Ask The Expert: I'm Tired of Getting Beat on Rate. What Can I Do?

    In my past column, I answered a question I have been getting from many loan officers regarding losing business based on rates. I have more thoughts on the subject. But first, as a reminder, here's the question: "I am so tired of getting beat out on rate. I have been in the business for 20 years and it seems either I have lost my touch, or has the world gone mad? Either way, it is totally demotivating."

Estimated reading time: 1 minute, 12 seconds

What Defines Good Sales Training?

Fact: Every day, senior managers must contend with mortgage originators who are not generating enough volume. In many cases, sales training can improve performance and move the needle on sales results–IF the training has the right components.

Pat SherlockIn the past two decades, I’ve successfully trained countless originators and, in my opinion, these are the required elements for a high-quality training program that delivers results:

  • Training should be conducted live either via webcam or onsite. Many programs use previously recorded video content that does not enable students to ask questions, which is a fatal flaw. Students need to be able to get answers to their questions in real time.
  • Content should be personalized and relevant to the group’s overall level of expertise for optimum learning. Originators should be asked to present or show that they have absorbed the new material.
  • Students should receive feedback on their performance as well as post-training follow-up to reinforce key learning points once they have had a chance to implement the training material out in the real world.

Good sales training can be hard to find but is often well worth the time and effort. It pays for itself many times over. The better trained sales professionals are, the more likely their lenders will be successful.

Pat Sherlock is the founder of QFS Sales Solutions, an organization that helps organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com.

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