Vendor Education: Providing Your Partners with What They Need

When we think of education in the mortgage industry, we often think of internal education. That is, we think of providing education for our employees so that they may better serve our customers. We place a great deal of importance on getting the appropriate certifications and qualifications for those in our company. But that isn't the only education that matters ...

The relationship we share with our vendors can make or break the business. All too often, we have unreasonable expectations of our vendors. We think that they should deliver on what we need even if we aren't very clear about exactly what that is. Educating vendors is all about clarifying expectations and letting our vendors know how they can help us become successful.

Do you have an education program set up within your organization for your vendors? Do you offer classes or seminars that can help them understand what it means to do business with you? If you don't, it wouldn't be a bad idea to implement some sort of training program. You can't expect your vendors to know how to serve your company if you aren't willing to teach them.

When you offer education to your vendors, you not only ensure your own success through clearer expectations. You also attract the best vendors. Being conscientious enough to train your vendors is a great bargaining chip in building a solid business relationship. So, give your vendors the best education you can provide—it will set you apart from your competitors and make you shine in the eyes of your customers.

David Lykken is 40-year mortgage industry veteran who has been an owner operator in three mortgage banking companies and a software company. As a former business owner/operator, today David loves helping C-Level executives and business owners achieve extraordinary results via consulting, coaching and communications, with the objective of eliminating corporate dysfunction, establishing and communicating a clear corporate strategy while focusing on process improvement and operational efficiencies resulting in increased profitability. David has been a regular contributor on CNBC and Fox Business News and currently hosts a successful weekly radio program, “Lykken on Lending,” that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. He produces a daily one-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper Web sites across America. He may be reached by phone at (512) 501-2810 or by e-mail at [email protected].