If you had to decide between having a team of excellent originators with an average manager or having a team of average originators with an excellent manager, which would you choose?
Many executives would select a team of excellent originators. Their argument would go something like this:
• Replacing a top producer is harder than finding a manager. Managers are a dime a dozen.
• A top producer doesn’t need a manager anyway.
• Originators’ volume makes the most difference to my paycheck. I will worry about developing my people later.
While these statements seem reasonable, the reality is they represent short-term thinking that won’t hold up amid volatile market conditions. Yes, excellent originators will win sales and make this year’s goals regardless of who is managing but inevitably, average managers will bring the best down to their level.
So, what are the hallmarks of an excellent manager?
• Great managers adapt their management style to the needs of each individual. They do not manage or coach everyone in the same way.
• Great managers help their sales people set realistic sales goals that are challenging, measurable and attainable.
• Great managers earn originators’ trust and build credibility by leading by example.
• Great managers provide honest and constructive feedback to their originators. They will not sugar-coat feedback just to keep the peace.
• Great managers foster a positive culture where everyone works hard, knows their role and is valued. There are no prima donnas, nor is there tolerance of poor performers.
With changing market conditions and rising interest rates, great managers are mandatory for long-term success in mortgage banking.
Does your sales organization have average or excellent managers?