Job Dilema, any input

[fox_forma]

Ok guys, I have been in the market for a new career as I just quit my last one due to unsafe circumstances. I have two offers on the table which I am a little confused about which to take.

 

First position is a financial loan officer, I was offered the position but we agreed to hold off until I was finished interviewing with several other company's. I seem to really want this position but its a commission only based spot. We went over the avg number, etc, and the percentages of what I would make in certain situations. If I were to re-fi someone for say 200,000 I would take home a $3000 check just off of that one Re-fi, obviously there are plenty other options as working with mortgages but my main concern is within the first few months obviously I wont make to much money as I am learning the trade.

 

My other option is with a fairly big and nationwide known company, its a salary position that starts fairly low at 32k and I would be working 50hrs week pretty much including some Saturdays. You can advance through the company fairly quickly but it is a steady paycheck, although I really would prefer more money everyone starts at the 32k mark. Thats really not much of a check after taxes kick me in the ass.

 

 

So any insight on which route I should take, I know for a fact I can prob make double the money with the commission job but its those first few months that have me a little worried about paying the bills.

 

Anyone here work solely off commission in the financial field by chance?

[Krambo]

I started with a Large company at the bottom making 30K/yr and let my performance, work ethic and "edumacation" speak for itself. I was a sponge soaking up all that they would offer and advanced rapidly. This laid the ground work for where I am at today. No matter what job you take, just remember there is no such thing as job security in todays enviroment. Never let your resume get cold and anticipate you next move.

 

I say go for the large company and use it as a springboard for your next move (as long as it is in the field you wish to grow into). Good luck!

[jbaker]

Fox Forma:

I have some knowledge and experience with the mtg / loan biz. Several questions come to mind...are you provided with leads or responsible for cold calling? Get an idea of how long the other officers / brokers have been there - this will give you a decent idea of how they fair compared to other shops. Do they have a diversified number of lenders they provide loan products from? Having more products will help you qualify and sell more. There is great potential in the industry and eager newcomers have a fair shot. Have you ever worked on commission before?

 

Jared

[Rausche]

I'd say to go with the steady opportunity. Like others have said, even though you start low, with hard work you'll advance quickly, and once you get yourself a title, you can use that company as a platform to move somewhere else if you don't like it... I never really liked the idea of working off of commision, because there's always the chance of some stupidly talented little upstart soaking up all the clients out from under you...

 

let us know what you choose!

[fox_forma]

Fox Forma:

I have some knowledge and experience with the mtg / loan biz. Several questions come to mind...are you provided with leads or responsible for cold calling? Get an idea of how long the other officers / brokers have been there - this will give you a decent idea of how they fair compared to other shops. Do they have a diversified number of lenders they provide loan products from? Having more products will help you qualify and sell more. There is great potential in the industry and eager newcomers have a fair shot. Have you ever worked on commission before?

 

Jared

There is no cold calling involved or anything like that. The company works with another privately owned company where the leads come into then we proceed from there to get them the loan they need. As for commission work, yes I have done it before. My past two jobs basically were that but I left my first one due to other sales counselors taking my leads and my sales so I was losing money out the anus. My most recent job was somewhat like commission but it was piece work. I was making a killing doing that till we lost a few contracts and work slowed down a lot which I transfered out to AZ because they said the work was here. Well it wasn't so now I need to settle into something. The hours don't bother me all that much but for 32k a year with a 50hr work week and some Sat's doesn't sound to appealing to me but there is def room to move up in the company. I think with a 32k yr salary thats only like $450 a week take home after taxes which isn't to much when I was clearing anywhere from $600- $900 my last job.

 

With the commission job, its a newer office that opened up near my location but they have been in the area for over 20yrs. Its a strong company but like I said the only thing that has me in a pinch is the commission only part. I would like some sort of re-assurance. But with it being only commission I get a higher percent base instead of having a base +commission which would be lower based percentage.

 

Although the salary position is nice, there seems to be a lot more regulations for what the job entails. Must wear a suit, no facial hair etc, just to stand behind a counter or my cubicle. In the AZ heat thats a tough one.

 

I have my shadowing interview today at 4pm with the company that is salary so if it really attracts my attention as something I like then I will make the sacrifices.

[fox_forma]

any other input?????

[brobradh77]

I honestly hate the idea of all commision. I had one of those jobs and was told how much money it brings in and it turned out to be BS and struggled to make ends meet. I always tell everyone take the sure thing and work up from there.

Edited July 21, 2007 by brobradh77 (see edit history)

[jbaker]

There is no cold calling involved or anything like that. The company works with another privately owned company where the leads come into then we proceed from there to get them the loan they need. As for commission work, yes I have done it before. My past two jobs basically were that but I left my first one due to other sales counselors taking my leads and my sales so I was losing money out the anus. My most recent job was somewhat like commission but it was piece work. I was making a killing doing that till we lost a few contracts and work slowed down a lot which I transfered out to AZ because they said the work was here. Well it wasn't so now I need to settle into something. The hours don't bother me all that much but for 32k a year with a 50hr work week and some Sat's doesn't sound to appealing to me but there is def room to move up in the company. I think with a 32k yr salary thats only like $450 a week take home after taxes which isn't to much when I was clearing anywhere from $600- $900 my last job.

 

With the commission job, its a newer office that opened up near my location but they have been in the area for over 20yrs. Its a strong company but like I said the only thing that has me in a pinch is the commission only part. I would like some sort of re-assurance. But with it being only commission I get a higher percent base instead of having a base +commission which would be lower based percentage.

 

Although the salary position is nice, there seems to be a lot more regulations for what the job entails. Must wear a suit, no facial hair etc, just to stand behind a counter or my cubicle. In the AZ heat thats a tough one.

 

I have my shadowing interview today at 4pm with the company that is salary so if it really attracts my attention as something I like then I will make the sacrifices.

 

Fox Forma:

I hear your dilema. Sounds like you have a solid grasp on the options, so what's the worst that happens? Let us know how the shadowing goes. BTW, matters of jobs and careers always reminds me of a piece of advice I heard from my father's friend..."Salary increases and promotions are time for 6 packs of beer - time to sit back and contemplate. Firings, layoffs, quitting, etc, now that is time for champagne." And it really is true...the first tends to lock you in even more and limits your possibilities (most of us don't constanly search for new positions / opportunities), but major events that help you re-evaluate and let new opportunities get through to you are really worthy of celebrating! Again, best of luck!

[dl11sec70dodge]

my brother was a loan officer in socal for the last 3 years making up to 90k easy, but hade to quit to find more steady work in january. The market is so slow right now, hard to pay the bills if you cant get the business.

[Fireman31]

weigh your options before you commit to anything.........sit down and make a list of pros and

cons of each.....Good Luck