Three ways to evolve during a boom: focus, pivot, outsource
Scaling up and increasing efficiency is difficult in any market, but being behind in a booming market makes it even more stressful.
We asked some of our clients to share their tips on how they have been able to grow their business to take advantage of unprecedented opportunities in this growing market.
Here are their views:
1. Keep MLOs focused on sales.
Customers who use Pareto’s 80/20 Principle to increase the volume of their existing sales team see a significant increase in mounts by focusing 80% of their MLO’s time on doing only the 20% of the things that make money. silver.
At Caliver Beach Mortgage, Brad Bennett shifted the most time-consuming tasks to other resources in the organization, allowing his MLOs to spend 90% of their time selling.
“They present it, close it, book it and move on and that allows our loan officers to get three to four times the size of the pipeline that they would normally get,” he said.
The redistribution of less valuable MLO tasks shifts the needle towards efficiency as well as productivity.
Instead of spending time researching documents, verifying income, and ordering reviews until nausea, shift those tasks to other resources that can focus on reducing and eliminating conditions to open up the process. way to subscription. This is the exact strategy used by JFQ Lending to go from $ 0 in August 2017 to over $ 300 million per month in volume in February 2020.
2. Rotate your products and your mindset.
Additional training is added to keep minds fresh, talents scaled, and confidence high.
Bennett applies the “wide 5” soccer strategy used by defensive players to take advantage of one of five different games.
“A 5 width strategy means VA, FHA, conventional, non-QM and buy. It gives me 5 pillars to lean on and I looked at the business like a table, ”he said. “So if I have four legs I’m fine. If I break one, my table is going to be a little wobbly. If I break two, I’ll lean to one side, but I’m still standing that side. If I have 5 legs, four on the sides and one in the center then I am indestructible.
Rotating the mindset of your MLO is also essential, “because that’s the difference [between] be an order taker versus an advisor and you have to be an advisor, ”said Nick Borunda, vice president of sales at JFQ Lending.
“The # 1 thing is to recalibrate that mindset and practice what it really looks like. And it’s not just one and done. I am at the regional level, so every Tuesday and Thursday we go [train] a hundred more people at a time. Monday, Wednesday, Friday, our sales managers do it on a more one-to-one basis with people who need more practice.
3. Outsource your marketing.
“Go with the experts”, explains Franco Prezioso, President of Service 1st Mortgage. “I wear a lot of hats; I’m too busy for that. I let them do things that I’m not an expert on. I have other things to do to stay on top, to grow our business.
For lenders who use direct mail in particular, there is no doubt that this task requires time, skill, and focus that most executives do not have in abundance. Especially if you don’t have an in-house marketing team, taking this critical business process off your plate frees up hours or even days every week.
Manny Fajardo, President of Premiere Lending, knows that consistent lead generation is the golden egg and direct mail marketing is the goose that lays the golden eggs.
“We had kind of snooped around on some landing pages and stuff like that, but for me, it’s just hoping and praying that SEO works the way it should,” he explained. “That’s why I think this approach for us has been so successful because we understand that we don’t blindly send mail. We may be sending mail to people who don’t expect it, but this mail is aimed at that particular person for a reason. It makes it more powerful. And we really ditched all the other main sources that we were involved in before and went 100% with Monster because of it.
To learn how to use the direct marketing strategy to grow your business, download the free guide, The 7 Deadly Sins of Mortgage Senders at monsterleadgroup.com/7DSLP, or call us at 240-MONSTER.