The Knowledge is Confidence Fallacy! tagged:

The Knowledge is Confidence Fallacy!

Posted by in Brian's Blog

One of the big things keeping people, especially residential loan officers, from the big bucks in commercial is this fallacy that they need to improve their knowledge before they feel confident to market commercial.  What a load of bunk!

When you first got into the mortgage business, did you need to know how FNMA provides liquidity to the market through the mortgage backed securities market?  Did you go to each lenders website and download their entire manual so that you could know all the nuances of their loans before you wrote that first mortgage?  When you first had kids, did you know everything about raising them?  Were you an expert at sex the first time you did that?  Is there ANYTHING in your life you can even claim expert status on?  Are you not still learning licensing, etc. for residential loans?  For you Christians, what about your walk with the Lord?  I don’t know about you, but the more I learn about God the more I realize how much there still is to learn.  In fact, I am not an expert at anything!  This excuse of “I need to know all the ins and outs before I sell” has NEVER been true for you in any phase of your life.  You were not the expert in anything the first time you did it.  So why are you using that excuse now?

You are scared.  You are likely making the amount of money that you feel deep inside you are worth.  Making the big bucks in commercial is scary.  That is right, you are likely sabotaging yourself.  Hundreds of loans later, I am not an expert in ANY area of commercial yet I sell all day long.  Take a lesson from Michael Mangani.  He is one of my branches that closed this week on a $2.3 million dollar Self-Directed IRA rollover.  He is getting a check for almost $70,000!  All he did was turn the client over to our in-house lender for our SDIRA loans, and John did all the rest.  It closed in under 4 weeks and he is making $70K.  He referred a name.  About 5 minutes of work at best.  If you were to call up Michael and ask him the tax laws of rolling over a Self-directed IRA he would not be able to tell you.  He did not have to become a tax expert-in fact, you could get in trouble giving tax advice without proper licensing.  All he did is refer a deal over.  The first one of these I closed was a similar story, I turned my client over to John and got a check 4 weeks later.  I talked to John this week, he has at least 30 loans where the clients are interested but the LO wanted to get the client to fill in all the forms because they felt they had to know everything.  Money lost, opportunity squandered. 

Stop hiding behind knowledge as an excuse not to let the world know you do commercial.  Get out there, we have so many products we can help people with-why are you limiting your relationships and your income.  Forget about being a know it all, no one likes those people anyway, just tell people you can help them.  That is all this is about!

Brian

p.s. With a site like www.commercialhotline.net  ,you will never have to feel like you are at a loss.  Any question you get hit with that you don’t know the answer to, simply make this true statement, “You know, all the rules are changing constantly in commercial, let me run that by my underwriter and get back to you tomorrow on that”.  Then log in to www.commercialhotline.net , ask the question and get your answer within 24 hours.  You don’t have to know everything right away, but if you know how to get the answer, you will become the expert.  Check out www.commercialhotline.net  today!