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Ask the Expert: Should I be a loan officer or a realtor?

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Mortgage Professional America | 22 Dec 2014, 08:09 AM Agree 0
The real estate market is going to continue to pick up; properties are still affordable and rates are still good. How do I get into this market? Should I do mortgages or real estate or both?
  • Steve Harkness | | 02 Jan 2015, 03:02 PM Agree 0
    Whether you choose to be a Realtor or a Loan Officer may I offer a suggestion? With your past back ground you have a better than average understanding of what both careers do and how closely linked one to the other. There is an old saying to go an inch wide but a mile deep. That means find a niche and become the recognized expert in that area. I am on the lending side and my niche is government financing. VA, FHA, and USDA are my area's of expertise but don't come talk to me about a reverse mortgage because "yes" I could do one, but it's not my strong area. Same thing goes for Realtor's. Some will be listing agents for waterfront properties and that is all they do but they do it better than anyone else. Some other Realtor's like working with first time homebuyers, and others with commercial real estate. If you try to be all things to all people you will do none of them well and fail in the industry. Good luck in your future career. Oh, one other thing is when you have a good month or even a good year save as much money as you can! During this past five year downturn we have lost many good realtors and mortgage officers because the had not built a savings reserve and were forced out of the business.
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