Loan officers play a vital role in every mortgage office. They help clients determine a realistic budget before searching for a home, guide clients through the complicated loan approval process, and enable them to close on their dream home when the time comes. The more experienced, empathetic, and responsive your loan officers are, the more satisfied your clients will be. Satisfied clients help your business grow by referring new home buyers.
If you want to increase revenue and outshine your competitors, you can’t just rely on loan officer referrals—you need a team of recruitment experts who constantly scout new talent. Additionally, those recruitment experts need a full arsenal of sales tools at their disposal. Those sales tools enable them to generate as many loan officer leads as possible and convert them into new employees.
Sales enablement is the process of improving sales outcomes by equipping sales representatives with the resources, technology, training, and content they need to communicate with buyers effectively. Essentially, it’s the preparation that occurs before and during the sales process that enables sales reps to close deals as quickly and efficiently as possible. Every great B2B lead generation program uses sales enablement to guide potential buyers through the sales pipeline.
Sales enablement can take many forms, including:
- Training programs: By educating your sales representatives about proven sales processes, company goals, best practices, and buyer needs, you can improve their sale rate. Your team will feel more confident when pitching your products or services, and you’ll see an improvement in sales across the board.
- Marketing collateral: Buyers are more likely to move forward with a sale when they understand the value of what you’re selling. Content pieces such as case studies, personalized email messages, blog posts, and pitch decks help market your services and move potential customers through the sales process more quickly.
- Qualified appointments: B2B lead generation programs usually split their sales representatives into two teams: sales development representatives (SDRs) and account executives (AEs). The former focus on prospecting, calling, emailing, and setting appointments with qualified leads, and the latter focus on turning those leads into clients. Because the SDRs do the heavy lifting at the beginning of the buying process, the AEs can spend their days conducting compelling sales pitches.
- CRM platforms: Deal closers need to know as much as possible about a potential hire before going on a sales pitch, but they often meet their prospects for the first time at the pitch meeting. To give AEs the information they need, sales enablement teams update customer relationship management (CRM) platforms with notes, call recordings, and other resources.
Loan officer recruiting involves a slightly different process than typical B2B lead generation programs, but it utilizes sales enablement in the same way. SDRs work to identify potential employees, convince them that they should make a career move, and schedule an interview. The AE then uses sales enablement to sell their mortgage company and extend an offer to the lead.
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A mortgage office that doesn’t use sales enablement during loan officer recruitment is missing out on a major opportunity. Here are four ways that sales enablement supports your loan officer recruitment program and boosts its overall success.
Lead qualification is the process of determining whether a lead (or potential loan officer) is a good fit for your business. Without it, your SDRs would waste their time chasing leads who will never buy, and your account executives wouldn’t have many sales appointments to attend. Your SDRs enable AEs to make the most of their sales pitches by only setting appointments with qualified recruits.
When qualifying loan officer recruits, SDRs should look for the following information:
- Is the lead happy with their current position? This is one of the most important lead qualification questions because it helps determine if the recruit is willing to explore other options.
- How likely are they to move jobs? Even if a recruit is unhappy with their current position, they may be unwilling to move for a number of reasons. Additionally, satisfied employees may still choose to leave if you can offer them more than their current employer.
- How long have they been a loan officer? Many mortgage offices prefer to hire experienced loan officers with 10+ years of experience under their belt. If you learn that they have only been a loan officer for a few years, you can remove them from your lead list.
- Why did they become a loan officer? This question helps build a relationship with the lead and determines their motivation for working in the mortgage industry.
- How frequently do they approve loans? By asking potential employees about loan frequency, you can identify if their current pace matches your office’s pace. If they approve significantly more loans per month than your office does, they might enjoy the change of pace while they help you grow.
Once an SDR decides if a lead is qualified, they can begin nurturing them through the hiring pipeline. By the time the loan officer agrees to a preliminary meeting, they’ll know your company well, and you’ll have detailed information about them for the AE to use.
When attempting to entice a new loan officer to join your team, you need to persuade them that your company is a better opportunity than their current one. Your SDRs can make their case over phone or email, but carefully crafted sales content is more likely to leave a lasting impression on the prospect.
During the recruiting process, your creative team can provide sales enablement support by developing custom marketing materials that fit in during different sales stages. When introducing your mortgage office to a potential client, a corporate brochure gives a quick and professional overview of your business. As the prospect moves through the hiring pipeline, case studies and sell sheets help your business establish credibility. When you’re on the cusp of sending an offer letter to the prospect, a promotional video about your company helps build excitement. Sales content supports your efforts throughout the hiring process and enables AEs to make the most convincing pitch.
In some ways, it’s easier to execute loan officer recruitment programs than B2B sales programs. SDRs have a clear target audience, and they don’t have to search for key decision-makers at prospective companies. However, when it comes to closing the deal, loan officer recruitment programs pose a unique challenge. Instead of selling a service or product for a set price, you have to sell your company culture, future opportunities, and current team. If the prospect likes what they hear, you then have to persuade them to make a significant life change by joining your team.
With top talent on the line, you can’t afford to deliver a lackluster sales pitch. If you want to ensure that your sales team consistently hires exceptional recruits, your enablement team must provide support before every meeting. Before an AE meets a prospect, they should have access to detailed notes about prior conversations, sales collateral pieces to use during their appointment, and established sales strategies to fall back on. Your sales enablement team can supply preparatory materials and increase the likelihood of a deal.
Nurturing is an essential component of loan officer lead generation programs. It usually takes a few months of continuous communication before a potential employee commits to a meeting. If you don’t make the most of those months, your best prospects will often lose interest and cease contact. With a good sales enablement process in place, you can keep even the most reluctant loan officers in your pipeline and increase your chances of securing a meeting in the future.
There are many items that keep potential employees engaged throughout the sales process, including personalized emails, warm calls, marketing collateral pieces, blog posts, web pages, and marketing videos. While your sales enablement team works to attract and engage leads, your AEs can use sales best practices to close deals.
If you’re trying to grow your mortgage office business and expand your client list, you need to find potential loan officers instead of waiting for them to come to you. By transforming your referral strategy into a recruitment strategy, you can find the most skilled recruits in your area, turn them into new employees, and watch your business grow.
Do you lack the time, staff, and resources necessary to build an in-house referral program? Abstrakt can help. We handle sales enablement so that you can focus on signing more contracts with experienced loan officers. Our sales and marketing experts prepare high-quality content, input data into our CRM, and nurture leads before scheduling a hiring meeting with your staff. We have over a decade of experience helping businesses grow, and our team members have a deep understanding of the mortgage industry.
Ready to grow your mortgage office? Contact Abstrakt today to learn more about our loan officer recruitment program.