Wednesday, March 20, 2013

Mortgage Branch Managers: Do You Know How To Recruit Loan Officers?


The mortgage business has been through Hell the past few years. As a recruiter I’ve watched thousands of mortgage professionals leave the business altogether. Instead of destroying a wonderful recruiting niche, the demand for loan officers and branch managers has surged. Those who’ve stayed the course will profit as the real estate market recovers. Branch managers who know how to recruit loan officers will benefit the most.

Many medium sized mortgage operations have seized opportunity with both hands by absorbing smaller operations. This has proven to be a smart move. Former owners of small mortgage companies have joined larger organizations. The parent company handles the compliance issues, and offers funding advantages that come with volume. Operating under a larger umbrella has some perks. The world did not end and life is starting to look good again for mortgage professionals.

Countless mortgage brokers and one-man-band operations didn’t survive. Mergers, bank closings, limited sources of funding are only a few items on a long list that have impacted the revenue of mortgage companies from coast to coast. The need to recruit talent has not diminished. Mortgage operations with in-house recruiters, cannot keep up with the demand.

For several years the estimated number of loan originators leaving the business was tracked at 4000 a month. A new generation of loan originators is entering the market. Understanding the fine points of recruiting is more important than ever. If you’re a branch manager or team leader trying to grow your local operation, set yourself apart by developing an effective, systematic recruiting process.

There’s no need to rely on in-house or contingency fee recruiters. If you’re lucky enough to have the help of a recruiter, take that assistance with a smile. Learn how to recruit for yourself and you won’t need outside help. When you know how to recruit you control your income and surge ahead of the competition.

Recruiting looks easy but it’s not. It’s frustrating to think you’ve got a sure hire and then find the candidate vanished without warning. Recruiters have survival skills. We use a system. We follow a process to maximize our efforts. We work efficiently and so can you. We earn every penny of our fees.

Branch managers and team leaders come across recruiting opportunities every single day. Those who know how to recruit are positioned to capitalize on these opportunities. They will be the biggest winners in the new world of the mortgage industry.

Would you like to hire 4 – 8 new loan officers in the next 12 months? How are you going to accomplish your goal? How many candidates must you qualify before you interview one? How do you not waste time on undesirable candidates? How will you recruit efficiently if you don’t have an effective process? There’s a better way than the prevalent ‘hit-or-miss’ method.

Don’t be so desperate to hire a loan officer you’ll accept a sub-par candidate. Raise your standards above ‘Do you have a NMLS license and a pulse?” We train recruiters. We train branch managers and team leaders to recruit as well. Everyone has had to adjust and change if they work in any part of the mortgage business.

When you know how to recruit loan officers you’ll feel more in control of your local universe and income. This is one set of skills that will also prove valuable in your primary business development. Seek out recruiter training and work with a mentor or coach until you have a defined recruiting process. Once you have a system you’ll set realistic hiring goals and meet those goals with ease.

by Kimberly Schenk, Executive Recruiter, Trainer, Author

Thursday, March 14, 2013

Finding a Search: The One-Call Close


Recruiter training should include how to cold call for new search assignments.  For some reason calling for new business is a stumbling block for many recruiters. Even after being told how to execute a one-call close, they have trouble believing this technique will work. Calling for new business is like learning a new dance. It feels awkward at first but before you know it calls are being made with gusto. Getting new search assignments is fun.

First, this is crucial, act like a consultant. Talk with everyone as a peer. If talking with people who have upper level titles, like CEO, Hiring Managers, and VP’s intimidates you, stop and figure out why. Consultants solve problems. We are experts at hiring. We locate and recruit the exact candidate a client wants. You are special. Talking with those who will approve your fee, as an equal, increases your success rate.

With practice comes comfort. Treat your clients as you would a peer and you’ll gain respect quickly. You’ll also avoid being treated in a subservient fashion. Don’t be afraid to show some spunk. Challenge outdated thoughts. Share current best practice advice. Offer value during your call and as you negotiate your fee. Get comfortable addressing sensitive subjects by asking questions. Everyone wins when a recruiter knows how to do her job well.

