Oh how I recall the dog days of cold calling when I worked as a loan officer in the wonderful mortgage business many years ago. When I first received my license to operate and signed on with a local broker, I remember how lost I really felt, because there seemed to be so much to know about the industry.
One of the inherent problems with any licensing of this sort is the fact that the schools teach you to pass the examination, not the actual material. This sounds much like our public educational system today, doesn’t it? But that’s a discussion for another day.
This was my first sales type position in my newfound industry, so I was somewhat nervous. We had meetings and contests every week to see who the leaders on the board were. Who actually had more closings, who had more new applications, etc.
Each week, I sat there wondering when I was going to break into that top 3 on the board. I noticed something almost immediately though…it really wasn’t that hard to notice because he was always there….Roy! Roy was always on that darn board. Now, not only did that frustrate me, but Roy had been there 1 week less than I had and Roy had absolutely no sales experience whatsoever.
After a few weeks, I must say, I was feeling a bit overwhelmed. Now, taking into consideration, I already had years of sales experience under my belt, it should not have taken me long to get on that board, right? Boy was I wrong! But good Ol Roy, just kept appearing week in and week out.
After a few weeks of this craziness and humility I decided to befriend our new superstar, so I began talking more with Roy, the new proverbial prodigy of my mortgage office.
I had fallen victim to something that I had preached against so much in my sales career…Analysis paralysis and simple focus. Ya see, while I was in the office still trying to learn all I could about loan types (literally hundreds), rate fluctuations and market trends, Roy was out knocking doors.
Ya see, what Roy would do, is get lists from title companies and map out very concentrated areas that more FHA loans that were quite a few years old. Then he would simply knock on their doors, introduce himself and ask them if anyone has shown them how to lower their house payment by a hundred dollars with no cost to them…brilliant. And this is all he did for leads.
Roy told me that being totally new to sales was probably a good thing for him, because he just didn’t have the bad habits, which he was right. That he knew he didn’t know that much about the business, so he would have to make it up in numbers so he just forgot trying to learn about mortgages and figured he would learn on the go.
But what he uttered next was genius for a kid his age. He said “If you go out and you’re always trying to chase two rabbits, you’ll catch none of them”. That sounded familiar, to me so I looked it up later and it’s from an old Chinese proverb, and he was right.
While the rest of us new guys were trying to learn all there was to know about the mortgage business, FHA, VA, conventional loans, Roy was out there creating a niche, focusing on that niche and meeting and helping people…WOW!
After a few weeks, he had just started an avalanche for himself, which was really cool to watch I must say. I wished him all the success, but I did kick myself for falling victim to the mindset of analysis paralysis. It’s certainly a killer and has kept many a bright, entrepreneur wanna be from actually jumping into the pool of MLM or network marketing, instead of just dipping their toe in it.
Needless to say, when it came to lead generation, from that day forward, I never just dipped my toe again.
Training to Succeed,