SMART goals are a part of the plan for any successful mortgage loan originator. Employing strategies having to do with time management, tips for increased productivity, and motivational techniques, MLOs can use SMART goal principles to position themselves to gain a competitive advantage in the market.
Learn the Importance of Goal Setting
It’s hard to disagree that setting goals is a key facet of success. Over 1,000 studies have confirmed that people who set goals demonstrate higher motivation, better task performance, and increased perseverance.
But, just deciding you want to accomplish something isn’t enough. This is where the SMART model comes into play. SMART stands for:
- Specific. Specific may seem obvious. For example, let’s say an MLO wants to close three loans within the first 120 days of the year. However, a specific goal needs to include more than just the what; it should also include the who, where, and when of your plan.
- Measurable. Measurable goals are goals that can be tracked.
- Achievable. Achievable goals are within your ability to attain. Shooting for a goal that is objectively unattainable will only discourage you.
- Relevant. Relevant goals are beneficial for you professionally or personally. In other words, they aren’t just goals for the sake of setting a goal.
- Time-bound. Lastly, goals with a clear calendar deadline help to keep you accountable and motivated.
For reference, here’s an example of what a well-crafted SMART goal for MLOs may look like:
“To increase monthly loan volume by 30% within the next six months by acquiring five additional clients and closing their loans each month, focusing on the first-time homebuyer segment.”
Let’s break down how this goal is SMART:
It is specific because it clearly states what is to be accomplished.
It’s measurable because it includes a metric.
The goal is achievable because it is realistic within the timeframe and in consideration of the MLO’s workload and presumed market conditions.
It is relevant because it is aligned with the MLO’s role and responsibilities.
Lastly, this goal is time-bound because it has a defined deadline to work towards.
As you can see, formulating your goals can be half the battle.
Next, you need to create a plan to achieve them. Be sure to monitor and evaluate your performance regularly to assess your progress. You’ll want to identify areas of improvement as you move toward your goal, making adjustments as needed along the way.
Managing Time Effectively as a Successful Mortgage Loan Originator
As an MLO, it’s easy to become so busy that you lose track of time on certain tasks and rob yourself of other more important duties. To become a successful mortgage loan originator, effective time management skills are integral to reaching your goals. Fortunately, there are a few simple steps you can take to make more efficient use of your time.
1. Create a schedule. Using a system of daily hour blocks can help prioritize tasks. It doesn’t matter if they are mundane, such as checking your emails, or more substantial parts of your day such as meetings. Writing down (either manually or electronically) your day or week will give you a visual plan that you are much more likely to follow.
2. Eliminate activities that waste time. MLOs have myriad duties, usually with a common goal in mind. However, there are tasks that you may be spending too much time on any given day that makes it difficult to focus on more important duties. As an MLO, you want to focus on the duties that directly affect your business’ bottom line. For example, if you feel you’re spending an inordinate amount of time assembling files each week, find a way to delegate the task.
3. Use technology to stay on track. Electronic calendars and to-do lists can help manage your time more efficiently than paper. You can even set automatic reminders and alarms to nudge you and let you know when it’s time to move on to other tasks.
4. Take care of yourself. MLOs must be conscious of their need for rest. Nobody can go full-speed all day, every day without consequence. Taking breaks has proven benefits for mental and physical health and can result in higher productivity.
Maximizing Your Productivity as an MLO
There’s always so much to do, but sometimes it feels like there just aren’t enough hours in the day. Maximizing your productivity isn’t just about the volume of work you complete – it’s about working smarter. The following tips are surefire ways to get you on the right track to get things done.
Establish a Structure Routine for Your Work
This is where the schedule you created will come in handy. Prioritize the most critical or high-impact tasks, and avoid the overwhelm that comes from trying to integrate less important tasks. Allocate time for meetings, paperwork, follow-up, and all other tasks that you commonly do during an average day.
Delegate
Duties that can be performed by someone else should be assigned accordingly. For example, data entry or data processing can be delegated so you can free your time for other value-added activities such as origination duties and client acquisition.
Leverage Technology
This will go a long way toward your overall productivity. Automation is a powerful tool in streamlining your workflow. Use mortgage-related software solutions that automate repetitive tasks such as document management, scheduling, and lead management. There are also tools that will help you communicate with your team and clients.
Take Breaks
This may seem counterintuitive, we know. But rest and relaxation actually increase productivity. Short breaks allow you to recharge, regain focus, and avoid getting burned out. Don’t neglect adding short breaks into your day to take a brief walk, stretch, and clear your mind.
Stay Hungry & Keep Motivated
Staying motivated as a mortgage loan originator is important to maintain your drive in a competitive field. Finding meaning in your work will likely fuel your hunger to keep going. Remember the impact that you have on your clients by helping them achieve their dream of homeownership.
Another way to encourage yourself is to celebrate your accomplishments. No matter the size of your wins, acknowledge reaching achievements. When you reach milestones, such as closing a challenging deal, getting a glowing review from a client, or even accomplishing one of your SMART goals, it’s okay to take time and relish in your success. Doing so will boost your confidence and motivate you to keep performing at a higher level.
Connection is also a good way to re-energize yourself and renew your zest for your career. Surround yourself with a network of supportive colleagues and mentors. Other mortgage professionals are able to sympathize with the challenges you face. Your industry colleagues can also be a source of inspiration. The ability to exchange ideas, find support, share experiences, and be in the company of other motivated professionals can ignite your own motivation.
Finding Success as a Mortgage Loan Originator
Becoming a successful mortgage loan originator requires the same type of effort that it takes to be successful in any industry. By implementing SMART criteria, effective time management, and proper motivation into your business, you can set yourself up for success. Remember to continuously review your goals and strive to make gradual, but significant progress. The industry is ever-changing and your ability to evolve as an MLO will ultimately determine your career longevity.
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