Prepare your script and your mindset. Getting a search assignment is a one call close. Speak slowly and clearly. Speak with authority. Expect to be connected with the highest-level person who can approve your fee. Steer clear of HR departments unless a CEO refers you to them with his or her blessing.

My favorite way to initiate a search assignment phone call is by introducing a candidate. Keep in mind while it’s great to get that candidate an interview, they may not be the best person for the opening your client needs filled now. No matter how positively a client responds, a top recruiter will take a thorough search assignment every time.

“Jenna, my name is Calamity Jane. I'm an Executive Recruiter or Headhunter if you prefer and the reason for my call is I have surfaced a veteran accountant with 9 years experience. This candidate is a CPA, and has a degree from Boston College. He' currently working for the top accounting firm in Washington DC. Can you use a person with this background?”

Patiently wait for a response. Let the hiring manager process what they heard. Be cool and comfortable with silence. Don’t say a word until the party you called says no or asks a question. Answer questions with brief responses and quickly ask a new one. There are a number of buying signals clients give. Silence is one. They know there's a fee involved and they're deciding if they’re ready to take that leap.

“How much?” is another huge buying signal. “My fee is typically between 18% and 27% based on the difficulty of the search. Tell me, what position are you most in need of filling today?” (Notice I answered then immediately followed up with a new question). If the client says, “I want to interview the person you just described,” you say, “Fantastic. Let me ask you some questions to make sure he's a good fit for your company and the position you need filled. If he’s not an exact match I’ll send you a candidate who is perfect for the position. What's the title of the position you want to fill?


At this point you’re taking a new search assignment. Fill out your form. Keep asking questions. Get to know who this client is and whether you want to work with them. Clients relax and let you take the lead if your questions and demeanor command respect. This is your area of expertise and as the conversation unfolds their mindset is shifting. They believe you're a credible professional who’ll solve a pressing problem. Don’t let them down! Vacancies are costing your client money every day.

The key to a one call close for new search assignments is simple preparation. Act like the expert you are and be selective in choosing clients with whom you'll work. As a recruiter if you wonder if it’s possible to get a search assignment in one day, the answer is a resounding yes. Learn how to handle your clients and fill their positions efficiently. Get recruiter training or work with a recruiter coach if needed.

by Kimberly Schenk, author of the 'Top Recruiter Secrets' eBook and 'Cold Call Therapy'.

Sunday, March 10, 2013

Recruiter Coaching For CEO's, Entrepreneurs, and Sales Managers


Do you want to recruit top talent but don’t have the budget for headhunter fees? Is your company poised for a growth spurt but lacking the people to handle an increase in business? What if you could locate and recruit the people with the right skills when you wanted? When you know how to recruit and you share that information with your team, you’re one step away from blowing your competition out of the water.

Recruiting is a sales position complete with a well-defined process. Top recruiters use proven techniques and strategies to make consistent placements. Much of their training is related to maximizing their placement efforts to serve more clients and ultimately make more money. You already know your business and thus only need to cultivate those recruiting skills you'll use.

CEO’s, business owners, and sales managers are often at the mercy of limited recruiting budgets and in-house recruiters who are flooded with personnel requests. Stop feeling frustrated and take control of more opportunities by learning those aspects of recruiting that pertain to locating, attracting, and hiring the talent you want most.

If you’re willing to work 2 – 4 hours a week recruiting for yourself when needed, you’ll reap the rewards of your efforts for as long as your recruits stay with your company. That’s a payoff worth considering. The same skills used to recruit are transferable to buying or selling companies and most transactions where negotiations are involved. Within 12 – 18 recruiting calls recruiters generally can find an ideal match.

The key is to work smart and efficiently. The recruiting process sometimes seems counter-intuitive in that the best recruiters never try to convince candidates to make a move. We actually spend more time dismissing sub-par candidates so our precious time is spent qualifying the best people. The most available people are often not the best people for the job. It's not difficult to develop the strategies and specific skills needed to recruit.

