Let’s take a closer look:
- Myth #1: Anyone can sell: Many managers believe that quantity (feet on the street) is more important than the quality of their loanb officers when it comes to selling. However, research shows that only 25% of the total population has the personality and behavioral traits needed to develop relationships and source new business, which are essential for success in origination.
- Myth #2: It is better to hire experienced LOs than rookies: Mortgage bankers have long preferred to hire candidates who already have a book of business. The problem is that W-2s are no indication of a candidate’s future sales performance.
- Myth #3: Rookie originators are not worth the effort to train: In my experience, nothing could be further from the truth. When provided with training that teaches them how to sell and reinforces those techniques, rookie originators will generate volume quickly. A select few may even become sales superstars within 12 to 18 months.
For a deeper dive, check out my blog post, How to Resolve the Talent Acquisition and Retention Crisis.
Pat Sherlock is the founder of QFS Sales Solutions, an organization that helps organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com.