Kickstart Your Week ~ The Best Call Ever
Quick recap
The meeting covered various topics, including personal stories, business strategies, and motivational discussions in the mortgage industry. Participants shared experiences and insights on finding personal motivation, setting goals, and building successful careers as loan officers. The importance of having a strong "why" and treating the mortgage business as a long-term commitment was emphasized throughout the meeting, along with practical advice on client acquisition and financial planning.
Next steps
All attendees to reflect on their personal "why" for being in the mortgage industry and how it drives their success.
All attendees to evaluate their business practices and treat their role as if they are the CEO of their own company trading as Fairway.
All attendees to consider reaching out to realtors for potential "throwaway" deals that could be nurtured into future business.
All attendees to review their financial practices and consider setting aside money for marketing and business growth.
All attendees to share the recording of this call with colleagues who may be struggling with productivity or consistency.
All attendees to invite other team members to join future kickstart calls for motivation and strategy sharing.
Nino to upload the recording of this call to the Fairway Ignite website under the Pulse section by Wednesday or Thursday.
Summary
Positive Mindset and Fundraising Initiative
Nino opened the meeting by welcoming everyone and highlighting the importance of starting the week with a positive mindset and a supportive community. Janet shared her initiative to raise funds for providing Fairway Cares bears to residents in a hospice facility, with a goal of 80 bears, and explained how participants could donate. Nino encouraged everyone to engage by being on camera, participating in the chat, and sharing ideas or questions. He concluded by introducing a video about the significance of writing down goals and emphasized that one's "why" must be stronger than any obstacles encountered.
Finding Personal Motivation
Nino shared a motivational story about Buster Douglas, who defeated Mike Tyson by finding strength from his late mother's words, emphasizing the importance of having a personal "why" to drive perseverance. Cathy highlighted that people should not feel pressured to choose a lifelong "why," suggesting that focusing on immediate goals and reassessing as circumstances change can be more practical and motivating. The discussion concluded with an introduction to Mike Bendeba, who was invited to share his story, aligning with the theme of finding personal motivation.
Career Transition and Industry Challenges
Mike shared his career journey, transitioning from running a restaurant to entering the mortgage industry by accident. Despite initial success, including being named Rookie of the Year at Countrywide, he faced challenges when the industry slowed down after Bank of America's acquisition. He eventually returned to the restaurant business but had a realization when he missed dinner with his children, remembering why he started in mortgages for financial freedom and the ability to provide a better life for his family. This moment reignited his passion for the mortgage industry, leading him to focus on his strengths and overcome obstacles like arguing with underwriters.
Success Strategies in Mortgage Industry
Mike shared his personal story and philosophy on success in the mortgage industry, emphasizing the importance of having a strong "why" to drive motivation and perseverance. He highlighted the need for consistent focus and goal-setting, using tools like Word Tracker to maintain a steady production pipeline. Mike also stressed the importance of evaluating one's work habits and identifying any crutches that may be hindering productivity. He encouraged attendees to reflect on their own reasons for being in the industry and to strive for consistent, rather than up-and-down, performance.
Success Mindset in Mortgage Industry
Mike shared his personal experience and insights about success in the mortgage industry, emphasizing that drive and determination are more important than specific skills or knowledge. He highlighted that many people enter the industry thinking it's "play money" or a backup plan, but those who succeed have a strong "why" and are willing to put in the effort without relying on external factors. Cathy added that removing any backup plans and committing fully to the industry can lead to unstoppable success.
Mortgage Business Growth Strategies
Mike shared his experience of starting his mortgage business by targeting clients who were turned down by other lenders, focusing on FHA, VA, and USDA loans. He emphasized the importance of building a pipeline of future clients by maintaining contact with those who cannot qualify for loans currently. Mike advised treating business growth as a marathon, not a sprint, and suggested training like a marathon to build a sustainable career in the mortgage industry.
Mortgage Industry as a Business Opportunity
Cathy emphasizes the value of the mortgage industry as a business opportunity, comparing it to a franchise but with lower initial investment. Mike reinforces this idea, stressing that loan officers should treat their work as a business and not a hobby. He encourages financial savviness among loan officers and shares an example of a colleague who invested his 401K into his branch's P&L to get it up and running, demonstrating a serious commitment to the mortgage industry.
Strategic Financial Planning for Growth
Mike discussed the importance of strategic financial planning for business growth, emphasizing the value of setting aside marketing funds for 2-5 years rather than making smaller, taxable payments. He highlighted Fairway's approach of empowering franchisees as CEOs while maintaining compliance, and shared insights from his weekly Thursday calls about building strong business foundations through relationship-building and strategic thinking. Mike concluded by encouraging attendees to focus on their personal goals and remove limiting beliefs, comparing business growth to a marathon that requires consistent effort rather than immediate success.
Defining a Strong Business Why
The meeting focused on the importance of defining a strong "why" to drive success in business. Cathy emphasized the value of focusing on high-value activities and aligning daily work with long-term goals. Peter and Nino highlighted the benefits of sharing this recording with others in the company to inspire productivity and success. Nino also suggested reaching out to struggling colleagues and inviting them to join these weekly calls for support and motivation. The recording will be available on the Fairway Ignite website under "Pulse" and "Kickstart" for those who missed it.