I don’t know the percentages offhand, but I do know that many loan officers get started in the business on their own. A loan officer career is one where it’s quite possible to work as a solo entrepreneur. But only if you want to stay small and have no plans for growth. That’s not you, right?
Misconceptions About Working With a Team
Why do some loan officers prefer to go solo? Well, there are plenty of reasons. Some people just like working alone (I’m not one of those people). If you start out on your own, you can get in a comfortable groove and not want to mess that up.
But a lot of the reasons for NOT building a team are actually misconceptions. Like:
- Growing a team is a hassle and will require too much time and energy.
- The more employees I hire, the more headaches I’ll have.
- It’s going to cost a ton of money to pay people a fair wage and benefits.
- I don’t know how to be a boss. I’m going to mess this up.
I understand why you might think these things. They all sound very logical. But they’re all based in fear, and they’re just not true. Let’s look at things from a different perspective.
Why Loan Officers Shouldn’t Work Alone
I feel like this should be the punchline of a mortgage officer joke. “And that’s why you should never do it a-loan.” Go ahead and laugh. I’ll wait.
The advantages of building a team around you far outweigh any perceived advantages of doing everything by yourself. Think of how much pressure is on you when you’re a solo loan officer. Everything rests solely on your shoulders. That’s a heavy burden to bear.
Even though it might seem like a lot of work to build a team, the truth is that everything gets easier the more people you hire. Do you have any idea how much time it takes to manage all those backend tasks and mounds of tedious paperwork? You hire someone else to do that, and you get to focus on what you do best—selling your product and closing more loans.
It also frees up more time for you to create the genuine connections you will need to be successful in your business over the long term. It is easier to close hundreds of loans per month with the help of a team rather than closing 10 loans or less when working alone. When you are supported by a team, you prevent burnout and set yourself up for sustained success.
How to Build Your Team
I’ve convinced you, haven’t I? You see why loan officers need a team, and you’re open to building one. But you have a lot of questions, right? Questions like:
- Where do I start?
- Who do I hire first?
- Where do I find the best people to hire?
- How quickly do I build my team?
- Is there anyone who can coach me through this?
You have come to the right place, friend. I have answers to your questions, and I would love to guide you through this entire process in the weeks, months, and years to come. More on that in a minute.
Some general guidelines first. As you build your team, begin slowly, bringing on just one person at a time. Your first hire will be an assistant to you, but we’ll call them a partner. This person will answer the office phone. You’ll train them with a simple script. You’ll teach them how to do all kinds of paperwork. Bit by bit, you’ll delegate all of your busywork to them. They’ll learn to do every single task that doesn’t have to be done by you.
Then, once you’ve fully trained your first partner, you’re ready to hire a second. And your first partner will train the new team member and delegate their tasks to them. This frees up even more time for you and your assistant. Each time someone new joins your team, you’ll be able to close more loans and bring in more income. We’re not talking addition; we’re talking multiplication—and beyond. The profit you can bring in as a larger team will increase exponentially.
I know it can all feel overwhelming, and I’m here to help. I would love to chat with you about where you’re at and where you want to go. You can schedule a FREE strategy session with me, and I can point you in the right direction. I’ve got tips, strategies, loan officer scripts, anything you need. If you’d like more coaching after that, I live for this kind of stuff. If you’re good, no worries. I’m happy to be of service. Schedule that call TODAY, and let’s grow your team and grow your business!