Making Time for Making Money
MAKING TIME WITH
FOR
MAKING MONEY
DOUG SMITH
A Velma.com sponsored event!
Making Time for Making Money A webinar for loan originators ready to increase their income!
Presented by Doug Smith Doug Smith is a 2626-year mortgage industry veteran and nationally recognized speaker, author and sales trainer. Doug has helped a lot of loan originators make a lot of money in their careers. Today, he’ll show you how to do it too!
1
Why are you in this business?
Freedom of work schedule Be own boss Easy, not demanding Don’t know To make money
2
Do you know what your time is worth?
$50,000 a year 50 weeks a year 40 hours a week 2,000 hours a year $25 an hour $200 a day!
3
The more money you make, the more your time is worth!
$100,000 a year 50 weeks a year 40 hours a week 2,000 hours a year $50 an hour wage $400 a day!
4
A too cool exercise
Commission per average loan Pull through conversion app to close Capture rate prospect to app % Time to find a prospect
$ ______ ______ % ______ ______
5
A too cool exercise: example
Commission per average loan Pull through % app to close Capture % prospect to app Time to find a prospect
$ 1,000 66 % 25 % 1.5 hrs
6
A too cool exercise: example
Invest 30 more minutes a day prospecting x 5 days a week x 4 weeks a month = 20 hours a month Divided by 1.5 hours to find a prospect = 13 more prospects x .25 capture rate = 3 more apps x .66 conversion rate = 2 more loans 2 loans x $1,000 = $2,000 a month $2,000 a month x 12 months = $24,000 more a year
7
What does that mean? Invest 30 minutes more a day prospecting and make $24,000 more a year!
8
Where you make money… where you don’t Money making activities
Taking loan applications Making sales calls Delivering presentations Marketing your database Attending network events Following up on leads Sending out letters Etc.
Non--money making activities Non
Reading emails Going to meetings Studying loan programs Clearing conditions Paperwork and file work Office conversation Tele Tele--conference calls Etc.
9
What’s the balance? Money making activities
Taking loan applications Making sales calls Delivering presentations Marketing your database Attending network events Following up on leads Sending out letters Etc.
25%
Non--money making activities Non
Reading emails Going to meetings Studying loan programs Clearing conditions Paperwork and file work Office conversation Tele Tele--conference calls Etc.
75%
10
Make time for making money!
Invest 2 hours a day prospecting (25%) x 5 days a week x 4 weeks a month = 40 hours a month Divided by 1.5 hours to find a prospect = 26 prospects x .25 capture rate = 6 loan apps x .66 conversion rate = 4 loan closings 4 loans x $1,000 = $4,000 a month $4,000 a month x 12 months = $48,000 a year
11
What keeps some originators from making more money?
They don’t work that many hours Not enough time prospecting Sales call reluctance Far too reactionary Don’t think about it Don’t really want to!
12
A tale of two loan originators: Jack and Jill
Spends about one hour a day in money making activities
Spends about three hours a day in money making activities
Who do you think will make more money this month?
13
An obvious but amazing truth
If you want to make more money, you have to spend more time doing things that make you money!
14
So, what’s on your mind? Questions? Thoughts? Comments?
Hey! This is YOUR call! Take advantage of it by asking questions and sharing ideas!
15
1. Plan to make money 1. Create a list of where you make money in your job. 2. Start each day with a toto-do list; include money making activities. 3. Stay with it! Don’t blow off money making activities for busy work! Hey! You earn your income every day. Focus each day on money making activities!
16
2. Avoid the “thieves”
Poor quality borrowers Chatty coco-workers and vendors Low volume Realtors Committee commitments And others!
Hey! If your time is worth $40 an hour and you spend just 2 hours a day here, these people are robbing you of $400 a week and $20,000 a year!
17
3. Use time efficiently
File flow systems Responsibility checklists Technology systems Database management systems Complete loan applications
Hey! How do you think top producers who originate 10, 20, 30 loans or more a month and earn $250,000 to $500,000 a year do that? They have and follow their systems!
18
4. Work with discipline 1. Learn to say no, learn to let go. 2. Do money activities first, not last. 3. Run your day using the value of your time ($25, $40, $100 an hour.) 4. Don’t give it away! Hey! This is YOUR job and YOUR career. YOU can make as much money in this field as YOU want. It’s YOUR decision how YOU spend YOUR day every day!
19
So, what’s on your mind? Questions? Thoughts? Comments?
Hey! This is YOUR call! Take advantage of it by asking questions and sharing ideas!
20
Why would you want to make more money?
Buy stuff you want Enjoy great vacations Take care of family Give to charity Build wealth for security Retire early (and well) Because you can!
21
Making Time for Making Money A webinar for loan originators ready to increase their income!
Presented by Doug Smith
For more information on Doug Smith’s presentations, workshops, book, CD, sales newsletter and coaching program, please visit www.DougSmithOnline.com
WRAP UP – QUESTIONS? 1. Will this be recorded? Yes! www.velma.com – Events calendar [email protected]
• •
2. Who is Velma? • • • •
Database marketing tool Makes it easy to build stronger relationships Close more loans! Includes Velma.com (events, coaching, community)
NOT YET A MEMBER?? 1. Attendees can have sign up fee waived if you sign up by Oct 10th.
$199 savings! (PROMO = DougSmith) 30 day money back guarantee
2. Sign up for a live and personal Velma demo
www.velma.com Marketing tab
FOR
MAKING MONEY
DOUG SMITH
A Velma.com sponsored event!
