no money, to much debt, slow business! Cant take it anymore!!

[Big Broker 1]

Here is my story, I started working for a new company 3 months ago. This business is great (Mortgage Broker) but only when you have alot of clients. Its a comission only job and when you dont have any new clients you dont get paid. I've been doing this for over a year now and left my other company because i have more to gain here but its like i dont move foward. My boss made over 40k last month alone where i only made 3k...It's crazy..i kill my self working till 2am sometimes and i feel like i cant get the ball rolling. I have tons of debt and no money to pay them off, and to make thing worse i feel like i never have enough time to relax, I wake up go to work, leave work, go home change, eat, go to the gym, come home around 11pm, take a shower, go to bed by 1am repeat all over. Then if thats not enough my boss does not give a damn if i make a dollar or not. Am here now writing this while he's upstairs making a killing of all these deals he doesn't work for. Am just writing this because i feel like am going to burst...wanted to let it out and what a better place than here...Any 1 feel the same way..My friends tell me thati need to give it time, its a new company, But how much more can i wait its been three months and i've made a total of $5000...Any one else been in these shoes before? should i start looking for a more stable company? or do i wait it out and and see if all my hard work pays off? Cant wait to go work out, thats the only thing i seem to enjoy these days.....

[StoneGRMI]

No matter what mortgage company you work for your going to have to build your own client base. If its a new local only company it will take you longer because the people in your area don't know and trust the name yet. There are a few things you can do: (1) Find another company that has a great reputation around your area, (2) Find another broker in the area that has so much buisness he can't handle it and will let you co-broke (3) Talk to your boss then work your ass off. I don't know how you advertise yourself but I know the broker I use almost everyday (I'm a Realtor) is someone who approached me, told me all their philosophys in buisness, gave me direct numbers to reach them, sends me emails on all their new mortgage updates, comes to my weekly meetings in my office even though it has nothing to do with them. After she started coming to the meetings and showing how she wanted to work with myself and other associates we gave her an in house office and now she is getting 75% of our mortgages that comes through our office and we have 86 Realtors! In other words...get a repoire with people and be your areas Realtors best friend/b*tch! Good luck!

[damiongage]

Realtors are jerks.....J/k I own a mortgage co. and will have my realty co. up and running in the next mo.

Hey bro...If you are licensed in WI....I can email you a list of a few thousand names and #s if you want to do a little telemarketing. It sucks...but it is the fastest way I know of to generate some cash flow.

Realtors are great for future business but it sounds like you need cash now.

pm me if you want my # I'll give you some Ideas

[G-1000]

I am a loan officer in the same boat you are. I have been bracking my ass and not amking any money. I work for a copmany that controls my leads. Some days i will get 2 leads and others i will get 4 or 5. I find that i need 8-10 leads a day in order to make any cash. I sell loan all fucing day long. But the amount of fall off is total bull shit. I even have loans for dead beats with under 500 credit scores. With that said what % of those loans do you think close and found 1% if that.

This is what i af start to do. I started to look into going back to school. I also have been looking for a new job in my old field. There is only one why you make money in the mortgage business. That is to own the business it self. this way you make money on the frount and back side of the loans.

[USfighterFC]

This is how it goes for both loan officers and mortgage brokers. You make almost NO money for MONTHS. I have friends that do both and were in the same boat as you guys. It's important that you stick with the job because it takes time to build clients. Its very important to know how to work the phones and be a businessman cuz thats what you are. Stick with your guns and all that hardwork will pay off.

BigBroker my boss is a mortgage broker and has a HUGE house and a house in Vermont and he works from home and has a sweet life. He's an annoying bastard and not very well liked but he's a nice guy and has good intentions. If this guy can make it in that business then so can you, He lives quite comfortably and wouldnt mind making his salary.

[Big Broker 1]

Thanks to all...USfighterFC ur right my boss has 3 porsches, 15 houses and more money than he can spend. StoneGRMI i know where your coming from, and your right. Diamongage Thanks bro i wish i could but my boss is not licensed there. How is businees there doing? I thank you all and am glad i got people in the same field to give there comments, i wish u all much success, and dont give up. What makes it hard is when you dont have a client base and you need to start from nothing, but if it was easy every 1 would be doing it...

[Big Broker 1]

Damn i forgot to say its real nice to see everyone in the business is not a total geek that eats fast food all day long...We should all join forces and make a team of in shape realtors/brokers? we could call it Anabolic Realestate, Mortgage & Title.... lmao i would die to see that

[G-1000]

I am Licensed in WI. Hell i will take what ever leads i can get. I wil even split the ones i sell. 70-30.


Big what states can you sell in? I might be able to send you some.

[Big Broker 1]

As of now only in florida. Soon georgia & NY....Any 1 has good creative ways to get ur name out there? I was thinking of doing some fliers and giving them to one of those people on the street to pass out during rush hour, or making a magnetic sign with my company info and puting it on my doors when am driving around town..

[damiongage]

I am Licensed in WI. Hell i will take what ever leads i can get. I wil even split the ones i sell. 70-30.


Big what states can you sell in? I might be able to send you some.

Drop me your email....I'll help any way I can....I can send yu a few thousand names and #s of home owners, if you want to telemarket them. Nothing needed in return, but if they want to purchase or sell, send them my way for my real estate co.

[Big Broker 1]

AR is a great place to make new friend... Maybe i can work something out with the system admin. to post an add? lol

[G-1000]

Drop me your email....I'll help any way I can....I can send yu a few thousand names and #s of home owners, if you want to telemarket them. Nothing needed in return, but if they want to purchase or sell, send them my way for my real estate co.

deal what is your e-mail?


