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LEADING LOAN OFFIC RS TO FREEDOM
BUILDING A TEAM VS. PLUGGING INTO A TEAM KNOW WHAT’S BEST FOR YOU
We find that every time someone is added to a team, as long as that team member pulls their weight, it frees up the loan officer or branch manager’s time to get more business. We’ve found that the average person who adds someone to their team does an additional 5–7 loans monthly. For the example I’m about to discuss, we’ll use six loans as a general number. Keep in mind that this number is just an approximate example. So let’s say that every employee hired is an additional six loans to you and your business per month. We’ll make another general assumption and say that you make $2,000 per loan. Ultimately, each time you hire a new employee, you’re adding an extra $12,000 of revenue. Of course, you have to worry about paying your employee. To make it easy, let’s say they get $5,000 a month. That’s $7,000 of net profit per month going into your business. Keep in mind that while you’re bringing in this $7,000, you’re actually doing less of the work because the person you hired is helping you take applications, chase leads, and put out fires. All you’re doing is making the phone ring, selling the deals, and turning them back over to the team to handle the rest. 2 | Running Your Team Smoothly 3 | Script of the Month! 4 | Facebook Marketing 101 5 | What Freedom Means to Me 6 | DISC Test Basics 8 | Tool Time INSIDE THIS ISSUE
This month, I wanted to talk with all of you about the cost of creating your own team, plugging into another one, and which would be easier for you. Personally, I don’t know if there’s a right or wrong answer to this. I’ve experienced both and have been very successful with each method.
Loan officers have to be good salespeople to succeed, and as a general rule, we’re great at what we do. That doesn’t mean we’d make successful human resources (HR) officers — that’s an entirely different skill set. Just because I think I’m a darn good salesperson doesn’t mean that I’d be good at knowing how to hire and fire people. Granted, some people have both skill sets, but it’s not a typical occurrence. What I find quite often in this business is that people are hesitant about adding someone to their team. I’ve been asked, “Carl, what if they’re not the right person and I have to fire them?” People delay because they’re worried that the person they choose won’t fit with their team. However, if you hire enough people, you’re eventually going to hire someone who is going to be a wrong fit. You have to learn how to hire and fire fast, because that delay costs you a fortune.
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