Tuesday, May 14, 2013

Mortgage Recruiting and the 80/20 Rule by Kimberly Schenk

 As a mortgage branch manager, if you spend 20% of your time recruiting loan officers, those new hires will deliver 80% of your new revenue growth. What other strategy generates ongoing benefits for your operation that’s equal to adding solid producing loan officers?

The catch of course is one must learn how to recruit effectively in order for the 80/20 rule to apply. It’s no fun to spend time on recruiting calls only to be shutdown by candidates. Ask yourself, “What are your biggest challenges and frustrations when it comes to recruiting?

  •  What are your hiring goals for the next 12 months?
  •  How will accomplish those goals?
  •  If you could have any question answered about recruiting, what would ask?
  •  How much would it be worth to you to achieve your stated goals?

The simple fact is most branch managers have never learned fundamental recruiting principles. Recruiting looks easy but it’s not. The proper tools and techniques will ensure your recruiting efforts are profoundly more enjoyable and effective. (FYI - many professional recruiters have never been trained well either.)

How can one expect to double or triple hires without the proper tools? Placing ads online or in publications is costly. Ads reach about 15% of the population. When one knows how to recruit they  access 100% of the market. The most available person (those looking at want ads) may not be the best candidate for the position. Target passive (employed) candidates for optimal results.

The answer to questions surrounding how to increase closed loan volume, and grab local market share is to improve your effectiveness as a recruiter. If you have 2 hours a week to dedicate to recruiting, and the right process you can expect to add a new loan officer to your staff every 4 - 6 weeks, realistically.

According to surveys, about 50% of the population would change jobs today if the right opportunity presented itself. We are emotional beings and emotions play a big part in recruiting. When employees are frustrated with poor management, or a miserable corporate culture they'll change companies. If an ambitious loan officer feels limited, they're open to change. There are valid and numerous motivations to change employers. 

Follow a sound recruiting method and drip information to qualified candidates at the proper time. There are questions to ask to gauge a candidate’s mindset. All too often inexperienced recruiters give away pieces of golden information about their opportunity long before a candidate is prepared to ‘buy’ that information.

When one takes the time to ask a candidate about their situation and concerns surrounding their present employer, they gain an understanding of the candidate’s needs. If your opportunity can address those needs with a solution, the candidate is likely to listen to your opportunity.

While this sounds like common sense, it takes skill to handle the varied conversations that arise during the recruiting process. Understanding the recruiting process and acquiring necessary techniques will have you sailing through the process on your terms.

End your recruiting frustrations with a method and the techniques needed to attract and hire top talent. The principles mastered will serve you throughout your career. Mortgage recruiting is the same as recruiting for any position in any industry. The ability to recruit is like having a magic wand. Get busy!

by Kimberly Schenk, Principal of Right Recruiter Training

          View Kimberly Schenk's profile on LinkedIn

1 comment:

Prathima Chandir said...

Staffing agencies strive to deliver the best recruiting experience to its clients by selecting the right candidate at right place.
Executive Recruitment Firms