Mortgage Recruiting: Ready to Think Big and Increase Profits? by Kimberly Schenk

The most prevalent model in the mortgage branch system has managers originating while managing an office. Recruiting talented loan officers is the fastest route to sustained monthly growth. We’ve all watched medium size mortgage companies open new branches as a way to expand their territories quickly. Why not grab more of your local market share with the same strategy?

It’s time to think bigger. Capitalize on your expertise and start transferring your knowledge to a new generation of loan officers who are getting trained and licensed. Recruiting is a sales position. As a mortgage pro you sell Realtors on using your service. You sell yourself to customers as a knowledgeable professional they can trust. You sell everyone on your company.

Recruiting is a defined process. With training you can recruit the talent you want, when you want, to make your office a powerhouse loan operation.

Adding 3 loan officers to your staff who each close 1.5 million a month obviously adds 4.5 million to your production each month. How hard would you have to work to close an extra 4.5 million by yourself? Work smarter and expend less energy. Now consider the numbers if you consistently recruit and add 6 loan officers to your team in the next twelve months, and another six the year after.

Recruiting takes practice and know-how. Using the best tactics will protect and bolster your brand. The best recruiters use a system to qualify and dismiss less than desirable candidates. They only extend offers when they know a candidate will accept. They know how to dismantle counter-offers made by an existing employer. Success lies in being prepared and managing the process.

How can you manage a process you don’t know? Recruiting looks easy but can be brutal. There are proven methods and strategies to attract and hire the strongest and most dedicated originators. Have you considered how much money you can save in headhunting fees if you systematically were able to recruit and hire the candidates you want?

In-house recruiters have multiple offices clamoring for candidates. They can only do so much. Why put your livelihood in the hands of distant recruiters? Why delegate this key responsibility when you’re in front of a faucet of candidates? When you have a recruiting method, adding loan officers is like picking flowers from the garden. Recruiting is mysterious only when you don’t know how.

Branch managers come across names of the competition every day. They’re in the prime position to gather those names and initiate harmless conversations. By understanding how to recruit effectively. You're having conversations anyway; Make them count. A seasoned manager will recruit 30 – 40 – 50 loan offices for their operation in 24 - 36 months. Those guys (women included) are killing the competition, and growing their paycheck.

Would you like one office to add over 100 million dollars in closed loan production or more to your bottom line this year? The mystery of recruiting evaporates once the principles are mastered. A few tweaks to your existing techniques may be all that’s needed. Of all the routines one can choose to master, recruiting has the potential to improve your life in a profound way.

We’re all people with goals and personal motivators. Learn to recruit. Save yourself time, money, and aggravation from ineffective recruiting attempts. Stop looking at recruiting as an extra chore. Embrace the possibilities and ride your career to the moon!

NOTE: A no-fluff, step-by-step training program on how to recruit loan officers will take your production to the next level within 12 months. We stand ready to place this process in your hands. Kimberly Schenk has recruited in the mortgage industry for 20 years. She’s recruited in multiple industries (engineering, legal, insurance, financial )and has been training recruiters and business people for 10 years. Schenk cares about your success and over 1100 professionals have benefited from her programs.
visit: Magic of Recruiting

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

www.MagicofRecruiting.com

www.TopRecruiterSecrets.com/Recruiter_coaching.html

     
         
       
   

Creative Signs - not related to recruiting : )

Sometimes we need to take a break from all the hustle and bustle and smile. Hope you enjoy these signs...someone sent it to me to share with you.

Creative Signs

In a Podiatrist’s office:

“Time wounds all heels.”

On a Septic Tank Truck:

“Yesterday’s Meals on Wheels”

At an Optometrist’s office:

“If you don’t see what you’re looking for, you’ve come to the right place.”

On a Plumber’s truck:

“We repair what your husband fixed.”

On another Plumber’s Truck:

“Don’t sleep with a drip. Call your Plumber.”

