What Does a Great Branch Opportunity Look Like?
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Choosing a partner for your mortgage business can be an overwhelming task. There are many factors to consider, including pricing, compensation structure, and availability of products and services. However, when choosing a branch opportunity, it is important that you keep in mind what your ultimate goal is as a business owner: revenue generation!
When looking at opportunities from various companies, ask yourself these questions:
Who are the people behind the company you’re considering a partnership with?
What kind of experience do they have in the industry?
What is their reputation?
Who are the people behind this company and what do they bring to the table?
It’s not enough that your prospective partner has an impressive list of credentials. You also want to know whether or not they have a proven track record of success as well as an established reputation in their industry. And most importantly, you need a partner who shares your vision for success and will support your business growth in order for it all to pay off.
Run by Producers
You want to pick a company that has a proven track record of ownership producing themselves. Avoid companies who have the Ivory Tower syndrome. These are the guys who only talk about what they do, but don’t actually do it. The company should be in your shoes and know what it takes to grow your business through their own system, not just talk about it.
Marketing and Strategic Planning
One of the biggest goals you have for your mortgage business is most likely growth. As such, you want to align yourself with a partner that has policies and procedures in place that will support that goal. Your business is only as good as how well it’s marketed. If you’re not actively promoting your brand and increasing awareness, then you won’t be able to compete in the marketplace.
Part of what makes a great branch opportunity is having a marketing department that can help identify opportunities to increase revenue, while also understanding how best to reach out to customers through different channels.
This factor cannot be stressed enough. You want your partner to provide you with as much support as possible, which is why it’s important to choose a company that views their own success as a contingency of yours. Support is an important factor in choosing a branch partner, and it can be defined as the number of resources that it will provide your branch. These resources can include marketing help, mentoring and networking training, technology support, etc.
A Great Branch Opportunity
A great branch opportunity is one where the partnership has more pros than cons and fits into your business plan seamlessly. It’s also important that you’re not just lending your name to someone else’s company; you want to be a partner in their success, not just riding on the coattails of their reputation for quality originations.
As you can see, there are many considerations to be made when choosing a partner for your mortgage business. This isn’t something that should be taken lightly. It is a decision that should take time and careful consideration on your part. The bottom line is that the best partners are those who complement your company’s goals while supporting them in turn.