Making Time for Making Money A webinar for loan originators ready to increase their income!
Presented by Doug Smith Doug Smith is a 2626-year mortgage industry veteran and nationally recognized speaker, author and sales trainer. Doug has helped a lot of loan originators make a lot of money in their careers. Today, he’ll show you how to do it too!
1
Why are you in this business?
Freedom of work schedule Be own boss Easy, not demanding Don’t know To make money
2
Do you know what your time is worth?
$50,000 a year 50 weeks a year 40 hours a week 2,000 hours a year $25 an hour $200 a day!
3
The more money you make, the more your time is worth!
$100,000 a year 50 weeks a year 40 hours a week 2,000 hours a year $50 an hour wage $400 a day!
4
A too cool exercise
Commission per average loan Pull through conversion app to close Capture rate prospect to app % Time to find a prospect
$ ______ ______ % ______ ______
5
A too cool exercise: example
Commission per average loan Pull through % app to close Capture % prospect to app Time to find a prospect
$ 1,000 66 % 25 % 1.5 hrs
6
A too cool exercise: example
Invest 30 more minutes a day prospecting x 5 days a week x 4 weeks a month = 20 hours a month Divided by 1.5 hours to find a prospect = 13 more prospects x .25 capture rate = 3 more apps x .66 conversion rate = 2 more loans 2 loans x $1,000 = $2,000 a month $2,000 a month x 12 months = $24,000 more a year
7
What does that mean? Invest 30 minutes more a day prospecting and make $24,000 more a year!
8
Where you make money… where you don’t Money making activities
Taking loan applications Making sales calls Delivering presentations Marketing your database Attending network events Following up on leads Sending out letters Etc.
Non--money making activities Non
Reading emails Going to meetings Studying loan programs Clearing conditions Paperwork and file work Office conversation Tele Tele--conference calls Etc.
9
What’s the balance? Money making activities
Taking loan applications Making sales calls Delivering presentations Marketing your database Attending network events Following up on leads Sending out letters Etc.
25%
Non--money making activities Non
Reading emails Going to meetings Studying loan programs Clearing conditions Paperwork and file work Office conversation Tele Tele--conference calls Etc.
75%
10
Make time for making money!
Invest 2 hours a day prospecting (25%) x 5 days a week x 4 weeks a month = 40 hours a month Divided by 1.5 hours to find a prospect = 26 prospects x .25 capture rate = 6 loan apps x .66 conversion rate = 4 loan closings 4 loans x $1,000 = $4,000 a month $4,000 a month x 12 months = $48,000 a year
11
What keeps some originators from making more money?
They don’t work that many hours Not enough time prospecting Sales call reluctance Far too reactionary Don’t think about it Don’t really want to!
12
A tale of two loan originators: Jack and Jill
Spends about one hour a day in money making activities
Spends about three hours a day in money making activities
Who do you think will make more money this month?
13
An obvious but amazing truth
If you want to make more money, you have to spend more time doing things that make you money!
14
So, what’s on your mind? Questions? Thoughts? Comments?
Hey! This is YOUR call! Take advantage of it by asking questions and sharing ideas!
15
1. Plan to make money 1. Create a list of where you make money in your job. 2. Start each day with a toto-do list; include money making activities. 3. Stay with it! Don’t blow off money making activities for busy work! Hey! You earn your income every day. Focus each day on money making activities!
16
2. Avoid the “thieves”
Poor quality borrowers Chatty coco-workers and vendors Low volume Realtors Committee commitments And others!
Hey! If your time is worth $40 an hour and you spend just 2 hours a day here, these people are robbing you of $400 a week and $20,000 a year!
17
3. Use time efficiently
File flow systems Responsibility checklists Technology systems Database management systems Complete loan applications
Hey! How do you think top producers who originate 10, 20, 30 loans or more a month and earn $250,000 to $500,000 a year do that? They have and follow their systems!
18
4. Work with discipline 1. Learn to say no, learn to let go. 2. Do money activities first, not last. 3. Run your day using the value of your time ($25, $40, $100 an hour.) 4. Don’t give it away! Hey! This is YOUR job and YOUR career. YOU can make as much money in this field as YOU want. It’s YOUR decision how YOU spend YOUR day every day!
19
So, what’s on your mind? Questions? Thoughts? Comments?
Hey! This is YOUR call! Take advantage of it by asking questions and sharing ideas!
20
Why would you want to make more money?
Buy stuff you want Enjoy great vacations Take care of family Give to charity Build wealth for security Retire early (and well) Because you can!
21
Making Time for Making Money A webinar for loan originators ready to increase their income!
Presented by Doug Smith
For more information on Doug Smith’s presentations, workshops, book, CD, sales newsletter and coaching program, please visit www.DougSmithOnline.com
WRAP UP – QUESTIONS? 1. Will this be recorded? Yes! www.velma.com – Events calendar [email protected]
• •
2. Who is Velma? • • • •
Database marketing tool Makes it easy to build stronger relationships Close more loans! Includes Velma.com (events, coaching, community)
NOT YET A MEMBER?? 1. Attendees can have sign up fee waived if you sign up by Oct 10th.
$199 savings! (PROMO = DougSmith) 30 day money back guarantee
2. Sign up for a live and personal Velma demo
www.velma.com Marketing tab
