[Michael I]

Hello All, hope this finds you well.

I have been in the space for about 10 months now, and like to think I am finally getting it down to where I can consistently close deals, and feel confident in my abilities.

However, I am not making nearly close to what seems achievable in this space.

Where I work is stingy in terms of commission %, and barely even provides me with the leads or approvals to make more.

For example this month I've had about 19 Approvals, closed 9, and funded $118,000 with an average deal size of $13,000 getting 26% commission LOL!!

I was thinking of buying my own leads, and negotiating a much higher commission split since it would be to no cost to them, and would get to use their name to appear more professional.

I was wondering what you guys who have been around the block for a while think, and if you could point me in the right direction to purchase some decent leads.

Best,

how many calls do you make a day ? what was your total submission count including the not approved

[kevin@rossi]

how many calls do you make a day ? what was your total submission count including the not approved

amount of calls is irrelevant.
i know from my own experience and from friends working in a few diff shops over the years.

those who make less calls but have better quality leads do much better. (where and how they get them is not my business)

alot of broker shops just push their brokers to dialout as much as possible with crap ucc leads - when you make a few hundred calls attempts a day, that pretty much means your time is spent dialing out not speaking to merchants and closing

[Michael I]

amount of calls is irrelevant.
i know from my own experience and from friends working in a few diff shops over the years.

those who make less calls but have better quality leads do much better. (where and how they get them is not my business)

alot of broker shops just push their brokers to dialout as much as possible with crap ucc leads - when you make a few hundred calls attempts a day, that pretty much means your time is spent dialing out not speaking to merchants and closing

it is relevant to see if he is getting good leads or bad leads

[ridextreme]

amount of calls is irrelevant.
i know from my own experience and from friends working in a few diff shops over the years.

those who make less calls but have better quality leads do much better. (where and how they get them is not my business)

alot of broker shops just push their brokers to dialout as much as possible with crap ucc leads - when you make a few hundred calls attempts a day, that pretty much means your time is spent dialing out not speaking to merchants and closing

Amount of calls made per day is absolutely relevant. That's the difference between a great sales rep and an order taker. Even if they're getting good leads, it's not always a "one call close", so if you're not following up on all of you're current prospects while calling new ones all day and just sitting back waiting for your deals to fund, it isn't the most optimal approach. Dialing all day is, no matter how good or bad the leads are.

[kevin@rossi]

Amount of calls made per day is absolutely relevant. There's a difference between a great sales rep and an order taker. Even if they're getting good leads, it's not always a "one call close", so if you're not following up on you're current prospects while calling new ones all day and just sitting back waiting for your deals to fund isn't the most optimal approach. Dialing all day is.

to reiterate... when your boss expects you to be daily 300 numbers plus a day, there is not alot of quality time being spoken to merchants and closing being done.
all the boss cares is that the ucc leads he paid for are being put to work.
those who have better quality leads and reach out to 50 new leads a day and have a few good quality conversations do better in the long run

[SirFundAlot]

to reiterate... when your boss expects you to be daily 300 numbers plus a day, there is not alot of quality time being spoken to merchants and closing being done.
all the boss cares is that the ucc leads he paid for are being put to work.
those who have better quality leads and reach out to 50 new leads a day and have a few good quality conversations do better in the long run

That's not always true... how is 'the boss' supposed to create 50 new leads a day for his staff? There needs to be some sort of dialing at one point to generate these leads... otherwise buying 50 qualified leads a day in this market can also hurt, as we all know its a numbers game... you win some, you lose some.

[Michael I]

to reiterate... when your boss expects you to be daily 300 numbers plus a day, there is not alot of quality time being spoken to merchants and closing being done.
all the boss cares is that the ucc leads he paid for are being put to work.
those who have better quality leads and reach out to 50 new leads a day and have a few good quality conversations do better in the long run

that's called lazy .Regardless if leads are quality or not , you should be making 300 plus calls a day. The only difference is how much you will be converting

[kevin@rossi]

that's called lazy .Regardless if leads are quality or not , you should be making 300 plus calls a day. The only difference is how much you will be converting

disagree,
if someone is calling 300 ppl a day and on avg it will take 60 seconds to get the number, dial it, a few rings and do their pitch & vm/email/ text. That is already 5 hours of your day. where is there much more time to have a good conversation, shop a file out, work the funder on approvals?

(dont say that broker cuts out time since they dont need to shop a file out since there is an office admin. the brokers that have good relationships with funders get better approvals and more deals done)

[Michael I]

disagree,
if someone is calling 300 ppl a day and on avg it will take 60 seconds to get the number, dial it, a few rings and do their pitch & vm/email/ text. That is already 5 hours of your day. where is there much more time to have a good conversation, shop a file out, work the funder on approvals?

