Learn how he revolutionized his operations, with skyrocketing productivity and driving unprecedented growth
In an industry where success hinges on understanding the nuances of the mortgage business and building strong relationships, loanDepot branch manager Baret Kechian (pictured) has emerged as a shining example of the power of delegation and hiring someone “better” than oneself.
Having stumbled upon the mortgage business immediately after college, Kechian quickly realized that his ability to connect with people and explain complex concepts was a natural fit. Leveraging his prior experience in sales and telemarketing, he helped clients navigate the mortgage landscape with ease.
How his volume skyrocketed
In 2012, Kechian experienced a pivotal moment when his volume skyrocketed. The transition to conventional mortgages opened doors to greater referral potential and heightened client satisfaction. With word-of-mouth referrals fueling his growth, Kechian recognized the power of a solid reputation and the significance of catering to a niche market.
“Once I got into the conventional world, things picked up a lot because people are a lot more apt to refer to you when they know you’re getting a good interest rate and it’s not a subprime loan,” Kechian said. “When you know people are more apt to brag about that and feel good about it, buying a house and telling others, our volume rocketed.
“That said, I’m not done with purchasing leads and things like that. I’ve moved to Hoboken, where I live now, a small, one-square-mile town right across from New York City. Here you have a real opportunity. It’s a very niche market with a lot of condominiums. Once you figure it out, you have something other people don’t know how to do. It’s not just your standard single-family home. No format and a $50,000 anybody-can-do-it type of market. So, we really picked up fast here. Built a good reputation, made a lot of contacts, and kind of went from there.”
The importance of delegation
However, the true turning point in Kechian’s journey occurred when he recognized the need to delegate certain responsibilities and bring in a capable manager to handle crucial operational aspects of his branch. The decision to hire someone “better” than himself in specific areas was not driven solely by the desire for increased production, but rather by the realization that effective delegation is essential for maintaining a well-oiled machine. By entrusting the managerial role to an individual adept at processes and operations, Kechian was able to focus on what he excelled at: sales and client relationships.
“Last year, I hired a manager. He takes care of our processes and operations, stuff that he’s way better than I am at,” Kechian said. “We don’t get the opportunities to do the refinances that are so big. And now, all of a sudden, we have a manager. He’s taking care of everything.”
The impact of this strategic decision was immediate and transformative. With the new manager handling essential tasks such as managing processes, handling reports, and streamlining information flow, Kechian experienced a paradigm shift. He no longer found himself struggling to catch up but rather had the opportunity to proactively improve and optimize his operations on a daily basis.
“He’s more on the operations side. It’s just to help me manage the branch and keep me in line with all my stuff,” he said.
Kechian candidly admits that technology has never been his strong suit, but his manager’s expertise in technology bridged the gap in his skill set, allowing him to access critical reports, track progress, and stay ahead of the curve.
“He came in and showed me how to do it all,” he added. “So now I have like 20-something years of experience, and then on my computer every day, I get reports of what’s coming in, who’s working on what, and everything. And now it’s easy. I can sit and check on it and get it out of the way fast because you know it’s presented correctly. He’s also doing some of the back-end stuff, like pipeline management. We put everything into this software system, and he manages it.
“He helps me manage all that stuff so I can worry about going out and selling and doing everything else I do, which is what I’m better at.”
This shift towards effective delegation and hiring the right talent not only facilitated smoother operations but also opened up new avenues for growth. With a well-organized system in place, Kechian’s focus shifted towards expanding his sales efforts and building strong relationships. As a result, he experienced remarkable success, with projections pointing towards exceeding $100 million in mortgage transactions this year alone.
Want to get more insights and tips from successful mortgage professionals? Receive exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