My suggestion for CEO’s, business owners with growing companies and sales managers is: Take matters into your own hands, find a great recruiting coach and get the people you want, when you want them! The recruiting process is dotted with communication minefields. A deal can blow up anywhere along the route to a successful hire. There’s a lot to learn but a coach in the background will make sure you’re doing the right things and avoiding blunders that kill placements.

Your recruiting coach is standing by with decades of experience to help you create credibility, establish trust, and say and do the things that ensure you get the folks you want on your team. Your coaching fee is a one-time charge. You’ll capitalize on what you learn during the dozens if not hundreds of conversations you have forevermore. Your first hire will pay dividends that far exceed any fee for recruiter coaching! Get busy and take your company to the next level.

by: Kimberly Schenk, Headhunter, Recruitment Coach, and Author

Thursday, March 7, 2013

Careers In Retirement: Few Match the Rewards of Executive Recruiting!

If you’re ready to retire (or newly retired) and have been thinking about full or part-time work, recruiting may deliver the challenge, income, and excitement you’re after. As a recruiter with experience in a specific area you have established contacts. Recently I wrote a post on a blossoming recruiting niche: The SME. SME is the acronym for Subject Matter Expert. About 10,000 people a day are retiring. Business and industry need you!

Recruiting is a sales position. We find the exact candidate our client (who pays our fee) requires. Sound simple but it’s easy to get off track and lose a deal if you don’t know the recruiting process. The great thing about headhunting is it’s a soft sell. We’re matchmakers. We ask questions to determine what our client needs and wants in a candidate. Next, then over the course of screening 10 – 15 candidates we find a good match.

We schedule interviews, de-brief all parties after the interview, prepare candidates for an offer, acceptance and walk them through their resignation. When they start their new position is when we invoice our client and get paid for our efforts.

There are several traits that make good recruiters. The ability to work on commission is one. Other signs a person may be a good recruiter is they are methodical and willing to follow the recruitment process. We are consultants. Successful recruiters are selective about the candidates and employers with whom they choose to work. The ability to ask questions and dismiss, in a kind manner, those who don’t meet our criteria is essential to making consistent placements.

Some in-house recruiters never reach out to candidates over the phone. They use social networking sites and want ads to generate traffic flow of incoming candidates. The problem with this approach is 80% of the population is not looking for a job as they are employed. The ability to truly ‘Headhunt’ incorporates the ability to pick up the phone and make direct contact with candidates.

Fortunately there are recruiter-training programs that spell out exactly what to say and how recruitment conversations will unfold. Training prevents painful mistakes (and new recruiters still make their fair share!) and enables one to sound like a pro.

Per the US Department of Labor Statistics, executive recruiters earn, on average $130,000. A year. If one prefers not to work from home there are contract positions, search firms and agencies everywhere. Recruiters can work in teams and split responsibilities and fees.

Recruiting can be stressful. The best way to manage stress is to build a pipeline of deals. When recruiters focus on send-outs (scheduling interviews) and not put all their hopes on one big deal, placements will be made on a consistent basis. A great thing about recruiting is the better one is, the less they talk. Great recruiters become adept at listening and asking questions. Questions are how we manage the process.

As consultants, we speak up and change minds by asking questions. If you’re familiar with the Socratic method, you’ll catch on fast. Recruiting is an art. It is intellectually challenging, stimulating, frustrating, exciting, fun, maddening, and mundane. We help companies and people. Clients and candidates often will remember you for years.

Use your experience and talents acquired over decades to create a life/work balance in retirement. Few retirement jobs deliver the benefits and pay potential executive recruiting offers. Get some recruiter training, assess your abilities and desires, and get to work!

by Kimberly Schenk, Author of the 'Top Recruiter Secrets' eBook, Headhunter, and Recruiter Coach.


Tuesday, March 5, 2013

Become A Better Recruiter: 7 Tips To Make More Placements!


Here are 7 tips one can implement to help to increase the number of placements made each month. They center around working more efficiently, not harder. Quality is far more important than quantity during a search. I’m not knocking quantity; volume can lead to refinement of technique.

