Part II: I am looking to enter the industry. What are the advantages of working in this industry and how do I know I will be successful? I do have a background in sales.
--Ben from Nevada
Last week we spoke about the advantages of working in this industry. Now we will focus upon the second part of the question. There are two factors which will determine your success. One factor concerns your background and the other factor focuses upon your traits. We will start with your background. The questions here, is what type of experience do you have? You may be a "rookie" from a standpoint of the residential finance industry, but that does not mean that you come without experience. Your experience would include your education, personal experience and professional experience. For example, did your education prepare you for this industry? You might see the contrast when we compare a biology major versus a master in business administration.
With regard to personal experience, are you a homeowner? Your experience purchasing homes and even managing rental properties would be invaluable. A loan officer selling home loans who has not owned a home is akin to a car salesman never owning a car. Imagine you trying to help agents attempting to convince first time buyers of the importance of homeownership and you have not taken that step yourself. Relevant personal experience is not limited to homeownership as personal involvement in many areas of finance is also going to be helpful.
With regard to professional experience, there are many types of jobs which would be helpful in preparation for being a loan officer. We will focus upon this factor next week before we turn to the even more important traits. You have given us one item of substance to work with in your question and thus we will start with sales experience.
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at email@example.com.