As published in Scotsman Guide's Residential Edition, July 2005.
When hiring, we sometimes must choose between a veteran loan officer with 15 years of experience and a college graduate looking to start out. Whom do you select?
If you are like most mortgage-industry hiring managers, you usually select industry veterans. After all, they are experienced and know what they are doing, right?
It might be time to challenge your thinking and change your hiring pattern. Deciding to change now could alter the way you hire loan officers for the rest of your career. It will help you build the sales team of your dreams and could add millions to your company’s bottom line.
In order to change our hiring habits, we first must look at how we hire today. I call it the “grass is always greener” approach. We recruit our competitors’ salespeople by promising more riches with our company — “Come on over to our side. We have a much-better pricing and commission structure,” we insist. Much to our dismay, we typically discover that we’ve inherited bad salespeople with bad habits. The only person celebrating their move is their previous supervisor.
Occasionally, however, you can attract top-notch salespeople if you use the correct recruiting techniques. Doing so might require extensive research and thorough interviewing on your part. But it will result in a more-effective team.
Little experience, high ceiling
The most-successful way to grow your own sales team is to hire inexperienced loan officers who have some proven sales skills or a related education. These individuals could be graduating with finance degrees, have an understanding of our industry and be trained to become some of your top producers. Chances are that if they are successful in their current area, they will be successful in the mortgage industry.
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