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Keep The Communication Going

Make sure your interactions are open and honest

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Insider
Dave Hershman
Keep The Communication Going

Last month we spoke about the importance of communication skills for leaders. There is no arguing the fact that communication is important. Communication is one area in which a leader can provide a great level of support for their employees. Yet, the goal of great communication seems to be the most elusive in the industry. We have interviewed hundreds of mortgage personnel through the years and almost all of them give the same response to the question: What is the greatest problem with your present company? Lack of communication! That is a pretty consistently damning response.

Why is delivering communication so difficult? Part of the reason for this is the rapidly evolving industry: program changes, technical changes, legal changes, and business changes. The industry is always mutating — sometimes very rapidly and unexpectedly — and employees sometimes feel the company has to know what is going on. Many times, we do not. If this is the case, then our employees need to know what we don’t know, as we convey to them the fact that while we don’t have the information to impart, but we will do so as soon as it is available.

Honesty

This brings us to another key to great management: Honesty. Honesty includes admitting when you don’t know and having credibility so that your employees will accept this fact. Do you remember a situation when your employees were looking to you for answers on a particular event or change and you just didn’t have the information? How frustrating was this? You need to make them comfortable about the situation, regardless of the information you have.

Knowing

The key to great communication is to know what to communicate and the best way to achieve this communication.

What areas must we communicate?

Here are just a few examples:

Company and office goals

• Their responsibilities and our responsibilities

• How to obtain certain information

• Industry trends and legislative changes

• Changes in products and legal requirements

• Corporate news

• How well we are doing with regard to our goals.

Consistency

It looks as though this seemingly simple task of communication is quite a job. Another key to great communication is consistency. If you communicate on an as-needed basis you will never be effective and the employees will expect communication only when you perceive that there is something important they should know. Whether we choose meetings (verbal communication) as our main method or emails (written communication) — we must do so regularly. It is just as important to communicate the small things that help our staffs perform their functions (such as a change in the computer system), as it is to communicate major company changes (mergers).

Many managers within this industry are producing. They are also recruiting, coaching, and fighting fires — among other things. Proactive and consistent communication can fall way down on the list of priorities. However, whether you are managing a pipeline, hiring a candidate, or leading a sales force — communication is the key to success.

Close more loans, be more efficient, stay out of trouble.

Find more at Pro School
This article was originally published in the NMP Magazine February 2022 issue.
Dave Hershman headshot
Dave Hershman

Dave Hershman is an author for the mortgage industry with eight books and several hundred articles to his credit. He is also senior vice president of sales for Weichert Financial Services, head of OriginationPro Mortgage School and a top industry speaker.

Published on
Feb 02, 2022
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