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
Since you mention your background in sales, I am going to assume that you are interested in working as a loan officer, which is typically a commissioned sales job. There are several reasons why this is a great industry. For one, you are helping clients with the most important financial decision they typically make in a lifetime. Not to make fun of others, but we are not selling lightbulbs here. You can help make homeownership possible, which is part of the American Dream. Stock brokers go through rigorous training, and yet they are not involved in a sale which is quite that important to an individual.
There are also other advantages to being in the residential finance industry. For one, there is the potential to make a great income. While other sales jobs may top out at something like $70,000 or so per year, top producers in this industry can earn hundreds of thousands of dollars annually. For many that are entrepreneurial, you are also able to set up your own business, especially if you are a "street" loan officer. There is a lot of flexibility as to how you market, your targets and other aspects of your business plan.
The second question you have asked is whether you will be successful in this industry. That is also a very important question and we will address this topic in the next few parts of the series.
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.