Posted by PJM/MI on 4/5/06 8:45am
Msg #111125

Mentoring

For those of you who are "newbies", I think it's a great idea if you can find a mentor who will be willing to help train you. And as another suggestion, try to find someone not in your coverage area. Some of us (yea.. I'm including myself in this), don't care too much for training our competition.
We all know that when a person starts a new job, they usually receive training for the position. I think the same goes for this line of work.

Reply by Julie/MI on 4/5/06 9:41am
Msg #111155

I mentored so many in the beginning they are now my competition. I figured what goes around comes around, well now they are all undercutting, but this has forced me to find different means to close loans. Luckily, my previous employement at a title company has opened some doors for me.

There are a few on this board, from the SE Michigan area that are my competition. I have seen settlement statements on loans they have previously closed and saw $95 for Transcontinental for edocs. This particular notary came over 50 miles from their base according to notaryrotary, all for $95 when I was charging $150.

Gas is up from 2001, toner, paper all is up and some people think $95 for edocs for 100 round trip is easy money. Nope no more mentoring for me.

I will NOT mentor in ANY state so I do not increase the competition in any "old timers" backyard. Many of the veterans worked and tried trial and error to pave the way for fees just to be schmucked by newbies.

Reply by Julie/MI on 4/5/06 10:01am
Msg #111169

Forgot........

.......it's not just newbies that are undercutting. I know a woman that is 2 miles from me, that is listed on all the sites, but doesn't know about the message boards, even though I sent her the links. She will take title company stuff for $50 and the $40 signing company stuff. It's not just the newbies that undercut......

Reply by Korey Humphreys on 4/5/06 10:25am
Msg #111178

That's why most of us don't mentor Julie...

Your post is great! It's the prime reason why most of us don't mentor competition.

I'm sorry you lost work because of it though, as with everything bad, just take it as a lesson learned and never repeat.

Happy future signings.

Reply by Drakester_IA on 4/5/06 10:35am
Msg #111184

Julie, to a certain extent I agree with you one back stabbers when mentored. Fortunately for me my mentor went to great legnths to teach me right. (I am not saying you did any different) but that the relationship that was developed was of great respect and trust. We currently work together ande give each other leads on new TC's and SS's. Any overflow of work is handed over. We are in the same area but fortunately for us there is not an abundance of SA's. Also most of my signing go through her and she informs the TC or SS that I would be doing the signing if she can not get to it. The TC or SS then emails me confermation and away we go.
Also what she had done is charge a nominal fee for the training and when she felt comfortable that I would not compete against her she returned my funds which I did not expect to ever happen.

I think I was one of the luckiest SA's ever.

Hope your luck turns around one day and your clients come back to you cause you seem to have tried to do a good thing only to be stabbed in the back.

Good luck

Reply by MelissaCT on 4/5/06 11:03am
Msg #111199

You make some good points about not stepping on toes of other veterans by declining training to even non-local newbies. Something I hadn't thought of before.

In contrast, I do network with "competitors" in-state to handle overflow. I'd rather refer someone I know to do high-quality work than tell a client sorry, not available & let them search. If I can save them time in finding another qualified SA, then I've still helped them fill their order, even if it wasn't by me. Of course, these other SA's do reciprocate, which is another reason that I do flip to them. Either way, my client is happy. I don't feel that I've lost any business through this practice.

But everyone runs their business the way that works best for them.

Reply by Colonel_IA on 4/5/06 1:25pm
Msg #111268

Re: Mentoring - one way street in the newbies favor n/m

Reply by patricia on 4/5/06 1:28pm
Msg #111269

Re: Mentoring - one way street in the newbies favor

exactly right, with the decline in loans being made there is no reason to encourage anymore
new people.

Reply by MichiganAl on 4/5/06 3:37pm
Msg #111302

Yep

I've done it several times in the past. It's taken a lot of my time and energy, with no reward other than a warm fuzzy feeling. Next time I want a warm fuzzy feeling, I'll drink a hot tottie.