(dont say that broker cuts out time since they dont need to shop a file out since there is an office admin. the brokers that have good relationships with funders get better approvals and more deals done)

even with your math you still got another 5 hours for everything else .
Also your naïve if you think submitting as opposed to having an api and click a button so they do not have to enter everything gets you a better approval and more deals done.
Having a low default rate ,syndicating, big volume and not wasting a funder time is what gets you bigger and better approvals . in that order

[Finance]

Sorry Kevin but there's a vast dichotomy between making hundreds of calls a day vs spending quality time on a smaller amount of allocated leads in terms of a reps ability to scale their growth & skillset. I think an appropriate platitude for this scenario is: "You can't cheat the grind".

Now, let me explain what exactly the dichotomy is:

For one, if your underlying substructural mental drive is correlated with the mentality of spending more quality time into each individual lead in aspiration for the acquiring of long-term mastery and knowledge vs having the substructural values of "hammering the phone", if you took two identical people with the same intelligence and had one practice your previously exclaimed values over 5 years while the other person practiced the hundreds of calls a day value over the 5 years, the results would be absolutely staggering.

The reason why is because somebody practicing your admonishments wouldn't be able to retain and apply the 5 years of "work effort" to another industry or leadership or intelligence or most importantly in our discussion here, the industry, the same way that someone who calls hundreds of times a day would for one, and for two, the person who doesn't aspire to make hundreds of calls but rather aspires to spend quality time, will always have down time, and in the course of that down time you would incoherently sit around because of the underlying behavioral pathological values that methodology has taught your brain vs the guy who makes hundreds of calls a day. The guy who makes hundreds of calls a day will develop the 6th sense knowledge acquired over time to know when it’s beneficial and appropriate to put "quality time" into valuable leads when those leads present themselves because they'd have developed the aptitude to do so, but someone who practices the opposite narrative that you've advised above will naturally slack because their entire working life is putting "quality time" into things and the reality of this game is quality time isn't nearly as common as the opposite, and if you've spent your entire career building off values of quality time, you won't possess the aptitude to know when to not put that quality time in which will result in you actually putting less quality time into things over time because you've had so many disappointing instances of putting quality time into things with no result which will naturally exhaust somebody's ambition over the course of years and cause a mental blending and ineptitude in terms of differentiation between a quality time file and not.

The guy who makes hundreds of calls a day and doesn't let themselves have ANY down time because they're always on the phone not only develops next level skill over time, but it'll promote the neuroplasticity required to be a master of this business and make a lot of money, and what I mean by neuroplasticity is the ability for you to have every single answer at the snap of a finger no matter what a client throws at you, but not only that, also having the skill and ability to propagate said answer to said client in such a quick manor that it implies superfluous knowledge whilst simultaneously coming up with an answer that's adequate and not unprofessional or coming off in a bad fashion, which also requires psychological mastery which a guy who makes hundreds of calls a day will incoherently develop without direct study without them even realizing because of the thousands and thousands of interactions they've accumulated in such a short amount of time, you can't teach that to anyone. The best part about this is that the guy who makes those hundreds of calls a day develops (without even directly realizing sometimes), a very high level of drive that begins to become insurmountable which further sparks their interest to pursue more correlated knowledge regarding this industry like psychological fundamentals that can be applied for example.

None of these characteristics will even remotely develop in the guy who doesn't choose to do this from the beginning and tries to cheat the grind by practicing the behavior you're discussing, and the guy who participates in your advised behavior will inevitably be crushed because you're teaching yourself from the beginning to not rely on yourself and you haven't went through the trials and tribulations to a high enough magnitude compared to the guy who makes a ton of calls which means you have a much lower ability to retain things because the mental sanctity associated with whatever item of knowledge you're trying to retain won't be present, so you won't view it the way a guy who makes the calls would view it which results in it being pass through knowledge vs being a tattoo in your brain, and this compounds over years and years and years which is exactly why at the end of 5 years in our example here, the man who makes the calls will undoubtedly run circles around their counterpart.

Bottom line, can't cheat the grind.

OP: My suggestion here, forget about your commission, you won’t be at this company forever, it’s a short term concern when you should really be concerned about long term cultivation of skill because you won’t always be a strapping 23 year old eager to learn. Which means you should be questioning why it's okay in your company for you to siphon through leads rather than hitting the phone hard. Why? Because it implies that your leaders aren’t concerned for your long term skill set development but rather are concerned about you bringing in business, but a true leader and business owner knows that proper fundamental outlining for a new rep with guidelines set for growth will incoherently produce more money over time for everyone. As a new guy you have no understanding of that principle which is why you should be questioning why your leaders aren't holding you to that standard because that standard (as blatantly broken down and explained above), is what's going to bring you actual success, actual capability in terms of articulation over time, actual capability to GENERATE your own business without relying on anyones hand outs or siphoned CRM leads. These are principles many don't possess in this game and if they do, it's extremely hard to convey and dig into a new guy because it's considerably complicated when you incorporate all of the implications involved. Take it from someone who does very well in this industry and runs a large office with guys I put the same time into as I've done on this post. The reason why for me is because at the end of the day educating and building somebody up possesses far more fulfilling elements compared to squeezing whatever profits you can generate from someone.