  1. Control the recruiting process with smart questions. Good questions enable employers and candidates to relax and honestly discuss their goals, dreams, likes, and dislikes. Prepare open-ended questions. ‘Open’ questions require explanations, opinions, and thought process, vs. a yes or no response.

  1. Be ready to tactfully challenge ideas without being disagreeable or offensive. Being contrary can obviously hurt your chances of making a placement. We add value to our service when we help employers and candidates see themselves or their actions in a truthful light. We are the experts and our experience has weight.

  1. Focus. Don’t allow yourself to be pulled off course. If you plan to get a send-out on a given day stay on task until it’s done. Cut short distractions that will not produce a send-out. When recruiters focus, their performance improves, and less time is wasted. Decisions become sharper and insights keener when one works with clarified purpose.

  1. Conclude each encounter with a clear definition of what’s to come next. Don’t let chance ever be the choice. Instead of ‘Let’s touch base tomorrow”, nail down a set time to talk and get the other party to commit.

  1. At the end of each day reflect on the day’s interactions. Refine the words and phrases you use. Don’t over-talk. State your thoughts succinctly. Write down phrases and edit them, especially those that address issues that arise daily.

Exact phrasing is powerful. The right words convey professionalism and authority. Recruiters lead effectively by the words they choose. Your words and actions create credibility. 6. Explain what each party can expect to happen next. Ask for feedback throughout the process.

7. Create dozens of small closing statements. “You said you wanted a candidate with at least 4 years of experience. This candidate has 5-½ years experience plus they’ve taken the initiative to pursue a master’s degree from M.I.T. How do you feel about their background? (Close). Let’s schedule a time for you two to meet this week. What times do you have open on Thursday? Every time the process moves forward, it’s a close.

Success in recruiting is a series of small sales. We qualify candidates then close them by scheduling an interview with a client who meets their definition of a positive career move. When a glitch occurs, we use the information we’ve carefully gathered along the way to solve problems and keep both parties moving toward agreement.

Small changes in behavior and word choice lead to more placements. Focus, and phrasing can turn seemingly impossible situations around. Work with intention and watch your closing ratio rise. Cha-ching! That’s the sound of your fee dropping into your bank account.

To become a better recruiter one must be mindful of the impact our statements have on clients and candidates throughout the process. Delete phrases that are unnecessary or work against your purpose. We must not let others waste our precious time. Our livelihood is based on the words we choose to use. Words are at the center of our craft. Choose them wisely.

by Kimberly Schenk, Executive Recruiter, Trainer, Author of 'Top Recruiter Secrets' eBook, In-House Headhunting: How To Recruit Anyone, Cold Call Therapy, and iCommunicate

Monday, March 4, 2013

How To Recruit: Why Not Recruit Passive Candidates?


In-house recruiters, sales managers, CEO’s of small companies and others who are responsible for growing their business are at a loss if no one responds to their help-wanted ads. Posting ads online is expensive. There’s no guarantee you’ll attract the best candidate for the open position. The answer is to recruit passive candidates. A passive candidate is one who is ‘happily’ employed and not actively looking for a new job.

From a veteran recruiter’s perspective, the need for great talent seems to be ever increasing. Instead of struggling with vacancies, learn how to successfully recruit the exact people your company needs. Sure, you can hire an executive recruiter, but you could also develop a few specific skill sets and save tens of thousands of dollars.

The truth is only 20% of the workforce floats their resumes online or are actively looking for a job. The other 80% are working. The majority of recruiters never approach passive candidates over the phone. What if you were equipped to methodically hire one new person a month on your schedule? What if you had control over the hiring process timetable?

When one masters the key techniques top recruiters use they're able to deliberately extract employees with the attitude and skill sets required, from wherever those candidates are currently working. I’ve been advising employers what to say and do to ensure desirable candidates accept their offers for twenty years. These smart people can certainly recruit candidates directly. There’s a process and protocol to recruiting that separates true headhunters from general recruiters.

