How Identity Has Shaped Senior Loan Officer's Career At Peoples Mortgage
Mark, a Sales Manager/Sr. Loan Officer, emphasizes that "complacency kills" in sales, highlighting the crucial need for consistent effort and pipeline building to avoid periods without income. The 2019-2020 low interest rate environment illustrated this point, as many who became complacent during that boom period struggled when rates rose and they lacked a robust sales strategy.
Sales, Motivation, Resilience, Overcoming Challenges, Industry Realities
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Mark Tomaszewski
Sales Manager/Sr. Loan Officer
Peoples Mortgage Company
University of Arizona
N/A
Psychology
Finance (Banking, Fintech, Investing), Real Estate
Sales and Client Management
Took Out Loans, Greek Life Member
Video Highlights
1. Avoid complacency: Continuously work on building your pipeline and don't rely on past successes. The market is always changing, and you need to adapt.
2. The mortgage industry can be volatile: Times of low interest rates can create a false sense of security. Be prepared for market shifts and build skills beyond simple refinancing.
3. Consistency is key: Success requires consistent effort and a proactive approach to building your business. Don't stop working even when you're successful, as it could lead to future difficulties.
Transcript
What is one lesson that you have learned that has proven significant in your career?
Complacency kills. Once you get complacent, you stop building. In all sales, it's great when you get a deal and there's work to do to ensure it closes.
But you always have to keep building. Once those current deals close and you've become complacent, you'll have nothing else coming in the pipeline. This means you may not get paid for a while.
Complacency can kill your career. I learned early on that I needed to be consistent and continue doing what I knew I had to do to keep things moving forward.
During 2019 and 2020, when COVID hit, interest rates dropped significantly, to levels we'd never seen before, like 2% or 3%. This caused a lot of people to enter the mortgage industry because it was so easy.
You'd make one phone call, and that person with a home would refinance because rates were so low. A lot of people became complacent, thinking they didn't need to focus on selling or building for the future. They could just call 10 people and get 10 deals that day, knowing they'd want to refinance.
However, many of those people are no longer in the business. Interest rates went up, and they didn't know what to do. They couldn't afford to make money anywhere. They were making all this money, got complacent, and are now back to square one. Complacency can truly kill a career.