Even when originators have long to-do lists, they need to make generating leads their top priority, according to two top sales coaches.
Speaking to the annual Florida Association of Mortgage Professionals, sales coach Bill Sparkman has argued that many originators spend too much time on activities that won't generate revenue.
“They don’t manage their time well enough to have any left over the make them money!” Sparkman said.
Sparkman argued that originators should make prospecting the first activity of their day, and said originators who are not chasing leads are probably not improving.
Obtaining valuable leads can happen in three ways, Sparkman said:
- Making contacts
- Having conversations
- Making appointments
Theses are not casual forms of communications, Sparkman said. Rather, they require actually speaking with someone, making verbal or written contact and then following up with face-to-face conversations. Everyday should be balanced between all three types of communication, not just making contacts through email or phone, he added.
Marc Manieri, head of The Rainmaker Method, an origination coaching program, also said originators must ensure they don't get caught-up in following up on closings before prospecting for new leads.
“It is easy for originators to want to spend the first part of their morning making sure the loans they have in the pipeline are going to close, but that is not how you become a powerful originator,”Manieri said.
To ensure originators aren't bogged down in activities that don't generate revenue, Manieri suggested employing a team to perform loan follow-up. Because originators cannot step away completely after finding a lead, Manieri said they should work on meeting the following origination milestones:
- Attaining a pre-approval
- Collecting all necessary loan documentation
- Ordering an appraisal
- Submitting to processor
- Submit to underwriting
- Clearing conditions
Manieri argued that originators should focus only on these milestones, while allowing other team members to handle day-to-day activities in the loan underwriting process.