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Does giving your staff of loan officers and realtors a BASE SALARY send the wrong message?

By
Mortgage and Lending with The Mortgage Network NMLS#244003 LMB#100008914

We all can agree that we are in a downturn here, and even though the business is still out there, we all are adapting to the changes in our own way to stay ahead of the curve.

Part of my daily regimen is to recruit new loan officers into the business to work at my firm.

I offer the following

1. Real Time Leads

2. High Payouts - Same Day if needed

3 Amazing Marketing Support System in Place

4. Access to best wholesale programs, etc, etc, etc.

What I have found out from 90% of my interviews is that that is all fine and dandy, but WHAT'S THE BASE???

When a new agent , after passing their grueling tests and certifications goes to their first firm, do they say WHATS THE BASE?

If we, as business owners, offer a base, are we sending the wrong message for everyone to not work as hard, and make it happen?

I would like to get feedback on this

 

WHATS THE BASE!!! UGH!@

Posted by
Brian Paul Quigley
THE MORTGAGE NETWORK
Senior Mortgage Consultant, MBA
600 South Cherry Street, Suite 143
Denver, CO 80246
720 524 3215 - Office
720 949 5630 - Cell
303 547 3382 - Fax
www.brianquigley.com http://www.brianquigley.com/>
"When Service Matters"

Personal NMLS#244003
CO License #LMB100008914
Superior Service Since 1985, Serving Colorado, New Mexico and Southwestern Florida
Colorado mortgage brokers license number 100024777

Comments (2)

Angie Gerhardson
Luminate Home Loans, Inc. - NMLS# 150953 - Isanti, MN
Helping YOU Realize your Dream of Homeownership!
Well.....I have been a loan officer for 8 years now and I still like to know that there is a base salary there in case you just have a scary month with no money coming in.  I'd like to still be able to feed my family.  However, I have no problem paying that back the following month when I have a better month.  This way, the company always gets their money and the loan officer feels "safe".  I think that's a fair trade-off.  What do you think?
Sep 12, 2007 07:33 AM
Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

I think that offering a base salary would give you a competitive edge in this highly competitive market.  To me it would imply that you are more likely to deliver on the promises that you make.  Too many brokers make promises to train and never deliver.

In addition, banks offer base salaries so the question is one of competitiveness.  I know that I am offered jobs on a regular basis simply because I'm out there pounding the streets.  I might consider one if there was a base salary was in the offering - it would take a lot of the pressure off and I'd perform at a higher standard than I am now simply because the stress factor was taken away.

I don't understand the turnover in this business.  Seems to me that finding ways to build loyalty makes sense and a base salary is a good place to start.

Just my thoughts.

 

 

Sep 12, 2007 09:13 AM