Building an Assistant System
by Greg Frost
When you consider the concept of team marketing, you definitely have to factor in the important role that an assistant can play.
Loan originators may have varying reasons for wanting an assistant but the bottom line is that having one helps you generate more volume. I initially hired an assistant 10 years ago so that I could take my business to the next level. I now have four assistants and couldn't accomplish everything without their support.
It's clear that adding an assistant can have a major impact on your success. But you have to carefully evaluate your current volume/capacity, business operations, and other factors before making this important decision.
The Timing
I often hear loan officers say that they are so busy they need an assistant. However, they may not have the volume/pipeline to warrant such a move. My "formula" is that you should be doing about 15-18 loans a month, with a pipeline of 40-45 loans, before bringing on an assistant.
If you are closing less than 15 loans a month and feel you must have an assistant to get everything done, you should look elsewhere for a solution. For example, you may need to organize your day better, and/or get a firmer control of your business as a whole.
However, the originator who by himself is doing the originating, follow-up, and related activity for more than 18 loans per month will soon "hit a brick wall." Eventually customer service will suffer. He will quickly realize that an assistant is needed to get to the 20-25 loans per month and 60 loan pipeline level.
Assistant's Responsibilities
Once you determine that you need an assistant, what should they do? Initially an assistant's prime responsibilities should be organization and communication. They should help keep your work day organized, and communicate with clients/prospects; thus giving you more time to originate.
Specific activities can include:
· maintaining your calendar
· arranging meetings
· handling incoming and outbound calls
· organizing outgoing mail
· other clerical/administrative tasks
In essence, what you have is a personal secretary, someone who takes on many of the important clerical/administrative responsibilities throughout the day. My first assistants were a Realtor liaison who handled communications with agents, and a consumer liaison who primarily handled contact with customers and prospects.
You'll note I haven't included taking prequals or applications on the list. I believe that you should maintain control of these two functions for as long as possible before assigning them to an assistant.
The Right Candidate
Obviously finding the right person to be your assistant is a major responsibility. I suggest you work with a temporary agency until you find the best person. What are the ingredients of an effective assistant? First, you want someone who is highly organized, who can help develop your calendar, establish and maintain systems, and keep you on track throughout the day. Bookkeeping skills are a plus.
You should also look for someone who is comfortable using telephone scripts that you develop for their phone contact. A good, outgoing personality is invaluable. An assistant is often your customer's first contact-an extension of you - so you need a positive, cheerful person.
I don't recommend former loan officers as assistant. Someone who has been on commission, an who is accustomed to being on the front line of originating, generally won't be satisfied coordinating your daily activities on a long-term basis. Remember, you're not looking for an outside salesperson.
Maintain Motivation
Certainly you'll want to keep your assistants motivated. One way to do this is by paying them well. You should consider paying a beginning assistant about what a personal secretary would earn. This will vary from market to market, but in our area this would be about $1650 per month.
There are also different incentives to keep assistants satisfied and productive. For example, I pay $5 for every open house kit above 10 my assistant places with a Realtor, and $20 for every listing agent that she is able to invite to my office to meet for future business.
Also important is to make assistants aware of their role as a team member. I explain to my assistants that the more they help me reach my goals, the more I will be able to reward them…that we're in this together. I let them know that they have a big impact on the overall success of this office.
Your Investment
As they say, to make money you have to spend money, and often it is yours. I have always paid for my own assistants. You may feel that your employer should pay for an assistant, but if they refuse, you must be willing to make the investment. To decide if you are able to invest in an assistant, determine how much you make per loan. Then figure how many loans will be needed to pay for an assistant.
Finally, see how many more loans beyond that you will need to make a profit. Sounds like simple math, and it is. To make the commitment of investing in your own assistant, you need to have a long-term perspective.
Like any other addition to your origination operation, you will need to work with your assistant system. You'll need to monitor not only the individual's effectiveness, but also how you interact with them, and what changes are necessary, based on new responsibilities and other factors. I suggest a weekly one hour meeting (preferably on Monday) to evaluate the previous week's activities and set goals for the current week. We are constantly working to improve our system.
Adding an assistant to your business takes thoughtful planning, detailed training, and ongoing evaluation. However, I can assure you that an assistant could be the best investment you will ever make.
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