Three Steps Construction Lenders Can Work to Get to the Top of Their Field – And Stay There
Posted on June 4, 2020
It may seem difficult – especially in today’s climate – to get to the top of the construction loan field. The truth is that there are three steps you can take that can help you spread out your revenue stream enough to weather just about anything. Keep reading to learn about these three steps and then contact Fund Control at 800-625-5972 if you are ready to learn about innovative software that can help.
- Become an Expert in What You Do
- Choose the Right Employees
- Invest in Continuing Education
It is essential that you become an expert in the type of loans or loan programs that you are offering. If you are already at expert status, then great – move on to the next step. If you are not yet an expert, consider ways in which you can fill in any gaps you have, such as working with a mentor or taking a specialized course.
Note that gaps could be anywhere – not just where you expect them. It could be that you need help in learning how to market your loan program, in educating your Loan Officers, or in specific underwriting needs. Be honest about what you could improve and find ways to do so. If you establish yourself as an expert, you will be the first company that others consider when they need what you offer.
When choosing team members, your goal is to avoid hiring any weak links. We also recommend working to create specialists versus jacks of all trade. You want someone who is flexible and who understands the overall picture, but who is also highly trained in the specific area you need them in. It can take a lot of training and effort to create experts, but they will be the key to getting to the next level.
Take a look at the goals you have for your company and be honest about where you could stand to have a specialist or two. Then hire the right person for the job. Ideally you will have one expert in the overall work your company does and then a team of specialists who can back up that expert.
As you gain the best employees and specialists, you will also gain a reputation for being at the top of your game. However, keep in mind that this will only last as long as you continue to excel. Remember that in the world of finance and the world of construction, the rules, laws, regulations, and best practices are constantly changing.
This is yet another reason to invest in Fund Control. We keep our products up to date so that you can ensure compliance at every stage. Call us now at 800-625-5972 to schedule a free demo so you can see the magic for yourself.