What kind of experience prepares you to be an LO?

by 26 Jul 2016
Part III: 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 personal experiences which will help you with regard to success in this industry. This week we will cover professional experience. We will actually start with the one experience we know you have: sales experience. The next question is, what type of sales experience? While sales experience is always helpful, you can understand the difference between selling suits and selling real estate. Someone who is experienced in selling real estate has experience which is more on target. As a bonus, this person is likely to know more real estate agents as part of their sphere, and these relationships will be invaluable in building business.

Sales experience is not the only professional experience which is important. Your experience in financial service would be a good building block. This might include insurance, retirement products and more. Operational experience in the residential finance industry is also a plus, whether it be processing, underwriting, closing or on the secondary side. Even being a vendor to the industry would be helpful. There are many additional examples of professional experiences that would help lay a foundation, but for now, I believe you should get the idea. You should be asking yourself how well you are prepared professionally – and even if you are thinking of getting in the business sometime in the future, what areas should you be focusing upon in order to get yourself in position?

Next week we will turn to the all-important area of personal traits.

--Dave Hershman

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 protected].