I've said it many times before in this blog that one of the positive things that has come out of the bursting of the housing bubble was a cleansing of the real estate and mortgage industries. For a long time this industry has had a lot of part timers who would maintain a license and only close a deal or originate once or twice a year. I am the last one that will ever mock the entrepreneurial sprit. It is the entrepreneurial spirit that made this country what it is today and will be what continues to take it to new heights in the future. However, the problem with only getting your feet wet in this industry is that it is difficult, if not impossible, to stay on top of this constantly changing and evolving industry while maintaining another full time job.
With many of the part timers out of the industry, there is a call to the rest of the industry to raise the bar. Whether you are a seasoned veteran or a newcomer in this industry, sharpening your skills will pay off and with dividends. Your clients will notice, and your fountain of knowledge and expertise will spread throughout the land. Maybe not throughout the land, but you will get a lot more referrals!!
How important it is every day and every week to better understand your disclosures, and their time limits, and the laws, rules, and statutes that accompany them. Understand the good faith estimate and RESPA, no matter what industry you affiliate yourself with. This is one of the most powerful and important financial decisions most of your clients will ever make!! Help them to understand the costs, the market values, and treat it like it is - an investment!!! This is not just another commission!! Be professional in the way that you deal with it, but counsel with your clients and help them to understand the pros and cons of their investment decisions. You're the expert and they depend on you.
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