[AndyYSCISOdept]

When I started out I only spent $3K per month on that stuff. I worked out of a shared office space for $700 per month, I had a computer, phone and spent all day calling aged leads and UCC lists. Within 3 months I was already making decent money. But then again, I was already pretty experienced when I started my shop.

The Key phrase in what you said was, "I was already pretty experienced" I have to assume that you learned a whole bunch before striking out on your own. Do you think that you would be nearly as successful if you tried that same maneuver now with NO Experience?

[MCNetwork]

True. I started in 2010. It's a lot more competitive now but good salespeople can still make money.

[MCNetwork]

The Key phrase in what you said was, "I was already pretty experienced" I have to assume that you learned a whole bunch before striking out on your own. Do you think that you would be nearly as successful if you tried that same maneuver now with NO Experience?

If I had NO experience, I wouldn't dream of doing it. I think the poster at least has SOME knowledge of the business...hopefully.

[AndyYSCISOdept]

I think even with some experience, the safety provided by working in a reputable broker shop is to great to pass up.

[FUNd]

True. I started in 2010. It's a lot more competitive now but good salespeople can still make money.

Good salespeople can make $, but not without the proper tools. And tools cost money.

[MCNetwork]

Andy, not everyone can get a position at a reputable shop.

[FUNd]

Andy, not everyone can get a position at a reputable shop.

Or keep one. I had a guy who had "experience", pounded my door down for a job, I gave him a seat with a base, training, inbound leads, and no cold calling whatsoever. Calls in sick his first week on the job. Fired him.

People talk a big game, but when it comes down to it, in general, they are lazy and entitled. Very hard to find real talent.

[AndyYSCISOdept]

I use the term reputable very loosely. The fact is if you need to go the one man shop route just be prepared for a lot of lean months and a larger than expected outlay of cash to get the business churning.

[AndyYSCISOdept]

Or keep one. I had a guy who had "experience", pounded my door down for a job, I gave him a seat with a base, training, inbound leads, and no cold calling whatsoever. Calls in sick his first week on the job. Fired him.

People talk a big game, but when it comes down to it, in general, they are lazy and entitled. Very hard to find real talent.

Another issue is the One month wonders. I cant even count the guys that come in have a banger of a first or second month, then they walk around like they're gods gift to the world and/or just stop showing up. And if they do continue to show up they work half as hard because they expect deals to just fall in their lap.

That's why I find it to a great advantage for my team to be able to help these brokers close files because a lot of work goes into them and we want to make sure that the ROI on our sweat-equity is top notch.

[FUNd]

Another issue is the One month wonders. I cant even count the guys that come in have a banger of a first or second month, then they walk around like they're gods gift to the world and/or just stop showing up. And if they do continue to show up they work half as hard because they expect deals to just fall in their lap.

That's why I find it to a great advantage for my team to be able to help these brokers close files because a lot of work goes into them and we want to make sure that the ROI on our sweat-equity is top notch.

Totally. And their chest puffed out even after the sales manager does all the heavy lifting and closing for them. Those guys don't last here. #1 thing we tell them in interviews is that we have zero tolerance for egos.

[AndyYSCISOdept]

There have been a few one month wonders at YSC and they all go out the same way...Like a hurricane...Come in loud and roarting full of WInd and BS, and they leave with a whimper out to sea.

[fmoli991]

Better question does anyone want to share the secret names UCC's are being filed under currently? lol UCC lists are like beating on a dead horse in my opinion.

Lol! Yeah, I didn't think of that..

[fmoli991]

as a one man shop sending a deal once in a blue moon do not believe anyone that they wont backdoor you . you will be better signing up with sendto or yellowstone and let them shop it for you .
any advice on marketing will be wrong or sarcastic so you wont get help here with that . what i can tell you is dont buy leads buy data . if its a good lead they will fund it themself

Yep. Leads are expensive and what's stopping these guys from funding these deals on their own or distributing them to their top shops?

Thanks

[fmoli991]

Your right about mailers for sure. I've done mailers in the past in a a similar industry and the response was great. Social media is a labyrinth but I'm learning!