[email protected]. from there i will give you my work e-mail.

[oldman]

I am not in that business but I have been self employed since 1999 and I am in the same boat as most commission only people. some months I am doing great but other months I am in the crapper. I like the work but when you make $300 in a month profit and worked until 2am it sucks.. I don't mind when I see $10k one month and have to work 80+ hours a week but other than that is does stink.

Any business like you are in is going to take a long time to build your client base. My best friend is a Realtor and he has been going for about 5 years and just now is starting to reap the rewards of his hard work.

If you can stick with it do so, maybe a different company to work for is in order.

Good luck bro!!


~Old

[Dave321]

I doesn't get any better my friend unless you keep plugging and know your service/product BETTER than anyone else... I'm starting my own business and been running it for over 2 yrs now... still haven't got my big numbers yet... BUT, time will pay off... I'm gearing up to put my ass in Forbes soon! haha. good luck

[Big Broker 1]

Yup..i work hard for my money and i like to think am a damn good broker. It's just going to take a bit for people to start putting trust in my new company..Only tome will tell, but one thing is for sure am not a quiter..

[XReps]

for those of you that own their own business, (or even work as a rep of a company) ... have you ever tried business networking organizations? A place that gives you an opportunity to meet new people, build relationships with them, and thus, business is made. Most of you know: business will not come find you, you have to go find it. And even more of you know: your best promoter is a happy customer. .... Business Networking Organizations, like a Chamber of Commerce ................ anyone?

[Dave321]

for those of you that own their own business, (or even work as a rep of a company) ... have you ever tried business networking organizations? A place that gives you an opportunity to meet new people, build relationships with them, and thus, business is made. Most of you know: business will not come find you, you have to go find it. And even more of you know: your best promoter is a happy customer. .... Business Networking Organizations, like a Chamber of Commerce ................ anyone?

...... edit

[symmetry101]

If anybody is interested PM me. I work for a compnay that sells sales leads. About 40% of my business is mortgage brokers. We are a direct marketing company. I have workewd with every major mortagge company accross teh untied states. The only leads we do not have are hot leads. We do a search for any geography as in zip code count area code state etc. I can look up all sorts of mortgage info as in type of loan, loan amounts, year of loan, if it is a subprime lender etc. We can out put this info. It is cold calling but if you are jsut starting out you have to hit the phone. I talk to brokers everyday accross the country. They all tell me if you have not been in the business for a few years when it was booming and just came in it is difficult right now. Alot of guys who jsut lived off referrals are calling in now looking for leads. The leads have a full contact name, address, phine # scrubbed against the DNC, mortgage selecect out putted. The leads can come in excel formatt or 3X5 cards. With this inof you can also send out post cards, flyers etc. You have to be pro active in this industry right now. If anyone is serious this is what I do for a living shoot me a pm and we can discuess. One new thing happening right now is this auto dialing system that auto dials the numbers and connects the calls that wanna stay on. I have heard good things. Another option is to get a good telemarketing company to qualify your leads.

[XReps]

...... edit

what did i miss?

[damiongage]

deal what is your e-mail?


[email protected]. from there i will give you my work e-mail.

you got mail.

[damiongage]

If anybody is interested PM me. I work for a compnay that sells sales leads. About 40% of my business is mortgage brokers. We are a direct marketing company. I have workewd with every major mortagge company accross teh untied states. The only leads we do not have are hot leads. We do a search for any geography as in zip code count area code state etc. I can look up all sorts of mortgage info as in type of loan, loan amounts, year of loan, if it is a subprime lender etc. We can out put this info. It is cold calling but if you are jsut starting out you have to hit the phone. I talk to brokers everyday accross the country. They all tell me if you have not been in the business for a few years when it was booming and just came in it is difficult right now. Alot of guys who jsut lived off referrals are calling in now looking for leads. The leads have a full contact name, address, phine # scrubbed against the DNC, mortgage selecect out putted. The leads can come in excel formatt or 3X5 cards. With this inof you can also send out post cards, flyers etc. You have to be pro active in this industry right now. If anyone is serious this is what I do for a living shoot me a pm and we can discuess. One new thing happening right now is this auto dialing system that auto dials the numbers and connects the calls that wanna stay on. I have heard good things. Another option is to get a good telemarketing company to qualify your leads.

PM me some contact info. I am buying list like this now...I would look into buying them from you instead.

[Big Broker 1]

sounds good...I think am going to pick some 1 up to do telemarketing for me....

[oldman]

sounds good...I think am going to pick some 1 up to do telemarketing for me....

Stay on top of them if you are paying hourly rather than per lead.. I did this for my business and paid a girl hourly and after 4 weeks she produced nothing but a huge hole in my profit for the month.



~Old

[Big Broker 1]

yea i know where your coming from...been there before

[damiongage]

Stay on top of them if you are paying hourly rather than per lead.. I did this for my business and paid a girl hourly and after 4 weeks she produced nothing but a huge hole in my profit for the month.



~Old

werd.

I pay mine 25 per lead and $1 per thousand on loans closed. So a $200k loan = a $200 bonus.

[firmechicano831]

okay guys. I'm a realtor in CA. I have seen for my self that only the successful agenst work hard. Stay on top of the game, contact different people everyday and get infront of new clients as well. Well how do you do this? get some business cards and hang out at Starbucks, gym, store or anywhere and approach people about what you do, you can also knock on doors or call people. Never give up and the right things will come your way. Good luck