Open up Facebook or take a look at LinkedIn. What once featured pictures of food and puppies has been replaced by a barrage of posts about sales coaching, so let’s take a look at what is going on.
There is no secret that mortgage volume is down. The days of refis and being an order taker
seem like ancient history. Now is the time to differentiate yourself in the purchase market,
execute on your game plan and discover the new methods, funnels and scripts that allow you to continue to find success in a down market.
Just like a personal trainer can keep you accountable and show you improved techniques, a sales coach can guide you as you navigate these unchartered waters.
The role of the sales manager has also changed. In the past, sales managers were
sitting beside their loan officers and working loans together, serving as a role model for sales
technique and exploring the strengths and weaknesses of each individual originator.
A few things have changed and are preventing the sales manager from being as effective a sales coach as they have been in the past.
For starters, originators and managers are no longer sitting side by side. Employees are working remotely, and this has altered communication channels, hindered the ability to identify opportunities for improvement in real time, and slowed the sharing of best practices.
And, as originations have diminished, there is a greater concentration on data and
dashboards. Many sales managers spend their days running from meeting to meeting,
exploring the latest analytics with senior management, and sharing the latest info and policies from above with their team. They do not have the same time and opportunity to forge the one-on-one coaching relationship.
Many sales managers are also producing originators. As their production has gone down, they are spending more and more time trying to build their own pipeline.
The mortgage origination process has evolved. Sales managers are often not experts in
working social media, producing videos or managing new channels of communication.
Furthermore, the old techniques that led the sales manager to success may not be effective in today’s market — and new techniques need to be implemented.
And side hustles, or alternative streams of income, have become very much in vogue. My production numbers are down. I am not generating the same amount of income. Becoming a sales coach can be an effective way to supplement income.
This does not mean that sales coaching doesn’t work or isn’t important.
Quite the contrary.
A sales coach can provide a fresh set of eyes and ideas. A sales coach can be a valuable
accountability partner. A sales coach can provide inspiration, an unbiased opinion and advice that is in the originator’s best interest.
Having a good coach can help take your career forward and assist you in achieving greater
success.
But to have this positive impact, you have to get the right coach for you. One size does not fit all.
Think about how it is impossible to answer the consumer’s question: “What’s your rate?”
Until you know the customer’s needs, interests, circumstances and scenario, it is impossible to answer the rate question accurately.
The same holds true for the question: “Who is a good sales coach?”
It is incumbent, necessary and critical for an originator to first understand what they are trying to accomplish before they take on a coach.
Some coaches excel at creating marketing funnels while others are experts at shaping mental toughness and positivity. There are coaches that can take your social media game to the next level and others who are equipped to help you go out on your own.
The magic, the impact, the effectiveness of sales coaching starts with you – not the coach.
Once you determine what you want from a coach (think of a S.W.O.T analysis), where they can assist you and how you communicate most effectively, then you can find that perfect fit to take your career to greater success.
You need to do your due diligence and find the right fit for you.
Steve Richman has spoken in every state to more than 500,000 professionals at more than 1,000 companies. He draws on his experiences as a litigation attorney, business consultant, account executive, loan officer, disc jockey, father, and husband to deliver a practical message.
This column does not necessarily reflect the opinion of RealTrends’ editorial department and its owners.
To contact the author of this story:
Steve Richman at steve@steverichman.com
To contact the editor responsible for this story:
Tracey Velt at tracey@hwmedia.com