Some in-house recruiters place amazing numbers of people into their organization by sifting through resumes submitted via their websites. The most available candidates often are not the best candidates. When the corporation hiring needs exceeds the number of recruiters, vacancies remain open and hiring managers are disappointed.

I propose taking control by directly approaching the personnel you need to meet your goals. Forge ahead with confidence knowing you can recruit top talent on your own with a little training. Not only will you save your company time and money, you’ll find yourself using these techniques in every kind of deal making situation.

Whether you’re negotiating with your teenagers or planning a corporate merger, if you know how to recruit, you hold the secret to managing outcomes. When you have the ability to engage candidates, qualify, and either dismiss or move them to the next level in your hiring process, you’ll appreciate the power recruiting skills deliver.

Case in point: I’ve recruited loan officers (one of several niches) for years. I talk with branch managers, CEOs, and VPs who are working hard to grow market share and territories. If I make five calls to generate new search assignments, three calls are returned. The need for talent is great. Most branch managers could successfully recruit loan officers themselves if they possessed several proven strategies.

These men and women are sales people and with a little help those skill sets can be modified to recruit top talent on a consistent basis. The benefits of learning how to recruit passive candidates are difficult to calculate. This refined knowledge on how to be a recruiter is guaranteed to give you an advantage in your career, earnings, and professional stature. 

by Kimberly Schenk, Author of 'Top Recruiter Secrets' and 'Cold Call Therapy'

Call today to discuss your situation and background. I can tailor a manual to your industry and provide one-on-one training until you're completely satisfied, all at a price that fits your budget.
720-675-3547

Sunday, March 3, 2013

Recruiting Senior Level Candidates


Several times a year someone asks how recruiting CEO’s, VP’s or other high ranking candidates is different from recruiting rising-through-the-ranks candidates. There is no difference. Follow the recruiting process. A candidate is a candidate. A great recruiter must interview any candidate to determine qualifications, temperament, leadership qualities, management style, and competence.

When recruiting senior level managers, business owners, and entrepreneurs it’s important to prepare carefully as any fee related to these positions typically is substantial. What’s going on in the industry? What kind of reputation does the candidate have within their respected industry? What are some of their accomplishments and what was the business climate during their tenure?

Talk to them as a peer. Ask direct questions. Leaders are used to thinking on many levels. They often make decisions quickly and have visionary minds. They’ve been in their share of fights and know how to strategize and compromise. Talk to them about their key motivators. “In order to make a move and feel like you’re moving forward in your life and career, what would have to be in place?” Ask the same questions all candidates should be asked.

Many of these people enjoy new challenges and they must define what that means to them. I read an article in which the author had interviewed Meg Whitman, the CEO who helped grow EBay into an 8 billion dollar a year empire. Whitman said she took calls from headhunters all the time. She wanted to keep up with industry gossip and opportunities. She was receptive to considering new possibilities. Meg is not alone.

There are differences in people who like to build companies vs. manage them. If you’re a recruiter who is not familiar with risk taking mentalities, get to know some business owners and CEO’s. They put fewer limitations on themselves and what they can accomplish. When recruiting engineers, accountants, or software sales reps, there are industry terms one uses. A recruiter does not need to be an engineer to ask if someone has a ME or EE degree.

We recruiters can quickly learn the relevant questions to ask in any search. We learn how to identify weak, sound, and great candidates. We must be able to discern the answers to the central questions every search requires: Does the candidate have the skill sets and ability to do the job? Will they fit into the company culture?

Never be intimidated by someone’s title. There are jerks and frauds at every level of business and life. Everyone has worked with incompetent managers who somehow pushed or connived their way into a position they don’t deserve and cannot handle. As recruiters we must see through the veil of posturing and propaganda. As we’ve done hundreds of times before, we must delicately perceive and sort out the details to ultimately find the right candidate, whether they are a CEO, VP, or Princess, who can deliver the performance our client requires.

by Kimberly Schenk, Executive Recruiter (20 years), Recruiting Coach (7 years), Author