When we discover something that works to increase our success, we do more of it. So, it only makes sense to do less of the things that detract from our success. But we need to know what those things are before we can begin making changes. When you look closely at your current situation with the goal of identifying what’s not working, you make it easier to move forward, unobstructed, toward success. Here are a few common mistakes that can hinder loan officers’ success:
Focusing On Marketing Only When Business is Slow
Do you market regularly in good times and bad? If you find that your marketing efforts only become a priority when business slows, you’re limiting your potential to grow. Marketing has to be consistent (I just wrote a piece sharing ideas for loan officers to strengthen their marketing, here). We need to invest time into marketing all the time — whether business is at an all-time high, an all-time low, or anywhere in between. If we market in stops and starts, the work we’re putting in will have less impact. Maintaining steady marketing efforts week after week is the key to doing it right.
Not Embracing Automation
We can all be resistant to new ideas and methods, especially if we’ve been in the business for a while. Once we find systems that work, we generally stop looking for new ones. But technology is constantly evolving, and there are increasingly more opportunities to improve our efficiency. Say you have a task that takes you 30 minutes 4 times each week. You’re comfortable with the way you’re currently doing it and it works for you. But what if automation could cut that time drastically? Instead of spending 2 hours every week, you could spend maybe 30 minutes a week getting it set up and checking in. Social-media posting is a good example of where automating can work like this. So, find what works for you, but stay open to methods that can work better for you. If we’re closed off to new methodology, we’re likely limiting our productivity.
Automating Everything
Just like with resisting automation, over-automating can be a problem as well. We need to find the balance that works best for each of us — things that improve our efficiency but don’t diminish our effectiveness. Automating your social-media posts is a breeze and your followers won’t know the difference. Relying too heavily on automated messages, though, can come off as cold and impersonal. There are portions of the loan process that can be automated, but it can’t come at the expense of a real, personal connection with your clients.
Not Having an Operational Strategy
It makes no difference if you own your own business or work for a large corporation — having a plan in place for how you manage your work is important. We need concrete strategies and standards that support business growth. If we skip over this structural planning, we might not have the capacity to support the growth we want to see. We also need to have a vision for our business, and we need to revisit it once in a while to see if it has changed. Why are you doing the work you do? What do you hope to achieve? A clear vision will guide your evolution and help you stay motivated and continue striving.
Once you know the things that are standing between you and the success you want, you can start moving them out of your way. These are just a few of the common mistakes loan officers make. There will be unique challenges too, and if you take the time to investigate what could be limiting your success, you’re one step closer to removing the obstacle and moving forward.
If you’d like to talk more about mistakes that can limit success, or if there’s another matter I can be of assistance with, don’t hesitate to reach out. I’m always happy to set aside some time to connect.
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