You are Self-Employed! As a mortgage loan officer, consider yourself self-employed and reap the many benefits of this attitude. Even though you may receive a W-2, you are the primary developer of the success and income of your business. Utilizing this perception of yourself as a sole proprietor will put you on the path to increased production and job satisfaction.
Employees of an organization tend to base their performance on what management or “the boss” expects. An owner of a business thinks about the results - regardless of who is watching. Human nature is such that we take better care of something we own. Having an ownership mentality will drive you to do whatever it takes to remain successful and competitive.
Individual loan officers, regardless of the company’s marketing strategies, should have their own marketing budget. This can be anywhere from 5-15% of gross income. You may feel you do not have the income to spend and will “just wait for production to increase.” Increasing your phone calls and visiting more real estate offices will hopefully pay off, but if you utilize a combined plan of “buy-in” (spending money for name recognition and referrals) and “work-in” (spending time for name recognition and referrals) to your business, the benefit of higher production will come at a faster rate.
As you look at your current marketing and business practices with the idea of ownership in mind, a surprising thing will happen. You will find yourself spending more time expanding, or tweaking current marketing strategies and allowing your mind to open up to new, innovative ideas. Your motivation starts to change and you create excitement for this business of yours. It is as if your marketing goes into perpetual motion. One exciting idea leads to another and so on and so on.
Most employees of a company wait for the boss to tell them to learn something new. Successful business owners understand the need to continually learn and grow. Knowing that without this, they will be left in the wake of their competition that put a priority on staying educated and growing their business.
There are designations that are designed to differentiate you from other lenders. CMPS (Certified Mortgage Planning Specialist) is the first and most widely recognized mortgage planning certification in the industry. Credibility plays a large role in consumer perception. A designation states that you invest in yourself and will reinforce your reputation as a trusted advisor. Remember, customers are looking for a reason to trust you with their business.
Don’t be afraid to try new ideas! Our society is filled with successful people that have taken risks. Eventually finding victory in an idea is a wonderful experience. Experimenting brings change and great results. Remember to focus on what works and forget the ones that didn’t. Winston Churchill said “Success is the ability to go from one failure to another with no loss of enthusiasm”. Your ability to succeed is directly correlated to your ability to keep trying.
Adjusting your business attitude to one of owning your own business within the company you work for is the first step in greater job satisfaction and increased income.