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Old 03-14-2006, 10:54 AM
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Erik Erik is offline
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Join Date: Dec 2005
Location: Salt Lake City
Posts: 1,634
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Hello and welcome to MBL, Elizabeth.

Your income consistency is totally dependant on you. Being a broker is definitely a sales position and I'll level with you about getting started: there are few people who walk into this business and instantly close a good number of loans consistently.

There's an old saying in mortgages and real estate that 10% of the brokers close 90% of the deals. I don't know how accurate that is, but there is some truth to the statement that there are a good number of people who don't close all that much, while others close a lot.

I'm not trying to scare you or anything - just want to be realistic with you. Don't expect a cake walk. Expect to work hard, especially in the beginning while you learn the ins and outs. It might be a good idea to plan as if you were starting a new business and weren't going to have any income for a few months. If you can, have enough in reserve to cover your expenses for 3-6 months while you get through the learning curve and start to make money, so that you aren't constantly worrying about paying your bills. The worrying can be a major roadblock to success because it can consume your train of thought.

Income boils down to your sales and marketing skills and the support you have at your company. A good processor and experienced mentor can be invaluable in the early stage.

Going to a company that provides you with leads is a good beginning to consistent earnings. If they're good leads and you're a fast learner and decent salesperson, then closing a few loans your first 1-2 months is quite realistic.

Well, I hope this helps. Keep us updated on your new venture and of course stop in to ask questions anytime. Soon enough you'll be a resident expert answering questions for others
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