How to be a Successful Loan Officer in this day and age

[Erik Estrada]

It is a very challenging market for many Loan Officers and Brokers. Although rates are starting to creep down, the cost of housing is not. Many home buyers have to show substantial income to qualify for homes in high priced markets like California. It's not easy to find these clients. Being 24 years old with no real estate background, I would like to share with you my top 3 secrets that has led me to be very successful these past couple of years. 

1. Don't take everything personal. 

I am pretty sure just about every Loan Officer is getting shopped like crazy now. No matter how many times you have explained the benefits, sent multiple estimates, and followed up with a client, they still go somewhere else. Don't fret about the shoppers that will nickel and dime you on every fee or will show you a big portfolio to make you go skinny on your points. It's not worth it. Those clients do not know how to do business and will be out by the time we have another market swing. Your goal everyday is to quickly disregard the nickel and dimers and focus on the clients that just want to get things done! 

2. Focus on your reputation, not the commission. 

I get it. Everyone is hungry to get paid. I could only imagine those LOs that started during the Refi boom... But that does not mean you have to bend to everything your client/referral partner wants you to do. Know your boundaries and work on delivering an excellent service to your best clients/referral partners. Notice how I said best. Your best clients are the ones happy to work with you. They will not shop you and they understand how difficult it can be to finance a property. The benefit to focusing on your best clients is that you will get reviews and referrals. If you want to be a successful LO you have to have several reviews and a substantial amount of referrals. 

3. It takes time. 

If you are the type that goes to the gym and expect to have massive biceps and a big chest within a few months, you will not be successful in this industry. You have to look at this like your fitness journey. Have a workout split, plan, and goal for the next several years. Your first year will be awful! Your muscles will be sore every day, you will see people doing much better than you, and you will constantly fail. If you quit now, you will lose all your progress. The longer you stick to your plan, the more successful you will become. There is no shortcut to this. You have to put in the work to prospect every day and build your business to what you want it to be. 

Hope this helps!