Very weird thing for loan officers

I’m seeing something very weird with some loan officers right now, and I’ve never seen it before.

I’m seeing more than just a few LO’s that have been doing this for many years, that were closing 8-10 loans per month and now are closing 3 loans / month… or worse.

But wait, here’s the weird part, I’m seeing many brand new loan officers (in the business less than 2 years) that are now closing 7, 8, even 12 or more loans this past month…

So the battle tested veterans are struggling, while at the same time some “newbie’s”, and not just a few of them, it’s many of them, are kicking butt and taking names.

For instance, take Athena Pena.  She’s been an LO for about 12 months and in April she closed 7 purchase deals, all self-sourced!  Looks like she’s closing another 7 loans for May.

My gosh, if you figure an average of $3k per loan (nationwide average), that would be around $21,000 FOR THE MONTH.  Not too shabby for a brand new LO… 

I spent some time studying what the newbies, like Athena, are doing that the veterans are not, pondering it, and I think I figured out the problem.

The veterans are saying things like “I paid my dues”, or “I made my calls that got me to where I was a couple of years ago”…

… you see, they forgot that if we stop rowing the boat, well, the boat starts to slow down. 

This is especially true, and painful, when it’s a big boat, you know, one that was closing 8 loans, 20 loans or even those that were 50 loans per month or more.

See, even the greats like 7-time Superbowl champ Tom Brady knows that even though he was sporting 6 Superbowl rings, he knew that he had to go do what got him there, running laps, jumping rope, and doing pushups (it wasn’t a super cool new phone app by the way).

What about the newbies and their great success in the same time period? Well, they didn’t feel “entitled” (I’ve been guilty of this in the past too), and they followed the Daily Success Plan, did their prospecting activity like their success depended on it (duhh), and then reaped the rewards of it.

Funny how that works…

So here’s the take home message:  There are no magic beans.

Come to find out, as successful sales people… we have to do successful salespeople activity.

And just because we did it 5 years ago, and didn’t have to do it when interest rates were in the 2’s and 3’s a couple of years ago, well, it doesn’t mean that we don’t ever have to do it again.

Go figure

The good news is, when we do the Daily Success Plan, come to find out, it seems to flat out work… whether we are seasoned veterans, or brand new Newbies, or perhaps anything in-between.

OK, well there you have it.  Mystery solved. 

Apparently, it may just require a bit of elbow grease to make $10’s of thousands of dollars a month (no magic beans required).

It’s your turn now!

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