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There’s been a lot of movement in the mortgage industry as of late. Yes, the cash rate has been stagnant for the past year, but borrowers are restless. You may find yourself fielding calls from those looking to take advantage of low rates while they still can. Maybe some borrowers want advice about their loan in the current market.
If you’re looking to expand your team, or even looking to consolidate your numbers, your hiring process is what’s going to see you sink or swim in the coming months. So how can you make sure you find new staff that will help you stay afloat in the lending waters?
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Do they want to work for you?
The broking industry is competitive. It’s only natural for an applicant to be keen to work at any reputable broking company that will take them. But have they taken the time to learn your values? Do they understand your work culture? See if they’re just keen on the industry, or if they’re keen on your business. This will give you an idea of how long they plan to stick around, and how loyal they’ll be to your team.
Where do you see your company in five years?
Can you see them as being a part of your team in the future? Hire someone who fits in with your company vision, not someone who will ‘just do’ for the time being. You can spot these applicants as the ones who are interested in your future projects, and about the broking industry in general. It’s always a good idea to compare your long-term company goals to where a potential applicant sees themselves in five years – measure your compatibility from there.
So they want to sell, but do they know their audience?
When you’re interviewing potential employees, try to get a sense of how much they know about mortgage broking, or how much they’re motivated to learn. This is especially true of sales. They should be coming to work for the industry and for your customers, not just for the commissions. Make sure any applicant understands the level of customer relations that is demanded in broking.
What are they motivated by?
Will they work for themselves, or your team? It’s important for each member of your team to be motivated to break individual targets, but this shouldn’t be at the cost of your team, or of any individual member. There should be a balance between individual ambition and a company goal.
How will they hit the ground?
Running? Or sprinting? Rates are likely to increase at the end of this year or early next year. You don’t have time to waste on someone who will still be learning the ropes when the calls start coming in. Find someone who knows their stuff, is eager to learn, or is willing to get stuck in and pick it up along the way.
The mortgage and finance game isn’t for everyone. Make sure you only take on the right people for your team and your company.
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