GUIDE TO ELITE BROKERING: The Building Blocks for Creating an Exceptional Sales Team
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08/08/2010 1:07:00 PM
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Finding, training, mentoring and keeping a strong support team is key to developing your business and ensuring its success. But in order to build and expand your team, you must be clear about your expectations and understand what you want to accomplish by bringing someone onboard. He or she has to fit into what you value and mesh with the other members of your office.
Where to start
Different brokers use different methods for hiring and recruiting. For some, it means looking outside of the industry for suitable candidates and taking advantage of their skill set, while arming them with the necessary tools to succeed in the mortgage industry. Other brokers find it easier to recruit from within the industry and further develop them.
Gord McCallum, broker/owner of First Foundation Residential Mortgages in Edmonton, looks outside of the industry.
“We’re focused on finding the people who want some stability and who want a more traditional work schedule,” he explains. “Our team works in an office, Monday to Friday, with very little overtime and no house calls. We don’t meet clients in coffee shops or do deals out of the trunks of our cars because we find it’s hard to replicate a consistent customer service experience that way.”
He has had great success hiring people with diverse work backgrounds other than the usual mortgage and finance backgrounds. A prime example is one of his younger agents Lisa Perrot, who was a finalist at the 2010 CMP Awards for Best Newcomer (Individual).
“She’s a perfect example,” he says. “She’s somebody who hadn’t been in the banking or mortgage industry before but had some sales experience and other experiences that were valuable. She came in and learned quickly and had a lot of drive and determination. She’s a good fit here and has been very successful.”
Looking at the hiring process from a different perspective, Della Dwyer, a broker with Invis in Barrie, Ont., believes the best places to find agents are in two specific areas: banks and other brokerages.
“Some agents at banks feel they are being kept in a box, limited to selling only those products endorsed by their institutions,” she explains. “Then there are those agents working in a broker house where they are possibly not happy, and wish to have more structure, or a compliance department or mentoring.”
Qualities of an exceptional agent
In an industry that is fairly easy to get into, not only does an agent need to have certain personality traits to be successful, there are also certain qualities they need. If they don’t have these qualities they must be willing to work on developing them. (See sidebar)
For Nick Ametrano, vice-president of Monster Mortgage in Toronto, it’s making sure all potential employees have the personality traits to be successful and to help his company thrive.
“We do a long screening process; we don’t rush into new hires. The process can easily take up to a couple of months,” he says. “If you’re going to come and work here, we want you to have fun. We want you to wake up in the morning excited about coming to work. In order to do that there needs to be a fit because I don’t want to come to work and not enjoy the person I’m working with either. So we put a strong emphasis on fit.”
McCallum says that he looks for people who have certain personality profiles, which they test for, as well as the technical, computer, and people skills to do a great job.
“Over time we've learned that business school graduates have the technical and computer skills to do a great job. And as long as they have good people skills, can be persuasive when needed, are personable and care about their co-workers and clients then they fit in well here,” he says.
Liz Clay, mortgage broker with Greenwood Estates and Mortgages Corp. in Mission, B.C., says they are always open to existing brokers who are looking for a higher level of support than they may currently have.
“We find that one of the best ways to recruit people is by utilizing our existing business relationships. With constant economic flux, people are looking for career changes, and for some a brokerage is an excellent option,” she says. “If they are a good fit for Greenwood we are happy to invest the time and energy needed to train and mentor them. Above all that, an exceptional agent is one who operates with trust, integrity and dedication.
The value of support staff
The value support staff brings to a brokerage is immeasurable. When all the elements are working together: agents, brokers and support staff, then you can truly elevate your business and offer top quality customer service.
The family-run and owned business, The Mortgage Centre in Hamilton, Ont., is a perfect example of how working together as a team can truly elevate your business success and provide top quality customer service.
“It’s ideal to have long-term support staff who are committed to the success of the brokerage,” says Joe Grifa, owner/ agent of the Mortgage Centre in Hamilton, Ont. “If your support staff are happy than everyone else is happy.
Because support staffs are usually the first point of contact for clients, they can make or break a client relationship. “They will always be the backbone of any business.”
Build your team
Brokerages build their teams in different ways. Grifa, for example, wants to attract high performers so believes like attracts like. “Attracting high performers is crucial in building your brokerage. If you want to attract high performers you must be a high performer,” he adds.
At Greenwood Estates, their commission structure and profit-sharing plan helps promote success, teamwork and ensures longevity.
“Attracting high performers often comes down to commission splits and for many that works just fine for getting someone in the door. The challenge is always keeping someone for the long term,” Clay adds. The best way to retain a high performer is to provide support, training and mentorship. “Reward performance, and when there is room for improvement, provide the tools and support needed to achieve success.”
Top 10 Qualities of an Exceptional Sales team
- Honest
- Great communicators
- Have empathy
- Confident
- Driven
- Good attitude
- Dedicated to learning
- Respectful
- Disciplined
- Adaptable
The Mentoring Relationship
“It is very, very important. Even for me, when I started in this business, I didn’t have any experience in mortgages or finance or real estate for that matter, I was just out of school. I didn’t have anyone in my company I could look up to as a mentor but I looked up to the other people in the industry. In some cases it was other brokers, in most cases it was lenders, BDMs or underwriters or insurer employees who were just nice enough and willing enough to answer my questions.” ~ Gord McCallum, First Foundation, Edmonton, Alta.
“We have all had mentors and what we have learned from them gave us the foundation that makes us successful in our careers. Being a mentor is not just about hiring someone, training them and then launching them into the world. It is a commitment to being there long term and always providing encouragement, support and knowledge.” ~ Liz Clay, Greenwood Mortgages, Mission, B.C.