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 […]
Peter Drucker’s 5 Keys to Being a Great Company Read More »
A few short years ago, there was no hotter car company than Tesla who was touted as the next great thing in automobile manufacturing. Recently, the company has fallen on difficult times. In Barron’s last week, Bob Lutz, a former Vice Chairman of General Motors, commented on Tesla’s current situation: “It’s an automobile company that
What Mortgage Bankers Can Learn from Tesla Read More »
During my recent training session with regional managers, attendees discussed the fatal flaw of micromanaging and cited it as a primary reason originators leave. By letting top producers “do their own thing,” managers felt they were able to spend more time trying to get another loan out of underperformers. While many managers believe that it is
Micromanaging and Sales Managers Read More »
During my recent MBA webinar series on recruiting, hiring and onboarding, I polled participants on these topics. Last week, I asked students “What percent of new hires leave the company or are terminated within 180 days of their hiring date?” The answer was shocking. Attendees estimated that 60% of their new hires don’t last
New Hire Turnover is Hurting Production Results Read More »
After the New England Patriots’ Super Bowl win last Sunday, there has been much discussion about whether Bill Belichick is the greatest coach of all time because of his team’s incredible record — 16 consecutive winning seasons in an era where the salary cap has made staying on top nearly impossible. How has Belichick been
The Pursuit of Sustainable Success Read More »
At the recent annual MBA conference in Boston, Stratmor shared statistics on a shocking mortgage banking trend: sales productivity has dropped from 10.0 closed loans per retail LO in 2003 to 4.8 closed loans per retail LO in 2015. This is a dramatic decrease that has continued for years. Many managers will point to increased
Poor Sales Productivity in the Era of Distraction Read More »
In today’s business environment, where there never seems to be enough hours in the day to get things done, the concept of “working less” seems like an impossible dream. Everyone seems to be stretched too thin. Days fly by. There are impatient customers, demanding employees and reports due for corporate. Teaching people and helping them
The Secret to Working Less is Coaching More Read More »
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,
Are You Missing This Hidden Opportunity in a Boom Market? Read More »
There is little disagreement among corporate management that the task of all branch managers is to get the best from their sales personnel. In fact, the single most important managerial competency that separates highly effective managers from average ones is coaching ability according to the Harvard Business Review. However, at many mortgage companies, coaching isn’t
A Rookie Originator Deserves a Great Coach! Read More »
As we near the end of year, the topic of how to “wow” the customer is on the front burner for senior managers who want to win the battle of market share. It is clear that in an era of fickle customers, the old gifts of magnets and calendars don’t have the impact they used
What Siri can Teach Originators Read More »