At a Tire Shop in Milwaukee:

“Invite us to your next blowout.”

At a towing company:

We don’t charge an arm and a leg. We want tows.”

Sign over a Gynecologist’s office:

Dr. Jones, at your cervix.”

On a Maternity room door”

“Push, Push, Push”

At a car dealership:

“The best way to get back on your feet – miss a car payment.”

Outside a muffler shop:

“No appointment necessary: we hear you coming.”

At a Veterinarian’s waiting room:

“Back in 5 minutes. Sit! Stay!

At an Electric Company:

“We would be delighted if you send in your payment.

However if you don’t, you will be.”

In the front yard of a Funeral Home:

“Drive carefully. We’ll wait.”

At a propane Filling station:

“Thank Heaven for little grills.”

Last but not least….

Sign on the back of another septic tank truck:

“Caution: This truck is full of Political Promises.”

Recruiting Contracts: Say "No" to Dumb Clauses!

I’ve seen a trend over the past few months where companies are asking recruiters to wait 90 days after their candidate starts working before the client is required to pay the recruiting fee. What disturbs me is  recruiters are agreeing to this nonsense. This is not good for your career. In fact I think it's total garbage. Here's some basic advice for full cycle recruiters: DON’T AGREE TO CRAZY TERMS! If you’re going to be a recruiter the sooner you grow a backbone the better.

Just because some corporate attorney puts a clause in a recruiting contract does not mean it’s reasonable. Say NO to terms that hurt you as a recruiter. Picture this: you go to buy a set of tires and after installation the service person says, “That will be $800.” What would happen if you responded with, “Please sign this paper that says I can drive these babies around for 90 days before I pay”? They would take the tires off your car.

The response to a contract that asks you to wait 90 days for payment is, “No”. End of story. Walk away if it’s a deal breaker. If you’ve read any of my advice you know I believe recruiters offer great value. If you don’t value your service and hard work, find another line of work! Just because something is written in a contract does not mean it's fair, reasonable, or cannot be challenged. Don't give someone permission to steal from you. Theft is theft. Don't wait 90 days to be paid for work that took 30 - 90 days before a candidate was hired.

A better response is, “I cannot agree to these terms. During the search process I work for you for free. Once you interview a great candidate I also follow through to make sure that candidate accepts your offer, resigns without incident, and starts the position with your company. A lot of effort went into finding a great candidate who fits your criteria. At the point of hire I expect to be paid within ten days and with your payment a 90 day Guarantee For Replacement kicks in. Should the candidate you approved and hired leave your company within 90 days I will replace that candidate at no extra charge to you. How does that sound?” Tie your guarantee to the condition of being paid promptly.

A big mistake some recruiters make is setting the tone to be treated like a clerk. You’re a consultant. Use your recruiting skills to establish equal partnership-status relationships. Guess what happens when a company ‘wins’ and you ‘lose’? You won’t want to work on their search and you shouldn’t! 

When you stand your ground and expect respect more often than not, you easily get what you want. It is reasonable to be paid for work completed. Those of you who’ve read my book know I usually (unless the search has caused me extra brain damage) offer a $500. Discount if my invoice is paid within 5 days. 99% of the time I get paid within 5 days.

The second benefit of saying ‘No’ to stupid contract clauses is the client begins to see you as a strong professional. Everyone recognizes a winner when they see one and people like to work with winners. Be seen as someone who can think, and ask for what you want. Demonstrate you are nobody’s fool. Be someone who makes things happen. Your client will treat you better.

Recruiting relationships are a two-way street. Stand your ground and choose to work with fair-minded clients. You’ll be glad you did.

by Kimberly Schenk, Headhunter, Trainer, Author. 

If you need a recruiting coach to help you solidify a more successful mindset, that’s my specialty. Thanks for reading.

If you recruit in the mortgage industry and want to know How to Recruit Loan Officers, I can help.