Business Management: Words of Wisdom

Here are some words of wisdom from a mortgage banker who has been through the cycles before. They hold truths for everyone in the real estate business, not just mortgage bankers. Whether you have been through tough times or not, you will get something out of these suggestions.

1. Don’t wait for the phone to ring. Pick it up and set up meetings.

2. Stay close to your lenders.

3. Chase relationships not deals.

4. Find the new buyers.

5. Be responsive.

6. Be an expert and know what you can get done.

7. Don’t get down. And if you get beat, get up, dust yourself off and get back in the game.

8. Remember, in any field there is the 80-20 rule: 80% of the business is done by 20% of the people. Be in the 20% or find a new field.

9. Remember, you are in this business by choice; strive to be your best.

10. Market and brand yourself. Your name should be known by every real estate professional in town.

11. Suppress your ego. You are a service provider. Be humble and the best at bringing people together and you’ll be rewarded.

12. Always check before you give an answer of “No, I can’t” or “Yes, I can” get that done, unless you know for sure.

13. Don’t be a zombie. Zombies show up every day and go through the motions but they are the walking dead. Know what you need to do each day to drum up new relationships and do it.

14. Stay organized and follow-up.

15. Don’t take any relationship for granted. There are a lot of hungry competitors that are calling all your clients. Make sure you inform your clients about new sources before they hear about them from someone else.

16. Have (in writing) 4 or 5 simple goals to accomplish each day that lead toward your long term goal.

17. Be at ULI, ICSC, NAIOP, etc. and network.

18. Celebrate your accomplishments!