Grab a sheet of paper and watch this video for a step-by-step process for mapping out your financial goals for the second half of this year. Follow along with me in answering these 9 questions to determine what you must do each week to achieve it your income goal.
Here are the 9 questions for mortgage professionals to follow along with the video:
- How much do you want to earn the 2nd half of 2013?
- What is your average commission per loan?
- How many loans/closings do you need? (1 divided by 2)
- What is your average loan amount?
- What is your closing volume goal? (3 x 4)
- What is your application-to-funding %? (Lender hint: 80% should be the minimum.)
- How many applications do you need? (3 divided by 5)
- What is your prospect-to-application %? (Lender hint: 25% should be the minimum.)
- How many total referrals, or prospects, needed for the 6-month period? (7 divided by 8) (Hint: Divide your 6-month total by 6 to get your monthly required referrals.)
Now you have a clear plan on what you need to produce daily, weekly, and monthly to achieve your income goal!