A friend of ours in the mortgage industry applied for a loan with one of the country’s largest and most prominent mortgage banks to test their system and see what they had to offer.
After he applied, the company called him sixteen times in an effort to close his loan. The firm also continues to email him relentlessly even though he has “unsubscribed” several times. And, as an aside, the company “pre-approved” him for a loan that was about twice what he actually qualified for b/c they (and their “technology”) failed to ask him some key questions.
A very strong sales culture can be a good thing to maximize sales and profits and to benefit management, but it is not always a good thing for employees or customers.
At JVM, we extensively train in the art of selling and following up with a “To Sell Is Human” approach (based on the best selling book of the same name). We use technology to zealously track every referral, and we carefully follow up using a set formula with a high level of service, friendliness, information, and communication standards. We also have a low-key drip campaign.
What we don’t ever do is harass borrowers, and/or push our team members too hard. This is why none of our team members are on “commission.” Too much pressure and commission-only jobs often make employees miserable, and, by extension, customers miserable too. Too little pressure however, can result in lost sales. We work extremely hard to effect the perfect balance when it comes to sales. We want ecstatic team members, referral partners and borrowers b/c we know they go hand-in-hand.
I have another acquaintance who works in sales for a start-up in San Francisco that, like so many startups, touts its “fantastic start-up culture,” and he is miserable b/c the owners push him so hard and the sales culture is so intense. It reminds me of this joke from Rob Chrisman’s Blog this morning:
My boss arrived at work in a brand-new Lamborghini. I said, “Wow, that’s an amazing car!” He replied, “If you work hard, put all your hours in, and strive for excellence, I’ll get another one next year.”
Founder/Broker | JVM Lending
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