If you’re like many other mortgage professionals, you’re looking for ways to get better performance out of your team. Whether you’re a team of two or a team of twenty, the better use you make of your time and resources, the more profitable your operation will be. Let’s take a look at a few easy steps you can take to get better results from your team.
1.Establish a goal and communicate it to the entire team. 2.Break the goal down into smaller pieces that make it easier to accomplish. 3.Communicate your awareness of potential challenges and possible solutions 4.Share your knowledge and resources 5.Recognize and reward effort and achievement
- ESTABLISH A GOAL AND COMMUNICATE IT TO THE ENTIRE TEAM. Remembering to do this step goes a long way. It let’s the team know that you feel they are important enough to be part of the big picture. You can also let everyone know how the things that each one does positively or negatively impacts the achievement of the goal. You may be surprised at the contribution others can make when they are aware of the direction the team is headed in.
- BREAK THE GOAL DOWN INTO SMALLER SEGMENTS TO MAKE IT MORE MANAGEABLE. Setting a goal to close $20 million dollars in loans this year may seem unrealistic or meaningless to the team because they can’t personally relate to that type of production volume. But breaking it down into a monthly category by units per person, can change the mindset from “No way!” to “I can do that!”
- COMMUNICATE YOUR AWARENESS OF POTENTIAL CHALLENGES.No one likes to hear goals and objectives that seem impossible to achieve because there are insufficient resources or other major challenges. If you’re approaching a goal like this, have some discussion about how you can still succeed in spite of what your facing. Talk about what is being done to combat the obstacles that exist today. The team will appreciate your honesty and help them relate to you as a real person. Solicit feedback and give some serious consideration to trying to implement any good ideas that come out of the discussion.
- SHARE YOUR KNOWLEDGE AND RESOURCES WITH THE TEAM. Don’t leave your team feeling like they’ve been sent to play baseball without a bat. Level the playing field by providing training and mentoring opportunities that will help achieve the goal. If you have a rolodex of resources, share them with the team to make it easier for everyone to make a contribution.
- RECOGNIZE YOUR TEAM'S EFFORT AND REWARD THEIR ACHIEVEMENTS. EVERYONE wants to feel appreciated. Even if you fall short, cheer your team on so that they’re willing to shoot for the moon again. There are tons of low-to-no-cost ways to show your appreciation. A team lunch, movie tickets, a personal momento, a plaque, or a mention in a company publication are just a few ways to say thanks.
Most people want to do well. Sometimes, they just aren’t sure what to do to make it happen. So when the going gets tough, don’t complain about what someone else isn’t doing. Set the example for them to follow in what you say and do when the going gets tough.
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Q. I’m swamped and giving some serious consideration to using a contract processor. However, I’ve heard a few horror stories. How can I go forward with this plan and make sure that I don’t become the next one.
A. You’re right to be concerned. A good processor will give your business a boost like you never imagined. However, a bad one could kill it. So its important to conduct your research before turning over a file. Here are 10 questions that you’ll want to get answers to:
1. How many processors do you have on staff? 2. What is their level of experience? 3. What lenders and title companies have you worked with? 4. How many brokers are you processing for now? 5. How many options do I have for getting my file to you? 6. What service guarantees do you offer? 7. What does your processing service include? This is really important. Every company works different. 8. How are underwriting conditions handled? 9. What method do you use to provide status updates? 10.What is your average turn around time?
Other questions will come to mind as you get into this detailed discussion. At its conclusion, you’ll feel comfortable with hiring that processor or feel sure that you need to keep looking.
Jul 15, 2007 - Jul 20, 2007 Financal Analysts Seminar Gleacher Center, Chicago July 23, 2006NAMB 2006 Annual Convention and Exposition Pennsylvania Convention Center
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