Every job has qualities that are best suited to it. A poor fit in personality traits and skills can often result in poor results, great frustration and even loss of a job.
If you want to be successful in your job as a seller of car title loans, assess yourself to see if you possess the below traits:
1. Are you analytical?
Your job involves dealing with numbers therefore you have to be very good at, not only working with the figures, but also knowing what they represent when mapped as a trend. For instance:
• Your targets versus loans achieved.
• Your bad debt portfolio and the risk it represents.
• Rate of converting defaulted debt into returns.
Having analytical skills is the only way you will judge your productivity and your contribution to profitability.
2. Be knowledgeable of local and state laws
There are many laws that govern lending businesses. Study these laws and ensure to get informed on any new laws that may come up along the way.
Laws may differ in certain states, so be sure to stay relevant to your state. If you’re running your business in San Jose, for instance, find out from the local authorities the relevant laws you must know about car title loans in San Jose CA.
Ignorance of lending laws can lead to a lot of trouble that will heavily cost the business.
3. Negotiation skills
You will be working with people every day who want to ensure they will get the best deal. Learn to negotiate in such a way that at the end of each negotiation process, both you and the customer go home feeling like winners.
Sometimes, getting in character helps you in your negotiation. Learn to read your clients and adapt to different personality traits that will entice customers.
4. Quick decision maker
Customers coming to you for a car title loan have very urgent needs and little time to waste. If you take too long to give them what they want, they will go to your competition and you will have lost a sale.
5. Be adaptable
There are days when you will sell many loans and there are days when you might sell none.
You will experience situations where a customer expresses interest in taking a loan only to change his or her mind at the last minute when you have done a lot of work.
You have to be quick to forget and move on. There are many other customers in the market that you should focus on, so don’t let one customer weigh you down.
If you make any mistakes in paperwork or misrepresent information in any way, accept responsibility and take steps to right the mistake.
You should, however, learn from your mistakes and never repeat them again as mistakes in the lending business could mean a lot of liability.
Small amounts cannot always be paid out through a direct bank transfer. You have to be trusted to handle money. Make sure any money that comes through you is accounted for.
If you have concerns about security, ask your employer to invest in good security systems for cash handling to avoid incidents where you find yourself coming under suspicion.
About the author: James Eduardo is a credit officer who earns a living selling car title loans in Santa Clara. He has previously worked in similar businesses in different states and has found that certain traits and skills make you succeed in his line of work. James has written about these qualities to help you succeed in your career. Visit his site to read more.