Recently, I conducted a training class for managers on coaching and developing originators. The managers were asked to identify who they coach and what topics they instruct on.
Many managers said that since they have very experienced originators (on average 20 years in mortgage production), coaching is primarily on products and back office process. Managers felt that their originators “know how to sell.”
Unfortunately, “experienced” does not mean “trained.” The reality is that selling is not the same as it was when many of the originators came into the industry. Buyers are more knowledgeable and filter out the mediocre quicker. The tolerance for lack of knowledge and insight is very low. While the referral source might accept your golf tickets or donuts, they will not give you their business if you are not providing real value.
Simply put, relationship-selling is a model that does not work anymore. While most originators received this type of training when they first started out, it has been replaced by a demand for value and insight. Being nice and friendly doesn’t cut it anymore.
Managers should not be using their coaching time on products, pipeline management and back office protocols. First-line managers should be coaching originators on the new sales model driven by today’s buyers.
Are your originators practicing the latest sales techniques in prospecting, first meeting/presenting, probing and questioning, convincing/influencing, overcoming objections and closing? Do you have a method in place to measure what your originators’ sales knowledge? If not, we can help.