Outsourcing: Managing outside the box

Outsourcing: Managing outside the box

October 21, 2007

Selling mortgages is not rocket science: Supporting loan officers and other employeesDave Hershmanimportant management rules, employee turnover, orientation, training assessment
In my writings within the area of management, which have
included two management books, I have identified five important
management rules:
-Hire the right people;
-Fire the wrong people;
-Tell the right people their jobs;
-Give the right people the tools necessary to do their jobs;
and
-Get out of the way.
Of course, the most important rule is to hire the right people.
If you hire the wrong people, there is no way to become a good
manager. The most costly thing you can do for an organization is
hire people who are destined to fail.
The second most costly thing you can do is to hire the right
people and lose them because you did not support them the way they
should have been supported. Employee turnover is costly, in terms
of money, energy and time. In case you did not realize it, money,
energy and time are your most precious resources, and when you
waste them, they are nonrenewable. You will never recover these
wasted resources.
How do you prevent turnover? Here are 10 things you must do to
support loan officers and other employees of your organization.
1. Make sure they are the right people. You do no one any good
by hiring those who are not suited to the job. You lose resources
and so does the person you hire. It disrupts the organization. We
know you are inclined to give people a chance. A failure may be a
small disruption to an organization, but a large disruption in the
life of one person.
2. Make sure they know what they are expected to do, with regard
to performing this job. From hours to reports to production levels,
you must clearly delineate all aspects of the position. Much
turnover results from misunderstandings in this
areamisunderstandings that could have been prevented by clear
communication earlier in the process.
3. Give them an orientation. Make sure you give them the
attention they deserve on their first day on the job. From meeting
other employees to obtaining business cards and e-mail addresses,
make sure all the details are covered. Don't let them wander
through their first week.
4. Make sure they have the training they need. Do a training
assessment with every new employee. This does not mean that all
training needs to take place in the first week, but the assessment
should be accomplished quickly. Set up a training schedule so that
the employee is moving forward and understands what is coming.
5. Make sure they have the technology they need. Much of the
training they may need may be focused upon technological systems.
Perhaps they are learning a new loan origination system or
database/customer relationship management system. Perhaps you have
to show them how to get loans into automated underwriting systems.
Some may need basic computer training. If they don't have the
technology or the training on the needed technology, they will be
less effective.
6. Make sure they have the marketing support they need. Do they
need leads provided or a way to market to their database? Should
they be using tools, such as The Mortgage Coach or call
capture? Many times, the misunderstandings that happen with regard
to job functions occur within this area. They are expecting leads,
and you are expecting them to produce their own leads. This
miscommunication, which often happens, can be a disaster.
7. Make sure you give them feedback. Everyone wants feedback.
They would prefer positive feedback, but even when things are not
going well, they need to know. My rule is five positives will equal
one negative, because an employee tends to magnify it when you give
him negative feedback. Also, positive feedback should be given in
public, while negative feedback should be given privately.
8. Be a mentor. Everyone needs a mentor. This is the one
advantage you should have over the competition. When you are asked,
"Why should I work for you?" you should always be able to answer,
"Because I will help you succeed." If you are not a good mentor,
make sure they have access to one.
9. Listen to your employees. Listening means that you know what
their concerns are. Give them private, one-on-one time on a regular
basis. Make sure you know what is bothering them, if anything.
Also, make sure you know what their long-term goals are, so you can
help them achieve these goals. You will never know unless you ask
and listen.
10. Be an example. True leaders set great examples. They don't
expect their employees to adhere to one standard while they set
another. For example, if you expect them to return phone calls
promptly and give great customer service, do you do so with your
clients? Do you return the phone calls and e-mails of your
customers promptly?
If you want to reduce turnover, these 10 items will show you the
road. How well do you stack up in this regard?
Dave Hershman is a top speaker and leading author in the
mortgage industry with eight books--including two best sellers for
the Mortgage Bankers Association of
America. His mortgage school is the only comprehensive advanced
curriculum in the industry. For a schedule of classes, free
marketing samples, speaking information and articles by Dave, call
(800) 581-5678, e-mail dave@hershmangroup.com or
visit www.originationpro.com.

Secondary

Subscribe to the NMP Daily

Subscribe to the NMP Daily