When it comes to building a top-producing mortgage team in a down market, less is more. Dead weight drags your whole team’s productivity down. Trim the excess for a leaner, meaner, more effective team.
There are three levels of priority when determining who to keep and what to toss: the necessary, the nice to have, and the dispensable. When it’s time to trim the fat, prioritize the necessary and dispense with the dispensable. When you’re down to what’s nice to have, evaluate on a case-by-case basis to determine the roles your team can afford to keep and which you can operate in peak form without.
Your metrics are first, whether they add value, and second, if the value they add exceeds the cost of keeping them on your team. The third and final metric is experience. An experienced team member can accomplish more with less, and though they may come at a higher individual cost, experience is worth the investment when one top producer can do the work of multiple less driven team members.
A leaner team needs to maximize its efficiency and effectiveness in the market. If you’ve kept the top talent, most of the work is finished, but “most of the way there” isn’t how you achieved your success, and it isn’t going to cut it now. Look for every opportunity to cut expenses and build efficiency.
For one thing, surviving the first round of cuts shouldn’t be mistaken for immunity. Run a continuous evaluation and improvement process to ensure everyone is pulling their weight. Excellence is not defined by the success of a single moment. It takes an ongoing, relentless commitment demonstrated by a willingness to work harder than anyone else, obliterate obstacles, blaze new trails, and most importantly, achieve record results with unmatched consistency.
If this doesn’t describe every member of your team, it’s time to take another look at who deserves to be there. Don’t hesitate to refine your roster again. A down market is not the time for sentimentality or second chances.
To optimize opportunities for your leaner, meaner team, review the terms of your relationship with your corporate partners. Do they provide you with the tools you and your team need to achieve at your highest level? Do they respect you enough to respond to your team’s changing needs in a challenging market? Do they expect you to take a hit when the market turns when it’s your team’s contribution that consistently creates their success?
In a down market, your corporate partner should offer more support for your team’s success. You’ve done your part by preserving a core team of top producers. If your corporate partner is shortchanging you under the guise of a “market downturn,” it’s time to take your team and its talent elsewhere.
When you’re ready to make a big move, and take your team along for the ride, you’re not looking for a job. You want an M&A opportunity — which is where an experienced talent agent, well-equipped with industry knowledge, comes in.
After taking the time to get to know you, your team, and your priorities, a talent agent can appraise your team’s book of business, identify your best partnership options, and negotiate optimal terms on your behalf.
Experience the agency difference at veritysearch.com.