Recruiting the best LOs, part 5: Following up

by MPA27 Jun 2014

By David Lykken
Special to MPA

 

This week, I've been discussing the five steps of successful recruiting, which were introduced to me by Casey Cunningham in a recent conversation on my Lykken on Lending online radio show. So far this week, I've covered the first four – sourcing, profiling, contacting, and wowing. Today, I would like to wrap up the discussion with the final step: following up.
 
If you're targeting loan originators worth targeting, chances are they aren't going to be easy to recruit. If they're successful enough where they are, they aren't going to jump ship after one meeting. You've got to exercise just as much persistence pursuing them as they do pursuing their clients. You're probably aware of the old maximum that it takes "X" amount of "No’s” before you get to a "Yes." It's often the same way with recruiting. The LOs worth recruiting aren't going to say "Yes" right off the bat.
 
You've got to follow up. If you've already done the preliminary research in locating the right prospects and determining their fit for your firm, then you've got to be persistent in acquiring them. If they say no after the first meeting, schedule a second meeting to renegotiate the terms. Follow-up says that you really care about them and really want them on your team. If you don't follow up, you send the signal that you're writing them off and that you'll be just fine without them. And, if that's really the case, why go through all the trouble in first place?
 
The bottom line: if you're going to invest in your recruiting efforts, then really invest. Really put your heart and soul into it. The quality of the people you bring in will be a direct reflection of how serious you take your recruiting.
David Lykken is 40-year industry veteran who has been an owner operator of three mortgage banking companies and a software company. As co-founder and Managing Partner of Mortgage Banking Solutions, David consults on virtually all aspects of mortgage banking with special emphasis executive leadership development, corporate strategic direction and implementation as well as mergers & acquisitions. A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. Recently he started producing a 1-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper websites daily across America.
 

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