FROM THE GROUND UP - The ‘It’ Factor

Why do some brokers outshine others, even when both appear to have the same professional skills, experience and drive to succeed? FrontRunner Consulting’s Doug Mathlin explains

OVER THE years, I have had the privilege to work with many of the top producers and best businesses in the mortgage industry. While there are many reasons why each is successful, there is one common element that they have.  

It’s known as ‘true professionalism’ to some and the ‘It’ factor to others. But what is ‘It’?

David Maister’s book, True Professionalism, covers this topic very well. The first chapter discusses in great detail the core ingredient that all best practice businesses have – and it applies across every industry.

You will have heard that someone has ‘It’ or that another person had ‘It’ but people find it difficult to articulate exactly what they mean by that.

In our industry, commentators will tell you that systems are everything. While I believe that systems are important to business success and that many top performers have robust, documented systems to ensure they deliver a consistent high level of service, there are other top producers with less than perfect systems.

Lead generation is often identified as the key to success in mortgage broking.  There are many participants in our industry who generate enough leads to match any of the top producers but they are not top producers themselves.  

Lead generation is generally the result of a well-executed strategy. Communication skills are also seen as a key ingredient, and one that top producers generally possess.  

However, there are many top producers who don’t communicate that well.  Most top producers are articulate and have effective communication strategies but it’s not the same as the ‘It’ factor.

Time management and leadership skills are also frequently mistaken for the ‘It’ factor, but some top producers who I know are poor at both. It’s not the thing that is common to all top producers.

So again, what is ‘It’?

The best characterisation of the ‘It’ factor is care. Top producers care about their clients and the experience they have when dealing with their company.  

They care about the quality of their loan submissions (and you will find that top producers also have the highest conversion rates). They care about their presentation skills and take steps to ensure that they prepare and convey their message professionally.

They care about their staff and strategic partners, and their actions demonstrate this. They ask questions sincerely and with a purpose because they genuinely want to do a good job for their client, referral partner and their own business.

You can’t attend a training course or professional development day and expect to learn to care. You either have it or you don’t. Brokerages often start well and experience quick growth in the early years because they really do want to do a great job for their clients and because they care about being successful.  

Many brokers, however, after experiencing a level of success and writing many loans, lose their passion for loans and for doing a great job for clients. This is the time for them to re-engineer the business or to implement their succession plan.

Care is a feeling or an emotion best demonstrated by action. There is little value in telling a client that you care about them when the actions of your business contradict that message.

By Doug Mathlin, Director, FrontRunner Consulting