By Brian Sacks
We all want to close more loans, make more money and still have time to enjoy life, right?
So, I want to share a very quick way for you to do exactly that.
What I am about to share with you will sound very simple and that is probably why very few originators ever actually do this.
If you want to earn more money there are only three ways to achieve that goal
- Ask Your company to raise the basis points you earn on each loan
This is not likely to happen given the compression going on in our industry. Truthfully, during this time of the year, when many originators are being recruited actively, you need to make sure that, if you do make a switch, the company you are switching to has the ability to stay in business long term. You know the old saying, if its sounds too good to be true ... it probably is.
- Work harder
This might be a solution for a small minority of originators, but only you know who you are right? The truth of course is that most of us probably work too hard already. But let's remember what we wanted as I laid it out in the beginning of the article.
We all want to close more loans, make more money, and enjoy life.
Many originators could not work any harder than they currently do so that is not a long term solution. Plus, working harder is in conflict with enjoying life, right?
One quick lesson here before we go any further.
Be careful what you wish for.
- Close the same amount of loans but make more money
Yeah, I know what you are thinking, and we could still get overage too but that isn't our reality and it is not the strategy I want to share with you.
First, an Exercise OK?
Go Back to all of the loans you closed in 2018
Write down the total number of loans you closed____________
Write down the total dollar volume______________________
Write down who you referred the deals to you or the tactic that generated it______________
Ready?
Seriously, stop reading right now, and do the exercise or the advice is useless! Print it out if you have to.
If you did the exercise than you now have some vital information you can use to quickly make more money, work less and enjoy life.
The quickest way to immediately earn more income is to increase your average loan amount so you can close the same amount of loans and work fewer hours:
--You now know how many loans you closed.
--You know who gave you those loans.
--You know what your average loan size was because we are going to increase it.
I just did this for 2018, and my average was much higher than in 2017 because I made the effort to do this exercise. The result was that I made more money closing the same amount of loans.
The other thing you will find doing this exercise is that certain agents doing larger purchases while others focus on grants and other lower first-time buyers. Now that you know this you should of course put more effort into cultivating more relationships with those agents and others like them.
Please don't misunderstand this. If you have a great relationship with an agent who occasionally does a smaller grant or first-time buyer loan that is fine. I am talking about agents who solely focus on smaller purchases.
So there you have it, and I would love your thoughts and feedback.
About the Author
Brian Sacks, a recognized mortgage expert with Homebridge Financial Services Inc., has closed more than $1 billion in loans and 5, 890 mortgage transactions. He is the author of " 48 Proven Ways to Close More Loans In Next 30 Days ... Regardless of Rates and the Real-Estate Market." You can learn more at http://48waysbook.com.
