So many times, managers ask me why their loan officers don’t ask for the business enough, or are the loan officers asking for business but asking the wrong way or asking the wrong question. In this case, I believe that the real problem is not what your loan officers are saying, but where they say it. And by location, I am not saying indoors versus outdoors or any other geographical reference. I am actually referring to where in the marketing process they are asking it.Click to continue
The key to cultivating the right targets in the recruitment process is to define your targets carefully. Once you have, then the networking/marketing/selling process must begin. Obviously, there must be many steps to this process as recruiting top-level candidates takes time and energy.Click to continue
There are several reasons why many in the mortgage industry do not hire inexperienced loan officers. The lack of time is one reason. Most managers are personal producers and do not have the time to train. Secondly, identifying the needs of each neophyte is difficult. Not every person needs the same training. For example, someone who is inexperienced may have 20 years of sales experience or 20 years of real estate experience. Their needs would be different than hiring someone from a government job.Click to continue
Last month, we talked about the difficulties of training and coaching sales personnel in my article, “Training and Coaching Sales Personnel.” One of the difficulties is figuring out why certain team members are not producing. Have you ever wondered why some seemingly “barely competent” people make a great living in sales, while others who seem to be near genius level fall flat on their face? Often it is because they are overcome with call reluctance. Call reluctance is the road-block that keeps many from succeeding in sales.Click to continue
Last month in part one of this series, we discussed the importance of identifying call reluctance within your team and the fact that every salesperson has some form of call reluctance that can hurt their income—or even worse, cause failure in sales and business. Don’t think some of your team members are immune just because they are experienced in sales. Experience causes prejudices as they experience failures, and reluctance can actually get worse as careers progress. For example, if they had a bad experience with a relative? Then don’t call on family!Click to continue
Some time ago, I wrote a column which addressed an important management rule. The rule is simply: Fire the Wrong People.
A simple rule stated even more simply: If you hire the wrong people and keep them, you will never, never, never be a good manager. It is impossible to manage well with the wrong people.Click to continue
It has been five years since the collapse of the financial markets. Five years ago, the world financial systems were on the brink of collapse. For five years, we have been crawling out of a deep hole. You cannot get very far by crawling, but if one moves forward a little-by-little for five years, how far we have come will look very impressive.Click to continue
Many have wondered why interest rates have risen so sharply this year without the economy showing significant enough strength to heat up inflationary pressures. Yes, the threat of the Federal Reserve Board decreasing stimulus by lowering their purchases of Treasuries and mortgage-backed securities (MBS) hovers over the markets. Yet, the Fed would not be considering lessening stimulus if they were not more confident about the economy.Click to continue
In my book, The Complete Mortgage Management Kit, I define five rules of management:
1. Hire the right people
2. Fire the wrong people
3. Tell the right people what their jobs entail
4. Give the right people the tools necessary to do their job.
5. Monitor, but get out of the way.
Clearly, the most important rule is to hire the right people. If you hire the wrong people, you will never be a good manager. End of conversation.Click to continue
Identifying your unique selling proposition or performing to certain standards are important. Integrating these aspects into the company culture is quite something else. Just because a company underwrites and/or approves loans quickly does not mean it is part of the culture. For example, are each and every one of the loan officers featuring this turnaround time or are they selling rate and assuming that the quick approval is not something their clients want or need?Click to continue