Mortgage origination is booming —largely thanks to marketplace changes precipitated by Brexit. In my conversations with originators and managers across the country, everyone seems to be having a great summer. However, during a refinance-driven market, it’s easier for companies to ignore poor sales behaviors when customers are contacting originators for a lower rate.
This year, in my opinion, most managers had finally recognized the necessity for originators to prospect for new referral sources in a purchase money market. But now we are back in the world of lower interest rates and cranking out loans versus taking a closer look at whether your business model is sustainable.
One of my colleagues who focuses on coaching branches said that he cannot believe how hard it has been to even get managers on the phone now. This is the case even if they had agreed that they needed help coaching their sales teams. I certainly have seen this myself but in my experience, the time is right to incorporate change initiatives at the company and originator levels. Frankly, you have the financial resources that will allow you to invest in future success.
While many originators are working long hours with a full pipeline, it may seem counterintuitive to take on more activities that might generate future volume, especially if operations is having a difficult time handling the present volume. But the best salespeople know that good times can come to an end quickly and before you know it, the pipeline is empty. What can sales organizations do to prevent the next bust cycle?
Leaders need to focus and have clarity of vision on what really drives long-term success. “They need to take bold action to liberate resources, to demonstrate commitment and to narrow focus” according to Chris Zook and James Allen in The Founder’s Mentality: How to Overcome the Predictable Crises of Growth. These are powerful words for everyone in the industry.
Does your company have the leaders who can shift the focus to long-term goals such as training rookies or developing smartphone technology? These are the type of investments that don’t pay off immediately and require foresight to commit to.
Take action today to ensure your sales team’s success tomorrow.