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An Interview with
Mike Smela -
The Physician Lender!
Ask yourself these 7 questions to identifying your niche market.
Here's how the typical loan officer does business. They try to attract prospects - thru ads in real estate magazines, buying leads, referrals or seminars. It's obvious because the typical ads in the real estate magazines say (basically):
"I can do every loan known to mankind.
I'm a top producer.
Here's my picture.
Call me."
To quote the old saying, "Jack of all Trades - Master of None".
Meet Mike Smela! His specialty is working with doctors. And not just "any" doctor - either. But more on that in the interview.
When you read this article, Mike shares with you his formula for finding niche markets - regardless if you are going after bartenders, engineers, salesman or computer programmers.
Karen: How did you get into the mortgage business?
Mike: I have a BA in Communications and a Masters degree in Sports Medicine. I went to work at a medical clinic and after 18 months, the group of doctors I worked for, disbanded and closed the clinic and went their separate ways. I found myself without a job and a friend of mine gave me the chance to work in his mortgage company.
Karen: You have established yourself with doctors. How did you decide on working with that niche?
Mike: It didn't start out that way. Early on in my mortgage career, I decided that finding a niche was one of the few ways to make big money and I became the expert on FHA 203(k) mortgages. When the program became too cumbersome, I had to find another niche market and since I was educated in the medical field, it was a natural fit for me.
Karen: What should other loan officers do if they don't have your type of background?
Mike: Niche marketing works the same, regardless of which one you choose. Let's say that you were a bartender, went to a technical school for automotives, your sister is an engineer or your father sold freight trains, there 7 important components that you need to consider when you choose a niche market. They are:
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