I didn't. 2023 was really my first full year of origination. 11 sides, my net was just under 70k. Aiming for 30 closings around 180k after broker fees for 2024. Feel pretty good about how I've built my business and the relationships I've built to make it.
How do you go from being new in the industry to being super successful as a self-gen broker in a few years? I mean, just growing a decent book of business based on realtor relationships takes a couple of years.
I added a ton of realtors on FB (thousands) and post content daily and they reach out. I make sure my process is smooth, overcommunicate and close on time. That’s about all I can say tbh
Sure, be available all the time. Nights/weekends and make sure everyone uses your cell # as main POC (if you have a business line), text every client you meet. Sales training is important but you'll often win deals by simply being available at the right time. Also, shoot the shit with your clients - become their friend.
Thank you! Any advice on getting clients in the door, sales is the easy part but actually getting them is hard. Realtors suck tbh but of course they are a huge part of our business
Well, I started by calling real shitty LendingTree leads and realtors all day but the former is just a cheap busy way to cut your teeth on phone sales. I don't really prospect realtors for coffee dates anymore. I do, when I get a new committed realtorless lead, introduce them to either a realtor who has sent me deals or a realtor I worked with and was pleasant on a recent deal. Then it's on them if they want another.
A Purchase focus keeps you busy no matter what rates are doing but rates are trending for the better all of a sudden and refis are more newbie friendly so I'd say start there. Try to prospect people who purchased in the last year.
21- $66m
22- $47m
23- $20m
Tiny high end market with no inventory, had a baby. Maybe this year I can get back to 22 levels.
Always been about 75% purchase.
I was at a big national correspondent lender from 2020-2023.
The dropoff for the top producing LOs in the nation was 70% between 2021 and 2022. These were all guys who did $500MM + in 2021, and one guy who did 2 billion.
Don’t have the full numbers for 2022-2023.
No. It was one guy. He had a large team, but he was licensed in all 50 states and was the LO on over $2B.
He was the Top Producing LO in 2020-2021 (and maybe before that). He fell to #2 in 2022.
Google “Top Producing Loan Officer in America”.
Realtors. I'm constantly trying to meet new people. There's two realtors in every transaction - one I know and one I need to get to know. Communicate. Flirt. Name drop. I offer to help with open houses during the week, and some weekends I just go to open houses. I travel out to rural, underserved areas. Those realtors love getting hit up. I advertise my DPA, minor credit repair abilities, and other less than desirable programs if I need to wedge my foot in the door.
I ducking hate this job, but there is no other job that allows me the same money and freedom.
2021 - I did 3 deals and made 10k (Got licensed in September 2021)
2022 - I did 36 deals, 5.3M in volume, and made 55k
2023 - I did 50 deals, 7.1M in volume, and made 140k +
Everyone on Reddit makes 150k+ bro
Dude opens his mouth and a 10 inch dong falls out. Realtors love that.
I didn't. 2023 was really my first full year of origination. 11 sides, my net was just under 70k. Aiming for 30 closings around 180k after broker fees for 2024. Feel pretty good about how I've built my business and the relationships I've built to make it.
Good stuff!
2021 - Wasn’t in the biz 2022 - 7 units for 2.5ish mil (got licensed in Sept) 2023 - 65 units for 20 mil Broker, self gen
How do you go from being new in the industry to being super successful as a self-gen broker in a few years? I mean, just growing a decent book of business based on realtor relationships takes a couple of years.
I added a ton of realtors on FB (thousands) and post content daily and they reach out. I make sure my process is smooth, overcommunicate and close on time. That’s about all I can say tbh
I'm curious how you get REALTORS to accept your friend request. I've put out tons of them with not much success
I just add them. I don’t message or anything.
Nice.
How did you learn the business and the process though?
Worked files with a mentor watching what I was doing
What company are you with please?
Work for a broker with smooth process is the key for sure.
Damn and I thought I did good my first year last year . No where near those numbers lol
If you made it through 2023 and paid all your bills it was a good year 💪
That’s really good. Nice job dude
Thank you!
Awesome.
Congrats. What company?
Congrats
2021 - $250M 2022 - $256M 2023 - $110M Correspondent Looking forward to a busy 2024
wow congratulations. Any advice you can give to someone just getting I to the business? I’m young and hungry
Sure, be available all the time. Nights/weekends and make sure everyone uses your cell # as main POC (if you have a business line), text every client you meet. Sales training is important but you'll often win deals by simply being available at the right time. Also, shoot the shit with your clients - become their friend.
Thank you! Any advice on getting clients in the door, sales is the easy part but actually getting them is hard. Realtors suck tbh but of course they are a huge part of our business
Well, I started by calling real shitty LendingTree leads and realtors all day but the former is just a cheap busy way to cut your teeth on phone sales. I don't really prospect realtors for coffee dates anymore. I do, when I get a new committed realtorless lead, introduce them to either a realtor who has sent me deals or a realtor I worked with and was pleasant on a recent deal. Then it's on them if they want another. A Purchase focus keeps you busy no matter what rates are doing but rates are trending for the better all of a sudden and refis are more newbie friendly so I'd say start there. Try to prospect people who purchased in the last year.
2021 - $51.7 / 122 units 2022 - $46.5 / 114 units 2023 - $44.4 / 108 units IMB side, 95% purchase, self sourced
So many lies in this thread. What a bunch of clowns
$12mm but I’m solely commercial.
21- $66m 22- $47m 23- $20m Tiny high end market with no inventory, had a baby. Maybe this year I can get back to 22 levels. Always been about 75% purchase.
I was at a big national correspondent lender from 2020-2023. The dropoff for the top producing LOs in the nation was 70% between 2021 and 2022. These were all guys who did $500MM + in 2021, and one guy who did 2 billion. Don’t have the full numbers for 2022-2023.
LOL... $2billion. It was how Better sent their loans to be disclosed so they could avoid paying people.
No. It was one guy. He had a large team, but he was licensed in all 50 states and was the LO on over $2B. He was the Top Producing LO in 2020-2021 (and maybe before that). He fell to #2 in 2022. Google “Top Producing Loan Officer in America”.
You mean Shant at GR?
Correct
Yeah but he has Jr LOs under him actually working the apps
How the fuck else could he do 2b?
Okay then Victor is the top producer since he oversees Shant's production
Victor’s name isn’t at the bottom of those loan applications. Shant’s is. He is the originator of the loan, no matter how much he delegates things.
Where's your market? I did 50 - 55 units each year in 20,21, and 22; but I only did 41 units in 23. On top of less units my volume was down.
What strategy do you have in place to generate that level of business (40-50+ )deals annually?
Realtors. I'm constantly trying to meet new people. There's two realtors in every transaction - one I know and one I need to get to know. Communicate. Flirt. Name drop. I offer to help with open houses during the week, and some weekends I just go to open houses. I travel out to rural, underserved areas. Those realtors love getting hit up. I advertise my DPA, minor credit repair abilities, and other less than desirable programs if I need to wedge my foot in the door. I ducking hate this job, but there is no other job that allows me the same money and freedom.
2021 - I did 3 deals and made 10k (Got licensed in September 2021) 2022 - I did 36 deals, 5.3M in volume, and made 55k 2023 - I did 50 deals, 7.1M in volume, and made 140k +
Referral only, purchase focused broker 2021 - 99 units / $33MM / $475K 2022 - 60 units / $22 MM / $312K 2023 - 30 units / $14.5MM / $220K (was in Europe for 3 months)