It seems that every time production gets more difficult, originators and their managers request training on how to increase their sales results. While it is reasonable to think that originators simply need to work harder to generate better results, this often isn’t enough to correct a sales slump. In my experience, the real solution is […]
It seems like every mortgage expert is projecting 2019 to be very difficult for our industry with estimates of flat or negative sales results. What is interesting to me is that there are always originators who succeed in a tougher marketplace while others do not. Are these sales professionals lucky or is it something more? […]
As 2018 comes to a close, the most popular strategy used by mortgage companies to address weak production numbers is to hire more originators. This strategy of hoping that more salespeople will increase total production is mostly a disaster. For whatever reason, the gamble of going on a hiring spree is a risk senior executives […]
After working with sales organizations for the past 20+ years, I am always amazed how accurate the Pareto principle (80/20) is when analyzing loan officer production. In every sales group, there is always a smaller number of originators (the vital few) who are successful regardless of market conditions, volatile pricing and the highly regulated lending […]
The recent announcement that General Motors will be closing plants has sent shock waves throughout the economy. The news seemed to be a surprise for many and was originally attributed to the tariff wars. However, a closer look reveals that GM had the wrong products and structure to face changing consumer preferences. In a New […]
During a recent sales audit for a mortgage lender, I asked originators if they marketed to previous customers. They responded that their company sent out birthday and anniversary cards automatically through a CRM system. Everyone felt this effort was enough to generate referrals. Many of the producers also said they didn’t have time to do […]
Last Monday, Macy’s CEO Jeff Gennette announced a new strategy to save the retail giant in this difficult business environment. In an interview with The Wall Street Journal, Gennette said that the department-store chain will shrink its less productive stores and cut back on staff at these locations. He said the smaller locations will have […]
Known by many as the founder of modern management, Peter Drucker was one of the most influential thinkers in the business world. Much of what he wrote over the course of 39 books remains relevant in today’s marketplace. Drucker was a genius and reading his work inspired me to open my own consulting business. Drucker […]
Today, many sales training firms advise originators to adopt a “teaching” sales model as a way to win with a more knowledgeable customer. While this seems like a logical, reasonable approach, the sales process can be anything but. Therein likes the rub. Let me explain. Originators who operate as teachers believe that if they simply […]
Recently, I discussed how today’s selling environment requires originators to form a tribe of followers because they are providing important information to improve their customer’s lives. Selling has moved from pushing products to being a valued educator and leader. Smart originators recognize that hawking mortgage products doesn’t create trust; what does is sharing personal passions, […]