Like many people who are fans of Warren Buffett’s annual shareholder’s report, I also admire what Jeff Bezos had to say in his annual report to stockholders. This year, the Amazon founder discussed the challenge every company has in meeting customers’ ever-rising expectations. Bezos claims that “it is the nature of human beings to have […]
The Impact of High Standards on Recruiting and Retention Read More »
If you were to ask 100 managers about the most important trait of any good salesperson, 99 would say that producers must have the gift of gab. This singular characteristic is what often comes to mind when the public thinks of salespeople. From Alex Baldwin in Glengarry Glen Ross to Leo DiCaprio in The Wolf of
Why the Gift of Gab Doesn’t Work with Today’s Customer Read More »
One of the hottest topics in mortgage banking is customer satisfaction. Customer satisfaction is a measure of how well the company and the salesperson meets and surpasses the client’s expectations during the loan process. In mortgage banking, one of the keys to excellent customer service is meeting the customer’s closing date. According to Stratmor’s recent
Customer Satisfaction’s Seven Deadly Sins Read More »
In today’s more difficult volume environment, higher level selling skills are needed to succeed in mortgage origination. After prospecting, the sales skill I see originators most deficient in is asking for the business from potential clients. Why do originators fail at this essential task after they have invested time and effort presenting to the customer?
Why Originators Don’t Ask for the Business Read More »
Last week I spoke at a conference where the agenda was dominated by technology presentations. This is fairly typical of many industry events. My topic regarding sales personnel and the future sales organization was the next to last session. After my presentation, one attendee lamented, “I don’t know why there is such emphasis on
Fixing Mortgage Bizarro World! Read More »
Anyone who has ever managed in mortgage banking has had a discussion with their supervisor regarding employees who are not working out as planned. The conversation usually goes something like “If we invest more time and money into this underperforming salesperson, he or she will turnaround and improve.” The problem with this approach is that
When Managers Make Poor People Decisions Because of the Sunk Costs Fallacy Read More »
Today’s customers are smarter than ever regarding the products and services they purchase. The internet has changed everything by providing a vast wealth of information on every topic imaginable including mortgages. Furthermore, customers are rating their experiences from eating at restaurants to buying vitamins to working with mortgage originators. These opinions carry an inordinate amount
Are Your Customers Savvier than Your Originators? Read More »
Next week, I am speaking at the Calyx Software conference on how to recruit and retain Millennials. While preparing for this session, it struck me that while Gen Y is the most talked about generation, not much is really happening at the ground level to attract these individuals to mortgage banking outside of Quicken’s efforts.
Only 2,600 Days Until the Dominance of Gen Y Read More »
During a recent conversation, a mortgage executive expressed concern about installing a structured hiring and selling process even though the organization had a 40% turnover rate. In his opinion, the company’s claim to fame was centered on allowing managers to hire who they wanted and to implement their own sales process. The company’s role was
The Importance of a Structured Hiring and Selling Process Read More »
This year, a projected 20% reduction in volume is forcing many sales organizations to address difficult issues in order to improve sales results. Traditionally, mortgage firms have attempted to increase production by hiring more originators. Others are counting on technology to make the difference in reducing costs and generating more business. In my opinion, the
Two Sales Metrics that Really Matter in Origination Read More »
