7 Strategies Loan Officer Can Take To Become a Millionaire.
Money certainly makes the world go round, as a loan officer, you are probably greatly aware of this. We are looking for ways to make a great deal of money and enjoy success at the same time.
Now comes the whole reason for this report, the earnings section. In general, a loan officer is paid with a commission. The commission is based upon the amount of loans they have originated. In 2005, the highest paid loan officer within the United States, with three years experience, was $100,000. By using this report, you can work to maximize your earning potential and learn what it takes to become a millionaire in five years or less. Because of the earning potential commissions have, the control over your paycheck is yours. The following seven steps as outlined will help you maximize your time, profit, technology, and so much more.
Here we begin on the seven steps needed to become a millionaire in five years or less. By following these steps, you will learn exactly what you need to do as a loan officer to.
maximize every aspect of your career.
Learn what it takes to increase your profit. It is not secret, especially in the world of commissions, that in order to make more money as a loan officer, you must learn what it takes to close more loans. This is where all of your income derives from, your ability to quickly make use of all of your resources to enable you to close the loans in a shorter amount of time. We will discuss the time factor in one of the next steps. The more loans you close, the more profit you make.
The best way to establish more loans is to prove yourself creditable to potential clients. You have to show the clients that you have their best interest at heart, be helpful in all aspects of their application from beginning to end, and prove yourself to the overall popularity. These are all important in the beginning stages. As a new loan officer, you will have to establish clients and if you do so correctly, many will be repeat clients, which are the best. We love repeat clients, because they continue to come back for any loans necessary rather it be mortgage loans, personal loans, or any other category of loans, but only if they are happy and satisfied in the first place.
We all wish we had more time to spend in specific areas of our lives. As a loan officer, it order to generate the amount of business and loans need to generate more income you will need to learn to better leverage your time spent in various phases of loans. By managing your time wisely, you can increase your business and maximize your earning potential, which leads us on to step two.
In efforts of managing your time efficiently, we suggest that you hire a personal assistant. By implementing a personal assistant into your business plan, you can place your own time and concern where it is most profitable, into the sales. After all, in order to make the type of income we want, selling is at the heart of it all, right. Therefore, hiring a personal assistant should be a big part of your overall scheme of becoming a millionaire in five years or less.
What will a personal assistant do for you?. Well, he or she can take care of the mundane things that you just do not have the time for. For example, the appointment scheduling, your personal assistant can do this for you. Appointment scheduling is a necessity in the business of a loan officer; however, by placing this task within the hands of a trusted assistant, you will leave yourself the time needed to focus on the main areas of your business.
A personal assistant can also help you by generating the necessary paperwork needed to close the sales. As you probably well know, a loan officer will spend a good deal of time in just preparing the paperwork needed in various aspects of a sale. This paper work includes writing a sales plan, obtaining the application, and many other loan documents upon closing. This also includes obtaining copies of and filing any documentation given by the applicant. Essentially, the assistant takes care of the time consuming details, leaving you with the ability to increase your sales.
Another time saving strategy and works well in generating new potential borrowers, is taking full advantage of the latest and greatest in technology today, which.
brings us to step three.
Save time, money, and increase clientele, by taking advantage of auto-responders. If you are not familiar with auto-responders, you will definitely want to pay close attention to this section. If you are familiar with how auto-responders work, you will still want to read this area and learn how it can help you as a loan officer.
An auto-responder is a helpful system that has been created to automatically respond to messages and emails instantly. With the amount of email that can appear in your inbox on any given day, an auto-responder is the answer you have been looking for. Do you find yourself focusing more time on answering your many emails and messages, than actually closing sales?.
If you answered yes, you should really consider an auto-responder to assist you. The auto-responder is designed to “read” the message sent and determine which of your customized responses should be sent as a reply. Of course, if you do not want to create “answers” to the many different questions a potential client may have, there are other options available with an auto-responder as well. You can create one email that is sent as a reply or target a few key and important aspects of your business, such as areas regarding financing options, searching for a home, credit history, or down payments.
Save more time, generate hot leads, and eliminate “cold calls”, by making use of another technological product, called a 1-800 hotline call-capture system. This type of system is a big ball of income generating, time saving, and lead generating all wrapped into convenience. With a 1-800 hotline call-capture system, you have the ability to literally sit back and watch the potential borrowers come in.
This system provides you with a 1-800 number and a recorded message specific to your business. Each system is different and will have different features they can provide you with. Therefore, it is important, before choosing a call-capture system, that you do your homework and choose one that will benefit you, as a loan officer.
Some systems may offer call capture, which will grab the name and telephone number of those who call the systems. Others may provide you with instant notification (via email) of every call received. You may find a system that provides you with tracking for your specific advertising campaign. Regardless, of which features you need make sure that it saves you time to target these potential borrowers and turn them into sales!.
Organize yourself, save time, and potentially money by implementing a contact management system, such as ACT. By implementing this software, you will have the ability to keep you customers and contacts organized and easily accessible. Without organization, you can expect to have your entire workplace become hectic and time consuming.
With this system, you can “file” all of your customer contact information such as their name, phone number, address, website, email, ID status, last date of your meeting, or any other information you wish to include. You can create records specific for that company or individual and keep documentations of your opportunities, history and notes with that specific client.
Furthermore, with a contact management system, you can keep notes of all communication between you and client, write professional letters right in the program, and write emails to any client. This system essentially creates a better working environment for you, using the latest technology. You or your assistant can use the system to schedule meetings and calls, create to-do lists, and create a calendar. Lastly, you can keep track of your sales opportunities and create activity reports in order to ensure your time is efficiently managed.
Once you have implemented the above steps, what do you do with that extra money?. INVEST IT! Yes, that is right invest that extra profit. When you invest in the right areas, you can effectively increase your income. Taking the extra profit, you have earned, by learning to increase your sales and manage your time more wisely and investing it into real estate or stock, could be the key you have been looking for to increase your earnings.
By choosing the best market for you, rather it is real estate (buying and selling homes or even renting a home out) or investing in stock, if you choose the right avenue you will find yourself on the road to becoming a millionaire in five years or less.
The last step, is any loan officer, MUST have the desire, will, and strength to succeed. Does this mean you should be pushy and in the face of any new potential borrower?. No, you should not be pushy, but you should be helpful, offer them new information, incentives, and show them you are the best of the best. If you have the desire to succeed, it will shine through each time you have a meeting or any type of contact with a borrower.
It is important to identify yourself with potential clients as reliable, forthcoming, and honest. If you can do that, the world is in your hands.
So there you have it folks, seven strategies loan officers can take to become a millionaire in five years or less. By implementing each one of these strategies, you will find yourself saving time and making much more in commissions.