With the exit of major players in the mortgage sector, I think that there has never been a better time to capture market share. Increasing market share centers on having the best sales professionals in the trenches — those who are knowledgeable, driven and can connect with the customer faster than ever before. Sales professionals who are “order-takers” simply don’t have what it takes to succeed in the new normal of mortgage banking.
To effectively seize this once-in-a-lifetime opportunity, companies must thoroughly evaluate all aspects of the selling process starting with the originator’s sales talent and sales knowledge; and the quality of front-line managers.
Senior managers need to ask, “What do their originators know?” from a product standpoint as well as a consultative sales knowledge perspective. Do originators have the talent to be both driven and people-focused? This is a rare combination of personality traits that only one out of every four sales professionals possess. The bottom-line: Making poor hiring selections can have a long-term impact on a company’s success. Our research has determined that no amount of training can enable an individual without sales talent to perform at the same level as someone with sales success character traits.
The fact that there is an excess of mediocre sales talent in the marketplace makes finding the right sales professional for the job even more difficult. Front line managers need a consistent way to make better hiring decisions. Do your managers know how to interview and what qualities to look for in an originator? Is your interview process structured so that all managers are on the same page?
With many firms experiencing turnover of more than 25%, isn’t it time to train managers on how to interview and establish an interview process that will identify the sales talent needed to capture market share?