Prospecting is more difficult than ever because of all the filtering devices that exist. Yet salespeople still must prospect for new customers if they want to be successful in the long run. Unfortunately, originators who use phone calls or emails to prospect are experiencing record low response rates. Can you blame people for not answering […]
How to Cut Through the Clutter with Prospecting Efforts Read More »
Last week, Macy’s and J.C. Penney announced plans to turn around poor performance for their respective businesses. This is not a new issue for either firm. Both former retail giants have been in a downward spiral for many years. Executive management changes and different strategic directions — from everyday low prices to mobile checkout stations
A Legacy of Bad Decisions and Mortgage Banking Read More »
In last week’s blog, I discussed the role of technology in mortgage banking and where the originator position is heading. I believe that in the not-too-distant future, artificial intelligence technology will be integral to the operational side of the business and will usurp functions that originators have traditionally performed. No longer will originators determine product
The Future Role of Originators is Micro-Influencing Read More »
Originators know that their database of closed transactions and referral sources represent a gold mine for future business. Obviously, people with whom you have already done business are easier to sell to than prospects you don’t know. This is not news. In fact, I would argue that originators who have the largest number of people
The Answer to “What Have You Done for Me Lately?” Read More »
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
Are You Marketing to Past Clients Effectively? Read More »
Two weeks ago, another national lender announced that it was closing its consumer direct business due to unprofitability. The organization’s sales approach was to buy leads and try to refinance them. This marketing approach is expensive and as a result, the company couldn’t cover the costs involved with bidding for leads. Five years ago when
Why Having a Tribe Matters in Sales Success 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 »
Recent numbers from the MBA and Stratmor show that the average production per originator has fallen dramatically from the refinance era to a new low of 2.5 units a month. Bank originators have a slightly higher average primarily because they receive leads from the company. These numbers are a wake-up call to lenders that improvements
Wake-Up Call: Why are Retail Originators at 2.5 units per month? Read More »
