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3 Reasons Loan Officers Aren’t Picking Up the Phone and Making a Million Dollars

I recently sat down with my dear friend, Steve Kyles, one of the top branch managers in the nation and a partner in the Freedom Club, to answer some questions our fellow loan officers asked in our Loan Officer Deal Desk Facebook page

One of the questions was: what are the daily disciplines you do consistently in your business?

I prefer the word “habit” because it sounds easier than “discipline” even though I do exercise great discipline in my workday. If someone tells me, “Carl, you need to be disciplined for eight hours a day while you’re at work,” that’s just not going to happen. But I can do short bursts of disciplined activity and get so much accomplished.

My workday consists of 50 minutes of proactive activity (making phone calls) in the morning, a 10-minute break, another 50 minutes of proactive activity, and I’m done for the day. That’s it. We all know that the money’s made on the phone, right? It’s not that hard. 

Picking up the phone and making calls for two hours a day is the easiest way on the planet to make a million dollars. So why don’t people do it? What’s the barrier? 

Reason #1 Why Loan Officers Don’t Pick Up the Phone and Make a Million Dollars

First, people think “I’m not worthy of making this kind of money.” So many of us just don’t think we’re worthy. We have to reset that picture in our minds of what we’re worthy of. And it’s an ongoing process.

This year I’m bringing in somewhere around $10 million. Why that much? Because that’s the most I can picture myself being worthy of today. If, next year, I think I’m worthy of $15 million or $20 million, then I’ll be able to reach those loan officer goals. The more I increase that visual picture of who I am and what I’m worthy of, the faster I’ll grow my income. It’s not that the income just magically starts happening. I do the activity that’s required to make that kind of money, because I feel like I’m worthy of that activity and its results. 

Steve is a very high level loan officer, one of the absolute top, and I feel worthy of him being a very dear friend of mine. But 15 years ago, very early in my journey, I would have felt like I could never be friends with someone like Steve because he was so far above me. Now, there’s nobody in the mortgage industry that I don’t feel worthy of hanging out with. I believe I’m equal to anybody out there, just as worthy as any of them. 

There are a couple things I do to remind myself I’m worthy. The first is just hanging out with high level people and finding out that they’re real people. They struggle with the same things we all do. Sometimes they’re sad, sometimes nervous. They’re just like us. Even the highest level people, like the President of the United States, have to feel impostor syndrome like we all do. 

I also remind myself constantly of my worthiness. I’m worthy to talk to this great real estate agent. I’m worthy to reach out and ask these people for these business. I’m worthy of the business they’ll send to me. Reset that mental picture of what we’re worthy of, and we’ll reset our lives. 

Reason #2 Why Loan Officers Don’t Pick Up the Phone and Make a Million Dollars

A fear of rejection is the second reason people aren’t picking up the phone and making a million dollars. I’ve come to find out that the fear of rejection is a totally bogus emotion. When we have a fear of rejection, we think that if we reach out to a realtor and ask if they want to meet for coffee, and they say no, then they’re saying they don’t like us, that we’re not worth their time. When maybe it’s just this particular week or month they don’t have time. When we hang up the phone after a no, we think they’re going to sit there and laugh at us. 

Trust me—they’re not. But, somehow in our minds, that’s the picture playing out. This morning I called 15 appraisers, realtors, buyers, and sellers. Some of them said yes and some said no. But, when I get a no, they’re not making fun of me when they get off the phone. They’re not talking bad about me on Facebook. They’re not even thinking about me three minutes later. 

We take it so personally, but we need a paradigm shift. Steve says that one thing that shifted in his mind when it came to phone calls was when he started thinking of prospecting as a game. Our goal when we’re getting more realtor referral partners is to seek out people we know, like, and trust, that we could do life with. You just aren’t going to connect with every person. Maybe one out of four is someone you could connect with at a level where you could build a partnership. Keep calling so you can get through those “no” answers and get to the “yes” answers.

I get told no 84% of the time. Just 16% of agents will actually meet with me and start sending me business. I’ve turned this 16% into a $2 billion a year empire. When you hear that I get told no 84% of the time, then I must suck. Nope, I’m bringing in millions of dollars in personal income. It’s just numbers. A no 84% of the time doesn’t mean 84% of people don’t like me. It means they’re already working with somebody today. Sixteen percent will get you an empire if you don’t stop, if you do it four days a week, never giving up. 

Reason #3 Why Loan Officers Don’t Pick Up the Phone and Make a Million Dollars

The third reason people aren’t picking up the phone and making a million dollars is: “I don’t know what to say.” The solution to number three is a scripting game. The right words are everything. A lot of people don’t want to use loan officer scripts. They think it doesn’t sound natural. But the key is learning the script and speaking it in a natural tone of voice. When you find the right words that work, why wouldn’t you just keep saying them so they can just keep working? 

I do this thing where I hold up two pieces of paper—a $100 bill and a $1 bill. They’re the same size, same color, same paper. Just one difference. The messaging. The message on the front of the bill makes a heck of a lot of difference. Just like the scripting messaging makes a heck of a lot of difference. 

So, to sum it up: 

  1. You’re worthy of this money. 
  2. A no isn’t personal. 
  3. Scripting is so powerful. 

That daily discipline of making outbound phone calls for 50 minutes, 10 minute break, and 50 more minutes of calls will epically change your life. 
We’d love to sit down and chat with you for 45 minutes and share these scripts with you and help you meet your loan officer goals. Give us a call today to schedule your FREE strategy consultation.