I make no bones about it, the book “Good to Great” by Jim Collins has shaped the way I do a lot of things at Highland Mortgage Partners. Basically this book deals with why some companies make the leap from Good to Great and why others don’t. One of the principles taught in the book is called the “Bus Principle” – If you are looking to build a company, think of it like a bus and follow these 4 steps:
1. Get the wrong people off the bus
2. Get the right people on the bus – Look for qualities rather than skills – find the best possible people
3. Figure out where everyone is going to sit – if you have the best people, allow them to work in an area they are passionate about
4. Figure out where you are going to drive the bus
As I didn’t have anyone to get off my bus, the first step I took towards building a great team was in April of 2009 when I hired Keith Andrade to be my Business Development Manager. Early in my mortgage career I realized that I preferred to work with clients who had been referred by their Realtor. The biggest problem I faced was balancing the sourcing of new business with writing current mortgages. A salaried BDM allowed me the freedom to give all clients exceptional service without losing touch with the people who were sending in new leads. Keith had no background in the financial industry however possessed qualities that made him the ideal candidate for this position. In his first year he had coffee with over 100 Realtors and increased my mortgage volume by 30% from the previous year.
Since January of 2010 I have hired 6 mortgage associates – 5 of them are still with the company. It has always been my goal to hire the best people available, people I liked and trusted. It is important to note that I have turned down more potential associates than I have hired. This is a very difficult business and I am not interested in bringing on just anyone who applies, I take pride in the professionalism of our office and make sure that everyone working at Highland has every opportunity to succeed.
My latest move is definitely not an orthodox one to say the least. I believe in the power of social media and have focused the majority of my marketing efforts there. Early in 2011 I contracted Jeph Maystruck to help define our marketing efforts. Jeph’s expertise is in small business strategy with special attention on social media, he has been employed with a consultancy in Regina for the last 3 years. Very quickly we realized that our passions lined up and that we worked very well together, so I made Jeph an offer he couldn’t refuse. Jeph has come on as a partner and will never write a mortgage, rather he will be working with our Realtor partners equipping them with the tools to do social media well. Jeph is currently working with a test group of Realtors to develop a specific curriculum with hopes of eventually providing value to the entire Realtor community in Saskatchewan.
Going back to the “Bus Principle” – I have addressed the first 3 points – Point 4 – Figure out where you are going to drive the bus – By studying the “The Hedgehog Concept” and “The Flywheel Effect” – I will let you get the book and read up on those – we have established where we are taking our bus – “Our goal is to be the most referred mortgage brokerage in Saskatchewan” and I believe that we are well on our way to achieving that goal.
This is a brief overview of what I have done so far to build my company, I would love to hear your thoughts and experiences with building your team! Please feel free to make comments.
