An Elevator Ride — Continuing Education can Take you to the Top

Monday, March 5, 2007 at 10:38am by Darius Askaripour in Operations

As I entered the elevator I was overcome with a feeling of anticipation. You see, due to a series or serendipitous events, I had the honor of meeting with Benjamin V. Lambert.

Mr. Lambert is the Chairman and C.E.O. of Eastdil Realty Co. LLC; one of the nations largest and most accomplished real estate investment banking firms, which he founded in 1967. He also is the Founder and Chairman of the Harlem Day Charter School. Needless to say he is a man of great influence and experience as he has spent the last 30 years on many educational boards.

Upon entering the suite, I was greeted by Ben with warm enthusiasm. We sat down and did something that many people these days, have forgotten how to do. We had a simple conversation; Ben being the teacher and me the student.

Here sat a man before me who has accomplished things I have only dreamt off. His advice and guidance during our ninety minute meeting (which seemed like 5 minutes) forged a new desire in me, and gave me confirmation that I was on the right track. It truly was an honor, and a meeting that I will never forget.

There were many topics discussed but the one that holds the most relevance to this week’s question, was how education in peripheral fields aids in the expansion and growth of an existing business.

Darius,

I am a loan officer who has been in the business for 8 months and feel as though I have reached my limit as far as finance education goes. I work at an office where there isn’t much guidance, similar to the office in which you began your career. How can I advance to the point where I can hopefully open my own shop one day? Any advice would be appreciated.

Phillip Cruz,
Tampa, FL

Phillip,

First off, thank you for your question, however I do believe you made one major mistake. You claimed that you reached your limit as far as finance education goes. That mindset alone can cost you millions in the long run. We as brokers, loan officers, and bankers should always assume that we never know enough. There is a wealth of information out there, right at our fingertips, which can elevate a $75,000/yr loan officer to the owner of a multi-million thriving business, with secured longevity and sustainability.

Beginning my career working at in office lacking in guidance and support did wonders for me. For it was here that I found myself at my darkest hours in this business. I was forced to do research, test new techniques, eradicate the useless and ineffective tactics others are taught in the business, and take responsibility for my own advancement.

Phillip you must do the same in order to own your own shop. There are online classes that are taught which require just a few hours a week. The majority of these you actually just call in, listen to an instructor right in the comfort of your own home, and take notes.

Many local universities offer specialized finance programs, which cater to a certain approach, sub-section, or category within the mortgage field. There are also real estate and mortgage schools, especially in Florida as every loan officer working within an office is required to at least have passed the Florida State Broker Exam, which requires certification and proof of completion of the 24 hour mandatory class.

This is the only way to be paid in the state, for if you aren’t certified, any monies received are considered “kick-backs” which are frowned upon in the business. I assume you already have done this as you have been in the business for 8 months.

Another recommendation I can make is the most simplistic, yet effective…read, read, and read. The more documents and professional articles you pour over, the more questions you will pose to yourself, which in turn will push you to seek the answers. Those answers will make you a more effective broker. Soon others will look towards you for guidance. Always keep yourself abreast of what the market has done, is doing, and is expected to do. You should know technical terms and also how to articulate them in a manner which makes it cut and dry, so your clients aren’t left confused.

There are countless men and women who are very experienced and have accumulated a treasure trove of knowledge. Many of these “teachers” speak at seminars or hold work-shops. Now some of these can be very expensive and not worth it, so do substantial research on the speakers, so you are sure that their message will be effective and hold relevance to your situation.

Remember your account executives? Those people who know their bank inside and out and are responsible for helping you close your loan. Well you should have a very professional and cultivated relationship with this people. Keep yourself well informed of cutting edge programs and niche products so you can service your clients better. Lenders have a responsibility to aid in their brokers educational advancement, however it is also your responsibility to ask questions.

This leads me to the most important aspect of continuing your finance education. The more you know the more you can teach your clients. There’s a direct correlation my friends, between the level of education you provide customers versus your potential to earn money.

Your business can only survive and thrive by the level of service and expertise you can provide you clients. There are many situations you will find, where an educated broker will gain the loyalty, respect, and admiration of a client; though he charges a bit more when compared to an inexperienced broker who has lower fees. People will pay for excellence and peace of mind.

In today’s market there has been a serious influx of inexperienced brokers as companies have adopted a revolving door policy (which is detrimental to their growth and expansion). Many times these new loan officers aren’t given substantial training and are left to their own devices, and do not take the necessary steps to self-educate.

They are doing themselves and their clients a great disservice. In a highly competitive field as ours you need an edge, something that makes you stand out ands gives the client a reason to go with you over someone else. Phillip, there are no limits to how far you can go and these are the steps you should take before you consider opening up your own office. I wish you the best of luck.

Darius Askaripour is the owner/CEO of Vitruvian Lending and Cleared to Close Inc. and a national marketing consultant and expert on working with buyers who have credit issues and bankruptcies.

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There is a fair chance to start a home business as a debt advisor. Not only that but also a tax return preparation expert. Or loan advisors for major banks like citibank or chase bank or other enterprise

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