The following is an excerpt from Chapter 17 of Volume I of The Mortgage Professional's Handbook:
IMPROVING “B” ORIGINATORS: KEYS TO RISING ABOVE MEDIOCRITY
Patricia Sherlock, Founder and President
QFS Sales Solutions
Mortgage banking managers face a myriad of challenges in their position, but none are more frustrating or as difficult than improving mediocre (“B”) originators. What makes this problem so disconcerting? Sales managers see “B” originators’ potential and don’t understand why they are not doing better in their sales production. During tougher marketplace conditions, tolerating “B” originators’ lackluster sales performance becomes a hardship when managers can no longer afford to support them. This chapter will outline a game plan to improve “B” originators and address what is holding them back from achieving better sales results.
In a sales organization, “B” originators can take many forms, including the burned-out former top producer; the pleasant, likeable originator whose volume fluctuates widely from month-to-month, and the sales professionals who always say the right things but never implements strategies required to improve their results. While “B” originators vary by type, resolving their issues can dramatically transform a sales group’s performance.
What is the Problem with “B” Originators?
In refinance markets, a “B” originator’s inconsistent sales performance and limited referral sources are masked, since all sales employees are doing robust volume. But in a rising interest rate environment, their failure to prospect becomes a significant problem. Not only are they a financial hardship for a sales group due to mediocre volume, but poor sales results make it hard to justify keeping them in their positions.
“B” originators are the perfect definition of sales mediocrity—they are OK but do not move the sales needle.
Their mediocre sales performance is evident in how they handle consumers and referral sources interactions:
For example, they don’t:
· Ask prospects the right questions to determine their issues and needs
· Ask for the business
· Use or embrace technology or social selling channels
· Customize their sales presentations to their prospects
These failures result in inconsistent performance that only improves when interest rates decline. The bottom-line: “B” originators are not conducting the right activities regularly enough to drive consistent sales volume.
Unfortunately, mediocre originators can become a secret killer of a sales group because their sales weaknesses can lead to a slippery slope of decreasing production if their selling behaviors and techniques are not corrected. Before a manager realizes it, “B” originators can become “C” performers right before their eyes.
Read the rest of this chapter in The Mortgage Professional's Handbook!