Ambitious loan officers are usually self-sufficient professionals in possession of a strong independent spirit — but these attributes should not detract from their ability to work as part of a team. Successful mortgage professionals recognize the value in collaboration and can work effectively with a partner or group, as well as on their own. Whether it’s teaming-up with colleagues, building relationships with referral partners, or even working with a fellow professional to support mutual growth, there are endless opportunities for collaboration that LOs can benefit from. If you want to maximize those collaborative opportunities, here are a few things to keep in mind:
Win-Win-Win
Most loan officers would assume most collaboration comes from realtors, title companies, and financial planners; however, some of the most successful collaborations I’ve done in the past have come from non-traditional referral sources. Non-traditional referral sources could include anything from a home inspector to your local restaurant down the street, or even a massive organization that has nothing at all to do with real estate. Keeping an open mind and creating a win-win-win scenario for all parties involved is critical for any successful relationship. In this case a win for the collaborative party, the client who is connected to you through the relationship, and yourself.
Embrace Curiosity
Collaboration often happens organically, and there’s no way to plan the exact outcome. If we’re going in with a fixed, rigid plan or inflexible expectations, we can hinder the collaboration. When we’re malleable and embrace curiosity, though, we set ourselves up for success. Of course, you should know going in what you hope to accomplish, but it’s essential to show up with a curious, open mind. Then, you’ve created the freedom for everyone involved to share creative ideas and develop innovative solutions together.
Set Shared Goals
As I mentioned above, going in with strict demands often harms the collaboration, but collaborators do perform better when they share the same goals. Maybe you’re working as part of a team in the office, and delivering friendly, high-quality service is a goal that unites the team. Or perhaps you’re working with a referral partner, and the primary goal is to generate and share referrals, which may also include developing a stronger brand. When you partner up with others on a shared goal, everyone is held accountable — and that accountability often provides additional motivation, streamlines the work, and allows you to function better together to reach your goals more efficiently.
Strong, Clear Communication
Last week, I wrote about some of the top ways loan officers can strengthen their communication skills, here. Communication forms the foundation of any relationship, and collaboration is no exception. Without strong, clear communication, your collaborative efforts will suffer, and it’s imperative that collaborators recognize that. Speaking, writing, and listening are all important components of good communication. Writing and speaking are usually the areas we focus on most, but listening is of equal, if not greater, importance. Active listening means engaging with what the person is saying — while they’re saying it — rather than formulating your response. When we approach teamwork ready to share our own ideas and to really listen to the ideas of others, we boost our chances for success.
Build Trust
If communication forms the foundation for every relationship, then trust is the epoxy that ensures that foundation stays strong. In collaborative efforts, all parties need to trust each other — they need to trust that there is no judgment when sharing new ideas, they need to trust that the work will be shared equally, they need to trust in the other party’s reliability, and they need to trust that there is honesty and full transparency. With trust in place, you’ll be well-equipped to navigate any challenges that could arise.
Sharp LOs know the importance of teaming up with other capable, talented professional, and often look outside of the box to create strategic partnerships. They use communication and trust to strengthen their collaborations and to pave the way for greater success.
If you’d like to talk more about collaboration, or if there’s something else I can help you with, please reach out. I’m always happy to be of assistance.
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