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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

Website: http://amzn.to/ABCARTICLES

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