Mortgage managers who fall prey to these common myths could be holding your organization back from achieving better sales results.
Let’s take a closer look:
Myth #1: Anyone can sell. Many managers believe that quantity (feet on the street) is more important than the quality of their LOs when it comes to selling. However, research shows that only 25% of the total population has the personality and behavioral traits needed to develop relationships and source new business – essential for success in origination.
Myth #2: It is better to hire experienced LOs than rookies. Mortgage bankers have long preferred to hire sales candidates who already have a book of business over rookie LOs. The problem is that W-2s are no indication of a candidate’s future sales performance.
Myth #3: Rookie originators are not worth the time and effort to train. In my experience, nothing could be further from the truth. When provided with training that teaches them how to sell and reinforces those selling techniques, rookie originators will generate volume quickly. A select few may even become sales superstars within 12 to 18 months.
For a deeper dive, check out my blog post, How to Resolve the Talent Acquisition and Retention Crisis.