Find A Niche - Don't Be A Jack Of All Trades

Why do a lot of brokers not do as well as they could in the mortgage business?

Is there a single ingredient to success that stands out above the rest?

Knowing that you have the resources to get the deal closed and get yourself paid is vital.

While this is certainly one the most important ingredients to success, there is another one that comes in a close second. In many respects it is a natural extension of the first.

Simply put: FOCUS!

Find a niche and specialize in that niche.

Having a focus and sticking to it is very powerful. Too many brokers just can’t say no!

In spite of good intentions and in spite of going through much of the work involved in setting up your business, when the moment of truth comes, many brokers make this mistake.

They’ve developed some good lender relationships, and they’ve set themselves up to "win" by having good lenders who can protect them and who can really close their deals.

They may have a lead generation or "marketing program" that attracts "their kind" of deals. BUT, when other kinds of deal come in, they just can’t seem to turn them away. "I can’t just leave good money on the table" is the reasoning they often cite to support their decisions.

They can never say "no" to a potential deal, so they chase every one that comes along.

As a result their plans to focus never materialize.

This mistake is one of the hardest to avoid. It’s easy to make sense of the advice to find good lenders who are hungry to fund your deals, but the trap of taking every deal that shows up is just too darned tempting.

Done in moderation, experiencing new avenues is a good thing. But unless you want to fail or wind up in perpetual mediocrity, you MUST avoid the temptation of taking on transactions just because they’re available.

When I made the decision to pick my niche, and really stick to it, it revolutionized my business.

This is when my business really began to grow.

Specializing is powerful !