Mortgage Loan Officers Should Be Considering These 4 Things When Talking to Recruiters Right Now
You would think that with the number of mortgage companies downsizing in some capacity, that recruiter calls would have slowed down this year right?
Well, I don't know about you, but I sure haven't noticed a change. Seems like there are even more recruiters out than this time last year and that they're feeding on the confusion caused by the companies closing their doors..
But here's the deal, do you think their narrative is actually going to reflect the attitude of the company they want you to work for? Do you think if the executives are considering making moves to downsize op centers and close less than productive branches, that the recruiter is going to tell you this?
Of course not.
In fact, I would venture to say that mortgage recruiters, in particular, say about 80% of the same things other recruiters say to get prospects on board. And most of them don't even understand what they're saying.
Oh, you have great rates? Great compared to what?
Oh, you have good sales support? Awesome, what does that even mean anymore?
You're tech focused? You mean you have a cool CRM?
In an age and an industry where companies claim change and innovation long before their culture or actions support it, it's important not to get sucked into the pitch of the people you're engaged with in recruiting conversations. The fact is loan officers are predictable, and everyone knows exactly what we want which makes it really easy to say they've got it..
But what should you be looking for if you're considering a move?
Obviously, that depends on you and your business strategies moving forward. But I'm going to assume if you're reading this, that you're probably pretty similar to most of my followers, and will answer it in the context of what I know most of them need moving forward.
1. You need a company that can operate lean.
What does that mean? Well first off, you probably don't want to work with a company that hasn't experienced a downturn yet. A lot of shops have opened up in the last 5 years and have run models that revolve around offering a million perks plus high comp plus low rates, etc etc etc. How these companies survived in the first place, I'm not sure, but I can tell you that these companies will be the first to close up shop moving forward.
2. You need a company that's actually tech marketing driven.
What do I mean by that, when everyone says they're tech-driven? You need a company that is looking for ways to say YES to technology and embracing it and not reasons to say no. You probably don't want to work for the company that says business related posts can only be made from your business Facebook account that is branded with your company's information. Or the company who takes 2 weeks to approve a paid online ad whether it's on Facebook or otherwise. You want a company that is looking to it's LO's for feedback on what is happening on the front edge of the tech marketing movement, and one that is constantly looking for ways to offer more.
3. You want to work with a company that is willing to compete with interest rates, but not one that always has the lowest rates.
The fact is if your company always has the lowest rates in the market, and you don't feel like you're compromising anything from an operations standpoint, and you're not at a local credit union, you need to run like hell. Refer to consideration number 1, the fact is you can't have it all. The companies that have the lowest rates, and also offer the most support, and can close loans in 10 days because they're fully staffed operationally; yeah those companies sound good and feel good, but they're not going to last.
4. Lastly, and this one is huge, you want to work with a company that has quality long-term marketing materials.
Guys, I can't stress the importance of this enough. I've written and recorded videos about the importance of the long game in your automated marketing efforts, and one of the biggest challenges that LOs face with this is content. Yeah, you can fill your database, and you can build relationships quickly and turn them into business for yourself, but if you don't drip on them with quality email content, and some mailers here and there, and an automated voicemail or text on their birthday (phone call preferred but we're talking automation here so cut me some slack), you're going to lose those guys to an internet advertiser or a family friend the next time they start shopping. Your database is everything in this business, so make sure you're aligning with a company that allows you to nurture it with quality marketing, without you having to lift a finger.
Look, I haven't been in the mortgage business a long time by any stretch of the imagination. But this business is changing, and if you think that what you knew 10 years ago makes you poised to make a good decision today, you're out of your mind.
Technology's stake in the industry is rising, and from someone who's an insider on the technology and automated marketing front, I just want you to know it has A LOT of room to grow and the advancements that are taking place and are on the horizon, are going to put a lot of loan officers out of business. Make sure you're not one of them by making sure the next time you make a move, that you're aligning with the right company.
See you at the top!
P.S. The choices you make about where you do business obviously should be motivated by your long-term goals, not your short term. I posted a video yesterday on some ideas to hit your short-term production goals, and how to make sure those efforts are also feeding your long-term goals as well. Check it out, it may paint a clearer picture of what you need to look for from a technology and long-term marketing standpoint.