By Jennifer DuPlessis
JP Morgan said, “The first step towards getting somewhere, is to decide you’re not going to stay where you are!”
Self-assessment is a key component in determining your emotional, physical, and financial health. If you aren’t happy where you are now, I have five suggestions to help you get to where you really want to be. In today’s market where everyone is trying to find ways to differentiate themselves, there are some critical steps to take that not only will improve your emotional and physical states, but your financial health as well.
- Find your passion
Step one: decide on the vehicle in which you are going to achieve success. Here’s a shocker – in today’s market it isn’t about all the cool, new products you offer. I repeat, it isn’t about all the cool, new products you offer. If you are reading this, you can check off this step because you have already made the decision to find financial peace through pursuing work in the mortgage industry. Whether you are a loan officer, processor, underwriter, etc., you’ve determined that mortgage lending is for you and that working in this industry will provide you with the best path to achieve the health and wellness you desire. Make no mistake, your health and wellness aren’t limited to money alone. True happiness is found in finding something you do every day that doesn’t seem like work at all. Helping families realize their home ownership dreams is quite honorable no matter your role in the process. If this is your passion, run with it.
- Focus
Once you’ve found something that you are passionate about, it’s time to focus on something specific in the mortgage space that you absolutely love to do…aka, “Niche to Grow Rich”. Let me use my chiropractor as an example. What comes to mind when we talk about chiropractors? Cracking our backs, right? Except my chiropractor offers laser treatment, traction, nutrition classes, healing oils, massages, and electric treatment. Well that’s confusing isn’t it? I wonder what he really does the best. Is he great at everything or just one or two activities? What if I choose something he isn’t that great at? Will I get the best results, or will it be a waste of time and money?
Does this sound familiar? As loan officers, there is such an overwhelming tendency to tell everyone every last product and program our company offers. The result is that our partners and clients end up drowning in information and starving for wisdom from us. Think of this. What is the difference between an M.D. and a heart surgeon? A lot! You can be a generalist or a specialist. I have news…specialists make much more money and spend less time trying to be all things to all people. They stay in their lane and are the best at what they do. Full service one-stop lending shops and loan officers are getting lost in this competitive world of lending. To stand out you must absolutely become an expert at something that charges you up. I don’t feel it’s necessary to follow the herd and do what others are doing. If it works for them, great. But please know that their niche may not work for you as well. Why? Because it may not align with your passion
- Learn from experts
I knew from the start of my career that I wanted to be known as the teacher. I have taught workshops, continuing education, sales sessions, and lunch-and-learns on topics that provide professional growth. That’s one of my niches. From a loan perspective, I’m known as the “Investor Loan Lender.” I’m an avid real estate investor so why wouldn’t I specialize in these loans as well? It has allowed me to spend the majority of time connecting with investors, realtors, financial planners, and estate attorneys to talk specifically about how I can help with wealth creation through real estate.
This doesn’t mean that I only do these loans, and herein lies the fear for most sales people, lending or not. We think we have to be the jack-of-all-trades and master-of-nothing or we won’t get busy. That’s just crazy! Niche in one or two areas, gain the respect and reputation, and then watch the business flow in for everything. A commodity is not memorable; a specialist is always shining.
A realtor colleague of mine, who also specializes in investors, could have simply told everyone she talked to that she specialized in investment properties or even held investor classes on weekends. Instead, she invited potential clients on a bus tour of possible buy and hold properties in a small but highly desirable area. They had lunch at a local hot spot and she asked me to talk about loans while traveling between the various home tours. Now that’s what I call a true niche and a differentiator. Have some fun and think out of the box.
You’ve determined that lending is for you and you have selected one or two niches. Now it’s time to learn everything you can about your pending specialty. The quote “the more you learn, the more you earn” is so dead on. After all, what would be the alternative? “The less you learn, the less you will earn”.
Things that can prevent you from originating could be daily review of guidelines, loans in process by other loan officers at your company, proper structuring, talking to the account executives, or outside resources for loans your company’s overlays. Perhaps try reaching out to others who are already successful in your niche. But most importantly, reach out to others who are already successful in your niche. You will want to learn how do they market themselves, where do they network, their successes and lessons learned.
- Take action and implement
When you are ready, it’s now time to take action and implement how you are going to become the specialist in your marketplace. In my book, LAUNCH! How to Take Your Business to New Heights, I talk extensively about this step. So many people talk about success yet fail to take action. Mostly because they don’t possess the true passion to light the fire under them.
I was just watching the movie Rudy a few weeks back and, in the movie, Rudy was told so many times that he was just a ‘dreamer’ and that dreamers rarely find success. He had to prove himself by implementing, reviewing, and adjusting his plan for years. He also stayed focused and on-course for those actions that were helping him reach his goal of playing for Notre Dame.
- Review and repeat
Please don’t set it and forget it! Always be assessing what is working, what needs a quick tweak for improvement or what needs a full overhaul. Ask yourself what you are good at, what you love to do, and what makes the most financial sense to implement. Will you be known for doing events or seminars, or will it be for sponsoring sporting events or mixers to get the word out? Will you work with just a few partners or everyone you can find? What are challenges for clients and partners in the specialized area you are pursuing? Can you help them with your current products and company? What will create your differentiator while in your niche?
For example, if you wanted to specialize in builder business, should you have a meet and greet so you can meet some builders? Should you join an association so that you can find out more about what are their challenges before you meet them to avoid solving problems they don’t even have? Are you going to work with a few builders or hundreds? Small boutique builders or national chains? This requires some thought as you can see, but I promise if you slow down now to speed up later it will be well worth the effort.
My hope would be that you won’t have to do a complete reversal or scrap an idea and start all over, but through the course of your learning, you may discover whether or not the niche you have chosen is something you actually want to pursue.
Utilizing these five steps to financial independence, you can apply them to anything you want to pursue in your life to achieve the health and wellness you desire.
Jennifer DuPlessis
Jen Du Plessis, CMPS, CDLP, CME is the Vice President and Regional Sales Director of Apex Home Loans, Inc. in Sterling, VA. She is the author of LAUNCH! How to Take Your Business to New Heights. She is also a national speaker, coach, consultant, and the Podcast Host of Mortgage Lending Mastery. She can be reached at jen@kineticsparkconsulting.com or www.kineticsparkconsulting.com.
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