It is logical that an executive today would say, “This is not the time for rookies.” XINNIX®, The Academy of Excellence, recently asked a group of industry leaders about how long they expected to wait before meeting their break-even point for a new loan officer (LO). Many of them said one to two years. If this is their expectation, hiring a rookie would surely seem like a risky proposition in today’s challenging market.
But despite this belief, the XINNIX team believes new recruits can give you an unexpected edge. Here’s how:
It’s time we changed the anti-rookie mindset. Realistically, there is never a bad time to hire a great salesperson. New loan officers are an investment. They don’t enter the industry with a pipeline ready and waiting. That being said, leaders do not have to wait a year before their rookies become contributing team members.
Here is the simple, three-step process for hiring successful new talent:
Even if someone is new to the mortgage industry, they should still possess the skills that make them a good salesperson. Make sure you have a clear screening process in place, with designated questions to ask them that will drive important conversations. Consider including an assessment that will ensure they have strong, predictable sales skills.
It’s crucial to remember that “new to the industry” doesn’t have to mean “new to the professional world.” Currently, the average age of our ORIGINATOR™ students is 32 years old. These are people who are in their second and third careers, and they already have the experience that will serve them well. To hire the best prospects, make sure your screening process doesn’t accidentally leave out qualified candidates just because they lack industry-specific knowledge.
A comprehensive training program is vital for rookie success. Each associate represents the brand of your organization. You don’t want to send someone into the marketplace who will be a poor representation of your business. New loan officers still need to know their stuff! Their training should give them the knowledge, skills, and discipline they need to do great business and become a positive brand ambassador.
A trained loan officer does not necessarily mean an immediate, successful addition to the team. Once they have the skills, they’ll need to have the fire that motivates them to keep pushing for success.
Get your new talent into the marketplace as soon as possible so they become addicted to the lifestyle, income, and transformative opportunities for people’s lives that this career can offer. A successful loan officer is an active one.
Bringing in new talent is a big task, so why do it? You could attempt to hire seasoned LOs who have extensive networks, but that may not be the best move. Consider these benefits of hiring a rookie:
Hiring a salesperson new to the industry may require less marketing efforts on your part than attracting an LO professional. Additionally, fresh talent is usually willing (and usually expecting) to start at entry-level pay. More than likely, you aren’t going to find top-performing loan officers who will take a pay cut to work on your team.
A recent graduate looking to join the workforce will have the motivation to give it their all. A successful salesperson who comes from a different industry may also have the drive to prove themselves.
Hiring new mortgage loan officers should have benefits for the entire organization. Every time a XINNIX-trained rookie joins a team, there’s an immediate lift for everyone around them.
New hires bring new ideas and perspectives to the table. And of course, no one wants to be beaten by the new guy.
While it’s important to keep inspiring and training your current team of loan officers, it’s also crucial to the success of your business to bring in new kids. When you effectively source, train and assimilate the new talent you bring in, it can energize your entire team!
To prepare yourself and your business for growth, download your free copy of the e-book 4 Key Factors for Sourcing New Rookies today.