What a Senior Loan Officer at Peoples Mortgage Company Wishes They Had Known Before Entering the Mortgage Industry
Mark, a Sales Manager/Sr. Loan Officer, emphasizes the crucial need for patience in the mortgage industry, noting that "it takes a little bit to start making money," unlike the immediate success of an established professional. The learning curve involves not only mastering mortgage processes but also developing the sales skills necessary to build a client base and "book of business," a process that took Mark approximately a year to yield a "decent living."
Sales, Patience, Business Development, Financial Literacy, Client Relationships
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. Patience is key: Success in mortgage sales takes time to build a client base and generate income, so be prepared for a potential delay in earning a substantial income.
2. Networking is crucial: Building referral networks and establishing relationships with clients is vital for consistent business and long-term success.
3. Sales skills are essential: While mortgage knowledge is important, strong sales skills are equally crucial for attracting and securing clients. Don't expect that your technical knowledge alone will bring in clients, active sales practices are a must
Transcript
What have you learned about this role that you wish someone would have told you before you entered the industry?
I would say patience is key. It takes time to start making money in commissioned sales, especially in the mortgage industry.
For example, if someone wants to buy a house tomorrow and closes on one, I might not get paid for several months. It can take a couple of months to find a house, then a few weeks to close the loan, and then another couple of weeks for me to get paid.
Patience is huge. When I was an assistant to a top producing salesperson at my first company, he had been in the business for years. His phone would just ring because people knew him and he had already built his book of business and referral partners.
So, when I went out on my own, I thought I could do it. The first day, after getting my computer and phone, I realized the phone wasn't ringing. I didn't know what to do.
He had taught me everything about the mortgage process, but not the sales piece, because he already had that covered. It's important to be patient and understand that you might not make money for a few months when starting out.
Of course, it depends on the person. You might know five people looking to buy a house on day one. But generally, this isn't a get-rich-quick business. You have to take time to build your book of business.
It took me about a year to make a decent living. Knowing that beforehand would have been helpful. However, being thrown into the fire and having to sink or swim was also pretty motivating.