Hi everyone and thanks for taking the time.
I just entered my second month in this business and I am sure i still have so much to learn from everyone here and that's why i am here.
I want to know if having one deal per week is an attainable goal or am i being a bit unreasonable considering that i am still new to this business?
If it's doable, what will it take? what sort of plan?
Any guidelines would be greatly appreciated.
Thank you.
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jeffg
1031 Posts |
Posted - 01/30/2005 : 10:07:25 PM
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Hi, Rami, didn't look like many wanted to "cough it up" and share their results. Rami, anything can be accomplished with enough desire and knowledge.
Most brokers will tell you, "Hey, man, just bring the desire." Then what do they do? They tell you, "There's the desk, here's the phone, there's the bathroom, and oh yeah, here's some old leads (2 years old) for you to call on.
This is all the training I EVER received from any of the Broker's I ever worked at. Within 6 weeks of my initial loan selling experience, I made $85,000 in payable, with my broker to pay me 25%. Did he pay me? Nope, he fired me and kept all the money! Welcome to the crooked loan business in California! I sued him in small claims court, but only recovered $4,000 after he claimed I was "only a telemarketer." Not what was said on my card! What made me sell this much with no training? I had "life experience!" I know how to sell and I'm one of the best closers in the business.
But, with no KNOWLEDGE, I wasn't as effective as I could be. What knowledge did I need? I needed to know what I could do and can't do. My suggestion here is to hook up with your lender reps where you are and BEG to get some help from them. Tell them that "How can I sell your damn products if I don't know what the hell they are?" This usually gets them! They can't argue with logic. This is how I learned. It's NO excuse that "no one" told you! I'm telling you right now---- you will be a worthless loan officer without knowing the difference between a 500 Fico Stated Income 100% LTV Cash Out Refinance versus a non-owner occupied condo that needs a 125% LTV. You will be spinning your wheels with these borrowers if you have no idea what lenders will buy this ****! You can't send a IndyMac deal (typically an a borrower) to WMC and expect the same rebate.
So, you want to do a deal a week? I'd rather see you say, "I want to make _____ amount of dollar each month. If you work at Di-Tech, the average guy there closes 40 deals a month. Wow! But, he only gets $300-$400 a deal. Personally, this would drive me to the loony bin! I make on average $5,000 a loan! This way, I don't have to work as hard.
What's great about this business, is you get what you want! But if you only get a 25% cut----this is foolish.
What state do you work in? I'm in California, the mortgage capital of the US! If I was able to sell this kind of money in the most competitive state in the country, you can accomplish more where you're at! If you're in CA, you should call me---- I only take $500 a deal, you get the rest.
So, initially, I hope this answered your question. Don't focus on deals a week, focus on your income needs and desires, then you can back into how many deals you need a month!
But, if you don't get the proper training, you'll get a training lesson----one that is EXPENSIVE, man---- the one that ends up costing more deals than you could have had!
Jeff Gruhler
Broker/President
American Fidelity Mortgage
530-477-6095 |
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Rami
36 Posts |
Posted - 01/31/2005 : 06:20:01 AM
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Hi Jeff,
I really appreciate you taking the time to reply to my post. I don't know why no one commented on my post in the first place.
Anyways, i am located in New Jersey. As of now, my cut is 30%, and it's been a month and i haven't made any sales yet, i am only working there 3 days a week, from 10am to 7pm, i just can't quit my other job until i get some cash coming in through the Mortgage business. That's why i wanted to know what it takes to get me going, i wanna give it a 100% so i can get things moving. Some people are telling my to start making cold calls, some are telling my to start talking to friends and people i know, which i am doing already.
So i don't know, i am gonna keep at it until i figure it out.
Thanks for the offer Jeff, i would not have hesitated if i had lived in California. It seems that you have been around for a while and know the in's and out's of this business. |
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jeffg
1031 Posts |
Posted - 01/31/2005 : 08:10:56 AM
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Rami, there is only ONE sure thing to success, and that is not unique to the mortgage business, that is HARD WORK!
If you're just "checking this thing out," you mine as well pack the backs and look for something else! I've been successful in a lot of things, but success is a lot like getting a college degree.
Only 24% of the nation ever gets a degree. Many start, but never finish. Why? Is it really hard? Not really. But it takes about 40-50 classes and 4 years of one's life to get it. I was a 3 three time college dropout, mainly because I've always been "starting a business" and never had anyone pay for my school. 2 years ago, because of the flexibility of the mortgage business, I was able to go and pay for tuition at Cal State Fullerton, and I just graduated in May with a degree in Communications with an emphasis is Advertising and a minor in Business Administration. I have 2 kids and a wife that doesn't work and I took 5 classes a semester. I made the Dean's List and wasn't one of those lazy *******s that filled most of my classes. I still made a living in the mortgage business and was self-employed.
To me, there is no EXCUSES that anyone can give me that I'll accept for NOT making it in life! This is America! But for the past 30 years a school system has been teaching the "old industrial formula"---go to school and get a good job----find that "good" job and I'll kiss your ass! There isn't one!
Go and buy the book: Do What You Are, by Tieger and Tieger. In this book it does some "soul searching." See what personality you are, etc.
I'm NOT responding back to any of your comments again, until you have purchasesd this book and READ it. Winners don't give excuses, man! They "get it done."
Jeff |
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Darin Ferraro
7814 Posts |
Posted - 01/31/2005 : 7:04:43 PM
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Rami, there are tons of things you can do to market yourself. Marketing is essential and without marketing you have no prospects and therefore no loans ($$).
So cold call if you have a list, mail if you want to use farm lists from title, contact people for refi's, print flyers and have the kids on the block out them on all the doors of your neighborhood, put some ads in some newspapers or local magazines if you have them, put your cards in all the juice shops around town (where the business lets you post your biz card on a cork board), make tons of cards and give everyone you meet 3-5 of them, ask them to give your cards to their friends and family as well, deals you cant do are lead sources, give them a stack of cards and ask them to help you out by refering their friends and family and coworkers, so many marketing tactics..
You need to do all of them to make money :)
I agree with Jeff, make a dollar amount your target. With your advertising budget and/or resources available for marketing, figure out which market segment you need to target to make the money you need to make.
The obvious is subprime refinancing. Fast close, easy qual, happy customers, and best of all, nice YSP. |
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n/a
4409 Posts |
Posted - 02/17/2005 : 11:29:27 PM
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| a deal a day is more like it. if you set a goal that you will not sleep unless you get at least one deal a day you will find a way or you will die. it is a numbers game and if you are bad with numbers get out of the game. if you make 100 cold calls between 4:00 and 8:00 everyday you will get at least 1 lead a day. if you get that deal on the first call keep going and finish the 100 calls. you can get call lists from the title company free. you can also subscribe to an autodial company on the internet that will make thousands of calls per minute and when someone answers they patch it through to you in real time. it works |
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