Learning How To Make More Money

Look at your competition and then do the opposite

Ralph LoVuolo
 & 
July 13, 2020

So, here’s a story that happened recently that makes so clear what I’ve been trying to get across to all of you for the last 40 or 50 years … be different. To be successful, get outside of the person everyone is trying to fit you into and present yourself differently, like a chameleon.

Look at what your competitors do and do it better! Do things different and take it up a notch to do things even more differently. Find out what they do and follow the principle of Wall Street brokers: “Buy when everyone is selling and sell when everyone is buying.” It doesn’t take a super genius to know what your real estate agents need, find out what they need and give it to them, and do that repeatedly.

A client of mine, Scott, told me the following story …

When he started in the industry as a loan officer in the early-1990s, Scott went to the most successful real estate office in his area.In his hand, he carried his company rate sheet, as was the custom since getting rates via an app had not yet been instituted.

With only a couple of weeks under his belt, this was an office he had not yet visited. Strangely, he had learned that no other MLO in his company was doing business with any of that company’s agents. He couldn’t understand why. But having the confidence of an alpha male lion, he walked in with no appointment. He told the receptionist that he had an appointment with the broker/ manager. Scott had done his research and knew the reputation of the company and their people— they were sharks. Was he afraid? Apparently not much.He decided that the worst that would happen would be that his butt would be kicked out the door.

“Hell,” he said, “they weren’t doing business with me at this point, so I had nothing to lose.”

USE YOUR TENACITY

The receptionist was distracted and told him where the office was for the broker/manager and he walked right back. He introduced himself, and while standing in front of the desk, handed his rate sheet to the broker/manager. She asked him what his name was and ripped his rate sheet into many pieces and told, not asked, him to leave the office and never come back.

Seriously, what would you do if this happened to you? Do you have the alpha-male lion attitude?

Here is what he told me. “I said, ‘OK, thank you.’ I walked straight for the front door and went to my car. I waited about two hours before I saw her leave. When I saw her drive away, I got a few more rate sheets and walked back in the office and put one copy in the mail slot for every salesperson.

“What, you think I’ve never heard ‘No!’ before? To be successful in the business, at a young age, I learned that a loan officer is going to be told ‘No!’ at times. In the short time before I went to that office, it had already happened to me a bunch of times. But, I also know that they can’t say ‘No!’ forever. Today, I still do business with those people.They loved and still love to tell people that story. They loved my tenacity. I know you teach my salespeople to never give up and that’s why I have you coach them.”

ADDING A TWIST

This article originally appeared in the National Mortgage Professional print magazine.

June 2020
The Shashank Redemption
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Learning How To Make More Money
In Print

Learning How To Make More Money

July 13, 2020
by
Ralph LoVuolo

So, here’s a story that happened recently that makes so clear what I’ve been trying to get across to all of you for the last 40 or 50 years … be different. To be successful, get outside of the person everyone is trying to fit you into and present yourself differently, like a chameleon.

Look at what your competitors do and do it better! Do things different and take it up a notch to do things even more differently. Find out what they do and follow the principle of Wall Street brokers: “Buy when everyone is selling and sell when everyone is buying.” It doesn’t take a super genius to know what your real estate agents need, find out what they need and give it to them, and do that repeatedly.

A client of mine, Scott, told me the following story …

When he started in the industry as a loan officer in the early-1990s, Scott went to the most successful real estate office in his area.In his hand, he carried his company rate sheet, as was the custom since getting rates via an app had not yet been instituted.

With only a couple of weeks under his belt, this was an office he had not yet visited. Strangely, he had learned that no other MLO in his company was doing business with any of that company’s agents. He couldn’t understand why. But having the confidence of an alpha male lion, he walked in with no appointment. He told the receptionist that he had an appointment with the broker/ manager. Scott had done his research and knew the reputation of the company and their people— they were sharks. Was he afraid? Apparently not much.He decided that the worst that would happen would be that his butt would be kicked out the door.

“Hell,” he said, “they weren’t doing business with me at this point, so I had nothing to lose.”

USE YOUR TENACITY

The receptionist was distracted and told him where the office was for the broker/manager and he walked right back. He introduced himself, and while standing in front of the desk, handed his rate sheet to the broker/manager. She asked him what his name was and ripped his rate sheet into many pieces and told, not asked, him to leave the office and never come back.

Seriously, what would you do if this happened to you? Do you have the alpha-male lion attitude?

Here is what he told me. “I said, ‘OK, thank you.’ I walked straight for the front door and went to my car. I waited about two hours before I saw her leave. When I saw her drive away, I got a few more rate sheets and walked back in the office and put one copy in the mail slot for every salesperson.

“What, you think I’ve never heard ‘No!’ before? To be successful in the business, at a young age, I learned that a loan officer is going to be told ‘No!’ at times. In the short time before I went to that office, it had already happened to me a bunch of times. But, I also know that they can’t say ‘No!’ forever. Today, I still do business with those people.They loved and still love to tell people that story. They loved my tenacity. I know you teach my salespeople to never give up and that’s why I have you coach them.”

ADDING A TWIST

Written by 
Ralph LoVuolo

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These articles are powered by National Mortgage Professional

So, here’s a story that happened recently that makes so clear what I’ve been trying to get across to all of you for the last 40 or 50 years … be different. To be successful, get outside of the person everyone is trying to fit you into and present yourself differently, like a chameleon.

Look at what your competitors do and do it better! Do things different and take it up a notch to do things even more differently. Find out what they do and follow the principle of Wall Street brokers: “Buy when everyone is selling and sell when everyone is buying.” It doesn’t take a super genius to know what your real estate agents need, find out what they need and give it to them, and do that repeatedly.

A client of mine, Scott, told me the following story …

When he started in the industry as a loan officer in the early-1990s, Scott went to the most successful real estate office in his area.In his hand, he carried his company rate sheet, as was the custom since getting rates via an app had not yet been instituted.

With only a couple of weeks under his belt, this was an office he had not yet visited. Strangely, he had learned that no other MLO in his company was doing business with any of that company’s agents. He couldn’t understand why. But having the confidence of an alpha male lion, he walked in with no appointment. He told the receptionist that he had an appointment with the broker/ manager. Scott had done his research and knew the reputation of the company and their people— they were sharks. Was he afraid? Apparently not much.He decided that the worst that would happen would be that his butt would be kicked out the door.

“Hell,” he said, “they weren’t doing business with me at this point, so I had nothing to lose.”

USE YOUR TENACITY

The receptionist was distracted and told him where the office was for the broker/manager and he walked right back. He introduced himself, and while standing in front of the desk, handed his rate sheet to the broker/manager. She asked him what his name was and ripped his rate sheet into many pieces and told, not asked, him to leave the office and never come back.

Seriously, what would you do if this happened to you? Do you have the alpha-male lion attitude?

Here is what he told me. “I said, ‘OK, thank you.’ I walked straight for the front door and went to my car. I waited about two hours before I saw her leave. When I saw her drive away, I got a few more rate sheets and walked back in the office and put one copy in the mail slot for every salesperson.

“What, you think I’ve never heard ‘No!’ before? To be successful in the business, at a young age, I learned that a loan officer is going to be told ‘No!’ at times. In the short time before I went to that office, it had already happened to me a bunch of times. But, I also know that they can’t say ‘No!’ forever. Today, I still do business with those people.They loved and still love to tell people that story. They loved my tenacity. I know you teach my salespeople to never give up and that’s why I have you coach them.”

ADDING A TWIST

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