For obvious reasons folks are not going to tell the world about their lead list source that is producing. With UCC's or any lead list source for that matter you want to consider taking a road less traveled and think outside of the box. Unique secured party names for UCC's, what industries do you have experience with so you can talk their language, what industries have not been saturated, what sets your loan product apart, what makes your offer stand out from others, are you willing to work with business owners others are passing on, etc.?

Everybody is pounding the phones these days with new shops popping up left and right, so you have to either be exceptionally creative, talented or follow-up incessantly. My advice is to diversify and test as many marketing channels as possible, track carefully then reinvest in the ones that produce results. Direct mail is a great channel because it is cost-prohibitive to most which means you are eliminating the vast majority of your competition right off the bat. Social media is a great, cost-effective way to generate leads for very little investment mostly just your time and energy.

[fmoli991]

I agree 100% on buying data, not leads.
I have to disagree on not working your own deals. I started as a one man shop and from experience can preach that relationships with your funder/rep/underwriter(s) is vital especially as a small shop {1-10 team}.

I've worked in Mortgage Sales for a long time. Without my funder/rep/underwriter(s) and processors I would be lost.

Thanks

[fmoli991]

Why would you want to enter into this business at this point being brand new? Do you have some sort of unique market research you've conducted and you are going to compete uniquely and strategically?

UCCs are dead, the ones that are being filed have been sold to 100 other companies probably.

- Most merchants are going to curse you out for being the 10th guy calling this week.

- The "leads" that you will produce from UCCs will be mainly merchants who are stacked to high heaven hell with 4 or 5 balances that nobody wants to consolidate, or merchants who just have a ton of bad things going on with their profile that again, make them unfundable.

- The "good accounts" that used to be generated from UCCs, are mainly not even getting UCCs filed on them like in prior times. A lot of companies have just stopped filing UCCs on good accounts and choose to file them on questionable or risky accounts which again, most of the time are unfundable.

Just giving you some honest insight here, if you plan on coming in here brand new you ought to develop some sort of unique/strategic business plan. UCCs aren't going to cut it anymore.

Thanks for the response. I've been in highly competitive sales environments/industries, cold calling prospects that get hammered all day both at work and at home. Only difference now is I'm calling B2B instead of B2C.

[MCNetwork]

You should do fine. I know a lot of good mortgage guys that successfully transitioned to cash advance sales. It's not really rocket science.

[jotucker1983]

Or keep one. I had a guy who had "experience", pounded my door down for a job, I gave him a seat with a base, training, inbound leads, and no cold calling whatsoever. Calls in sick his first week on the job. Fired him.

People talk a big game, but when it comes down to it, in general, they are lazy and entitled. Very hard to find real talent.

FUNd it's great that you bring this up because I honestly didn't think many positions like this existed in our industry, where a guy is hired as a rep and all he has to do is come in and "close" the warm leads that's fed to him all day.

From reaching out within the industry, I didn't find many options like this that were at least offered to me, it appears as though the only guys who get these types of offers (for the most part) are guys without a lot of business acumen nor experience, who the larger broker shop believes they can "control".

There's a mentality in this industry (it's in others too mind you) that actual "experienced" guys who have worked in the business, who know the business, etc., are a "threat" and can't be hired because either they are going to take someone else's position or they can't be quote, unquote "trained".

To me it makes no sense whatsoever, it would seem as though a large broker shop would want to bring on the most experienced people possible and feed their large marketing budget leads to them because those individuals know all about the sales/closing/renewal portfolio process. But it seems as though if you are truly an experienced guy (like me, that's approaching 10 years of merchant services related experience) nobody really wants to bring you on board for the reasons I've described.

The people that most of these firms hire, sorry to say it, are the ones with very little business acumen because they feel as though they can "control" those individuals as well as run more B.S. around them.

I stated it before, if there are actual deals out there where the shop is spending $100,000 a month to generate inbound leads and you need someone who knows the business, understands the sales process, etc. who can "close" that volume....I'm not sure who would be more better suited for something like that than someone like myself? But again, with close to 10 years of experience, I guess I'm looked at as a "threat"?

