I understand why an executive today would say, “This is not the time for rookies.” I recently asked a group of industry leaders about how long they expected to wait before meeting their breakeven point for a new loan officer. I was astonished to hear them say one to two years. If this is their expectation, hiring a rookie would surely seem like a risky proposition in today’s challenging market.
However, I want to challenge this viewpoint. I believe there is never a bad time to hire a great sales person. Now, I realize new LOs are an investment. They don’t enter the industry with a pipeline ready and waiting. That being said, leaders do not have to wait a year before their rookies become contributing team members. How do I know? At XINNIX, the students who go through ORIGINATOR, our program specifically designed for professionals entering the industry, are experiencing an average of 4.3 applications within their first 30 days in the market. And we get them to market in four to five weeks.
So why are most managers not seeing results like these for their new LOs? They are not following this simple, three step process for hiring successful new talent:
- Sourcing. Even if someone is new to the mortgage industry, they should still possess the skills that make them a good salesperson. Make sure you have a clear screening process in place, designated questions to ask them that will drive important conversations, and an assessment that will ensure they have strong, predictable sales skills. Also, remember that “new to the industry” doesn’t have to mean “new to the professional world.” Currently, the average age of our ORIGINATOR students is 32 years old. These are people who are on their second and third career, and they already have experience that will serve them well.
- Training. A comprehensive training program is vital for rookie success. Each associate represents that brand of your organization. You don’t want to send a someone into the marketplace who will be a poor representation. New loan officers still need to know their stuff! Their training should give them the knowledge, skills, and disciplines they need to do great business and be a positive brand ambassador for their company.
- Assimilation. A trained loan officer does not necessarily mean an immediate successful loan officer. Once they have the skills, they need to have the fire that motivates them to keep pushing for success. Get them into the marketplace as soon as possible so they become addicted to the lifestyle, income, and transformative opportunities for people’s lives that this career offers. A successful LO is an active LO!
Hiring new LOs should have benefits for the entire organization. Every time a XINNIX-trained rookie joins a team, there’s an immediate lift for everyone around them. New hires bring new perspective, and besides, no one wants to be beat by the new guy. When you effectively source, train, and assimilate, the fresh talent you bring in will energize your entire team!
XINNIX Founder and CEO
To hear the full interview with Casey about the Gift of Challenging Times, CLICK HERE to listen to our podcast.