Editorials

Avoidable Mistake #2: The Danger In Hoping Things Will Get Better By Brian Sacks  11/27/2009 In keeping with my promise to share the 8 dumbest mistakes we can make as mortgage originators, it’s now time to tackle one of the more controversial of these mistakes.  While many will argue that we need to keep hope alive at all costs, that things will get better in the industry; it’s frankly irresponsible to rely on the certainty that things will improve.  I’m not saying that we shouldn’t remain positive; I’m just saying that counting on things getting better is dangerous in its own right.  With that said, let’s look at why “Hoping Things Will Get Better” is my Dumbest Mistake #2. “Dumbest” Mistake # 2: Hoping Things Will Get Better Suffice to say; over the course of my career I have had many struggles, and maybe right now you are experiencing the same struggles I’ve grappled with.  When I started in the origination business, interest rates were in the mid teens, and the country was in a recession.  (Of course that recession now seems laughable compared to what we’re currently dealing with, but that’s neither here nor there).   But, I’d like to share a thought I heard from a good friend of mine, Lee Milteer who is a motivational and productivity guru.  Lee always says, “you can choose whether you want to be a victim or not.”  Brilliant in its simplicity, right?  But still, I’m not here to tell you everything is always going to be rosy and great. I am here to let you know that hope alone is not a strategy. But like Lee says, I’m also here to tell you that you don’t need to be a victim of circumstance.   See, for many years, I put all of my proverbial eggs in the basket of hope. I hoped rates would come down. I hoped I would meet an agent that liked me and would give me business. I hoped that I would land that big subdivision and be able to do all their loans. I hoped I would be able to make enough money to pay my bills. I hoped that I would find that “magic pill” that would produce income like the goose laying the golden egg. But what did I learn from this?  I learned the hard way that hoping got me nowhere.  It frustrated me.  It shook my confidence, and it will do the same for you, if things don’t turn out the way you want them to, no matter how much you hope they will.   Instead, consider living by the credo that helped steer me away from the mistake of relying on hope:  “If it’s going to be, then it’s up to me.” Go out and start making things happen. I promise that you really can achieve your goals when you want to, by using a few simple tactics. First, realize that the key to your success is all about understanding other people’s motivations and then simply giving them exactly what they want. Period.   Second, ask yourself these two questions: 1.    What am I doing to generate new business? 2.    What results are these strategies producing for me? What you need instead of just hope is a plan, a map! Let me illustrate this with an example. Let’s say I told you to meet me in Kalamazoo tomorrow and I will give you a 1 million dollar bill. The first thing you would need to do then is to get a map, right? Then you would need to follow that map and route to make sure you were on track. Did you make a wrong turn? Did you get off at the wrong exit? It’s the same with your origination business. You need to have a road map and goals. They must be written down to be effective. Then you need to monitor your progress to make sure you are on track to achieve them. If you have gotten off track or if the market has turned, you must adjust your map and plan and get back on track.  You don’t just hope you stumble upon Kalamazoo.   So don’t get me wrong.  Hope isn’t a bad thing at all.  In fact in this economy, some days it may seem like it’s all we have.  But the truth is; hope without a plan, strategy or map in place to help us get to our goals, is nothing more than an exercise in futility.   Brian Sacks is the CEO of www.loanofficerformula.com  He has been an industry expert for over 24 years closing over 6000 loans totaling 1 BILLION Dollars. Brian has trained thousands of originators And company owners in North America sharing his “FORMULA” for success that will allow you to close LESS loans, Make More Money and Have a Life REGARDLESS OF MARKET CONDITIONS.