It doesn't really "sweat" me any, I'll just continue operating in my one man shop lol.

[Fundyman]

You should do fine. I know a lot of good mortgage guys that successfully transitioned to cash advance sales. It's not really rocket science.

Tell me about it! But that's if they maintain the 11-8 work hours mentality! That's what we used to do, was to pound the phones for hours until we got applications. I noticed things apparently got a lot harder in the industry lately. Then, I realized the truth: I was getting comfortable because of repeat business and referrals taking up my time instead of me doing more cold-calling.

I never saw a dialing mentality like that of the mortgage industry. Closers with telemarketing discipline, pounding the phones all day into the night. Still works very well today!

[Zach]

Tell me about it! But that's if they maintain the 11-8 work hours mentality! That's what we used to do, was to pound the phones for hours until we got applications. I noticed things apparently got a lot harder in the industry lately. Then, I realized the truth: I was getting comfortable because of repeat business and referrals taking up my time instead of me doing more cold-calling.

I never saw a dialing mentality like that of the mortgage industry. Closers with telemarketing discipline, pounding the phones all day into the night. Still works very well today!

Sales skills are definitely a key factor, however they are only a runner-up to disciplined, hard work.

[FUNd]

Sales skills are definitely a key factor, however they are only a runner-up to disciplined, hard work.

Hard work is important. However I've seen a million guys come and go over the last 15 years that worked hard but had no clue how to properly engage a prospect and uncover the true needs of a potential client. I've had many guys that had amazing "talk time" and never made quota once or closed a deal by themselves. I would say skill is just as important as work ethic. You can not be successful without both.

[Zach]

I can get on board and agree with that. I've also had reps that work their hands to the bone and hardly ever fund.

On the flip side, I've had reps who would close anything you put in front of them, but have no work ethic. I'd say it's about a 50/50 split between skill and ethic

[jotucker1983]

Hard work is important. However I've seen a million guys come and go over the last 15 years that worked hard but had no clue how to properly engage a prospect and uncover the true needs of a potential client. I've had many guys that had amazing "talk time" and never made quota once or closed a deal by themselves. I would say skill is just as important as work ethic. You can not be successful without both.

I can get on board and agree with that. I've also had reps that work their hands to the bone and hardly ever fund.

On the flip side, I've had reps who would close anything you put in front of them, but have no work ethic. I'd say it's about a 50/50 split between skill and ethic

How about the guy that works hard, can close, but has difficulty getting his files approved? I can speak from this as a one man show, it can be very difficult hanging in there when you:

- Are pounding away on the phones like you are supposed to (working hard)

- Are selling the hell out of the program (generating new leads and new apps)

- Have a very good closing ratio (a good "closer")

But you just continue to run in a string of bad luck with a lot of declines across the board, with few of your files seeing any type of approval. This is a reality of the process and one that's very rarely talked about, but one that can choke out a very small shop relatively quickly.

It's why I always tell guys to make sure they save their money and try to live as some sort of minimalist while doing this business, because you never know when you might run across a very long string of bad luck with most of your files getting declined or most of your new leads being unfundable.

[FUNd]

How about the guy that works hard, can close, but has difficulty getting his files approved? I can speak from this as a one man show, it can be very difficult hanging in there when you:

- Are pounding away on the phones like you are supposed to (working hard)

- Are selling the hell out of the program (generating new leads and new apps)

- Have a very good closing ratio (a good "closer")

But you just continue to run in a string of bad luck with a lot of declines across the board, with few of your files seeing any type of approval. This is a reality of the process and one that's very rarely talked about, but one that can choke out a very small shop relatively quickly.

It's why I always tell guys to make sure they save their money and try to live as some sort of minimalist while doing this business, because you never know when you might run across a very long string of bad luck with most of your files getting declined or most of your new leads being unfundable.

A minimalist lifestyle would be great John, but to quote a great movie I love - "The things you own, end up owning you.", and this includes your business.

[HDF]

And why back-dooring should be a crime.