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Mindsets That Keep Your Mortgage Business Small

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I’m a big believer in the significant role our mindsets play in our success. As a mortgage professional, I know that the way I think about my work is just about as important as the work itself, especially when it comes to the bigger-picture success of my business. There are certainly some clear-cut mindsets out there that are obviously helpful or obviously harmful, but there are other mindsets that fall more in the gray area. There may be mindsets that we overlook that could actually be quite beneficial, and, perhaps even more detrimentally, there may be mindsets we believe to be beneficial that actually sabotage our success. This week, I want to talk about a few of those less suspect mindsets that can prevent your business from reaching its full potential.

Set It and Forget It

This mindset often appears as a mark of efficiency. It’s easy to feel that something you can accomplish and cross off your list once and for all is a success, but often, this mindset can cause us to miss out on endless opportunities for growth and improvement. This is especially true when it comes to branding and our online presence. Professionals who think about these things as a checklist to complete – create a website, set up a Facebook business page, add my information to a Google business listing – aren’t engaging in the ongoing maintenance work that actually makes these tools so valuable. Rather than looking at these things as tasks to check off a list, when you see them as ongoing processes, you’re much more likely to reap the benefits.

If It’s Not Broken, Don’t Fix It

Again, this mindset is often connected to efficiency, but rather than make us more efficient, it’s much more likely to hold us back. Sure, we don’t want to create problems where there aren’t any or be in a constant state of overhauling some part of our business, but we also don’t want to get complacent and miss opportunities for change. Just because something isn’t broken doesn’t mean that there isn’t a better way to be doing it. This isn’t about looking for the negatives. Instead, it’s about staying curious and consistently asking yourself what you can learn and where you want to improve.

It Is What It Is

Maybe you didn’t hit a sales target or you lost a few promising leads recently. How we respond to challenges, disappointments, and even failures is incredibly important. While we don’t want to harp on these things and get stuck in the negative, brushing them off with a mindset of ‘it is what it is’ isn’t doing us any favors either. Rather than relying on this type of mindset, loan officers can benefit from getting into the habit of reflecting and seeking out a lesson, even in the most difficult situations. Why didn’t you hit your sales target? Why did those leads go cold? Sometimes, you might find that the reason was truly out of your control in which case, acceptance isn’t a bad thing. But maybe you uncover some room for improvement, something you could do differently in the future, or something you want to learn more about. By taking the time to investigate, you keep yourself open to the possibility of achieving more down the line.

These are a few common mindsets that can easily slip under the radar and undermine all the hard work you’re putting into your business. Are there other mindsets you’ve noticed that have a similar effect? If you’re interested in mindsets and strategies for growing your business, send me a message. I’d be happy to set up a time to connect.

Don Riggs

VP – Retail Market Leader

NMLS 132702