The key to being a successful lender is consistency…. That’s it!

Real Estate is a funny business.  You have a wide array of personalities that get into the business. You have part time, full time, some of the time, and hardly any time workers.   Over the past two years I have closed 459 transactions and here is what I have learned….

1. You need to work every day.  This is a full time job if you want to be successful.  You don’t stroll into the office at 10 or 11am…  You get to the office by 9am and start your day… I see people working into the wee hours of the night and do not get me wrong, every once in a while that is required, but most of the time I find that people are doing this because they are not EFFICIENT with their time during the day.
2. Loans are not hard.  It really is paint by numbers every loan is different but the process should always be the same.

• It starts with a loan application.  If you do a half ass loan application you are going to get half ass results
• Based on your application gather the proper documentation.  So as you can see if you do not do step one correctly, it can throw off step two.
• Talk with you clients, set the proper expectations.  Remember that people with buy 4 or 5 houses in their lifetime, and we do this 4 or 5 times a day.  Cover the basics like, don’t move money around, don’t deposit cash into your account, don’t take days off work, don’t buy a new car, let them know how fast things move once an offer is accepted, let them know they need to make this a priority as well, ask them how long they plan on being in the house…. what are their short and long term goals.  If nothing more, it shows you care about them as people, not just as a transaction.
• Create a system and follow it EVERY time.  My assistant and I prequel, collect documents, request title/escrow, order the appraisal, stack a file, request items, etc… the same on EVERY file.  It is the ONLY way we can identify where something went wrong IF something goes wrong at all.  If you are always changing the way that you do things, you cannot identify what IS and IS NOT working… There is POWER in consistency.
• Get to know your agents.  I mean really know them as people…  There is a lot to be said for respecting them, knowing them, and being able to communicate with them.  I NEVER like to let my agents down because I genuinely like them and view them as friends.  Of course you don’t want to mess anything up because there is a paycheck on the line but it comes from a different place when you actually KNOW and LIKE them,
• Take care of those that take care of you.  I could not do what I do without the help of my processor, my assistant, the funders, the loan openers, etc…  Every once in a while buy them lunch, give them gift cards, or simply say thank you.  This is a relationship business and I think all to often we forget this.
• Realize that “no” builds credibility.  All to often people are looking for someone to tell them yes.  This business is full of “yes men and women” who just tell everyone what they want to hear instead of what is reality.  It is not always easy to tell an agent that a buyer does not qualify for what they are looking for, or to tell a buyer that they need to do “this or that” to qualify…  What I find is that lenders tell everyone yes just to “get the business” and then deal with everything once they are in escrow and have everyone “hooked” (for lack of a better term).  This is how you ruin your name and give everyone a bad taste in their mouth.
• Invest in people.  For me, I personally like helping realtors grow their business.  I love working with realtors that treat this as a career not a job. We essentially are our own “brand”  If we think of the big picture there is so much that we can do… I have closed 40 loans a month and have realized the work that goes into that is not much more than closing 15.  It is all systems and consistency.  If no one ever took a chance on me I would NEVER have made it this far.  I have had people invest  a lot of time in me and I take it personal.  I do NOT want to let them down…  I am always looking for that next realtor that is wanting to do MORE than what most people think is possible because that is when this business is FUN!

 

It really is paint by numbers, if you can just remember that

1. Is Blue

2. Is Green

3. Is Red

4. Is Purple

The loan (picture) will change, but if you stick with that the end result will always be the same… A funded loan, with a happy realtor and happy buyer!!!   It really is that simple.