3 Traits of Top Producers (That Separate Them from the Mediocre Majority)

10/03/19 • 28 min

The vast majority of loan officers are earning under $75 000 per year, while the top earners are earning upwards of $500,000 annually. What is it that separates the top earners from this mediocre majority? Do they have a secret recipe that the rest of us don’t know about? On this episode, we’re discussing the traits shown by top producers.

Takeaways

Commitment and decisiveness are vital traits. We need to go all-in on achieving our goals, and refuse to entertain back-up plans or option B’s. Top producers don’t even consider failure an option.
Top producers don’t automatically have a secret recipe; they learn it from other high achievers. To be successful, we need to be willing to learn from others and leave our egos at the door.
We have to be resourceful to win. That means finding a way to achieve, no matter the circumstance.

At the start of the episode, we spoke about the vast difference in income between top producers and the mediocre majority. We discussed the importance of mindset in cultivating success, and learnt that being a top producer doesn’t mean sacrificing more. In fact, if we believe that sacrifice is needed for success, we’re only holding ourselves back.

We also discussed:

Why staying true to our values is necessary
How we need to accept that success doesn’t always come easily
How to view big obstacles as a prelude to big successes

The massive disparities in income between the average, mediocre loan officer and top producers all come down to mindset. Top producers are in the 1% of loan officers because they’re unwilling to compromise on their dreams. However, no one has all the answers right at the start. If we want to get ahead in the mortgage business, we need to be willing to listen to those who have achieved our goals. We can separate ourselves from the mediocre majority, but we have to be willing to find a way to win regardless of our circumstances.

Takeaways

Commitment and decisiveness are vital traits. We need to go all-in on achieving our goals, and refuse to entertain back-up plans or option B’s. Top producers don’t even consider failure an option.
Top producers don’t automatically have a secret recipe; they learn it from other high achievers. To be successful, we need to be willing to learn from others and leave our egos at the door.
We have to be resourceful to win. That means finding a way to achieve, no matter the circumstance.

We also discussed:

Why staying true to our values is necessary
How we need to accept that success doesn’t always come easily
How to view big obstacles as a prelude to big successes

Previous Episode

Why LOs Resist Recruiting Realtors (And How to Fix it) w/Peter Fickeisen

Something most loan officers seem to struggle with is a resistance to recruiting Realtors. What keeps holding us back? How can we overcome our call reluctance and get rid of the almost universal mind block? On this episode, mortgage industry legend and coach, Peter Fickeisen shares why LOs resist recruiting Realtors- and how to overcome our reluctance.

Takeaways

Most loan officers avoid recruiting Realtors because we’re scared to get out of our comfort zone. To become more comfortable around others, we need to be more comfortable with ourselves.
For more successful interactions with Realtors, we need to know what we’re going to say to them. Write a list of points to speak about and guide an effective conversation.
Build relationships with Realtors by organizing appointments and reminding them of your purpose. Don’t arrive at their offices unannounced, and don’t waste time.

At the start of the episode, coach Peter Fickeisen shared the top 3 things holding loan officers back from reaching out to Realtors. He then explained what we can do to combat the issues, and reminded us of the importance of our mindset.

We also discussed:

How to start the day with confidence
What value we can offer Realtors
The importance of working with people whose personalities suit our own

Call reluctance is something that affects most loan officers, but it can be easily combated. We need to focus on our mindsets and build our confidence to overcome anxieties over leaving our comfort zone. We can also overcome our anxieties by becoming more prepared. Calling Realtors doesn’t need to be a source of distress- we just need to stop overthinking the process.

Guest Bio

Peter Fickeisen is the Director of Business Development at Luxury Mortgage Corp. With over a decade of experience in mortgage banking, Peter has originated over $1 billion in home loans. He is passionate about creating and maintaining great relationships with clients and partners alike, and is known as a shining star in the industry.

To find out more about Peter, visit: https://www.linkedin.com/in/peterfickeisen

And for more on Luxury Mortgage Corp., see www.luxurymortgage.com

Next Episode

5 Reasons Why Buying Leads is Stupid (And What To Do Instead)

Buying leads has become extremely popular with loan officers who think they’re saving time, but in reality, they’re actually doing it the hard way. Why is buying leads a bad idea? Could they be doing more harm than good? In this episode, we discuss why buying leads is a bad investment of our time and money, and could end up damaging our positioning within the industry.

Takeaways

Avoid wasting money paying for the same leads as competitors. Bought leads are not necessarily exclusive, so they’re definitely an unwise investment.
By spending our time chasing bought leads, we miss out on opportunities elsewhere. Don’t waste time on leads that may not even convert at all.
By buying leads who are probably being pursued by our competitors, we fail to set ourselves apart. If we approach them at the same time as everyone else, we risk competing on cost alone.

At the start of the episode, we learned that most bought leads are poor quality and not exclusive. We discussed that bought leads are a poor allocation of our money, and spoke about why it’s important to upgrade our thinking and stop doing it the hard way.

We also discussed:

Why we should be hiring an expert to find leads for us
The importance of a third party endorsement
Why we should aim to be authorities, rather than prospectors

We may think that buying leads will save us time, but they actually do little to help us and our businesses. They are a poor investment of both our time and money, and stop us from showing potential clients what makes us unique. Buying leads is a poor choice, and one we need to stop making soon.