How we change what others think, feel, believe and do
Lessons of a Startup Part 2
Guest articles > Lessons of a Startup Part 2
by: Daniel Milstein
When beginning Gold Star, I was presented with many challenges and obstacles to overcome. However, with these challenges come lessons that will allow you to grow your business into profitability.
I had an experience that reinforced my belief that some older customers aren't overly enthusiastic about working with younger loan officers. I had arranged several loans for a former All Star and Hall of Fame baseball player. We had completed these transactions over the phone and it was three years before we actually met. When I did get together with this well-known sports figure to discuss another loan, he smiled and commented, 'I didn't know how young you were. If I had, I probably wouldn't have given you the chance to arrange my home financing.' Obviously, my performance made him realize he had made a wise choice.
We later added teachers, policemen, firefighters and military personnel to our growing list of special interest customers. In addition, we developed a reputation for working difficult loans, those that other originators weren't experienced enough to handle. While our preference is to serve the 'best of the best' customers, I knew by assisting Realtors with their 'turn-down' loans, we would further underscore our reputation as the experts, and referrals would increase exponentially. Many originators get themselves in a bind by offering unrealistic expectations to agents who promise future business. My underwriting background enabled me to quickly assess the feasibility of challenging loans; thus I didn't damage our reputation by missing deadlines for impossible deals.
There may be initial complications with a start-up. However, learning curve lessons is part of the game and experience will reinforce that knowledge.
Daniel Milstein is the bestselling author of ABC of Sales. For more information, visit: http://amzn.to/ABCARTICLES.
Contributor: Daniel Milstein
Published here on: 02-Jun-13
Classification: Sales, business