Outsourcing is the way to hire in the mortgage business today. How can you make great hires and get the most out of freelancers to elevate your revenue and profitability?
From startups to the biggest financial institutions, using freelance team members has become the go-to, primary way to power businesses. For many mortgage company owners and independent mortgage professionals this is still a new experience. Being able to nail it is vital for saving months of frustration and precious working capital, and getting the edge to perform at your best instead.
What Jobs Can Be Outsourced In My Mortgage Office?
There really isn’t a position in the mortgage industry that can’t be filled virtually today, including:
- Mortgage processors
- Loan officers
- Marketing experts
- General assistants
- General managers
“So, where do you find great freelancers? How do you attract the best and manage them for the best profitability?”
Where to Find Freelancers for Your Mortgage Business
Upwork.com and freelancer.com are the big outsourcing portals. From hot startups to big banks, it’s the place to go to find endless potential team members for any role you need to fill. Referrals are still a good idea too. It can help cut through the hundreds of thousands of choices out there. Ask your Realtors, title reps, and other vendors who they use and why.
Acing Job Ads
Being clear, specific and easy to connect with is the secret sauce for attracting the best freelancers to your jobs. Consider that freelancers on Upwork may have to browse through at least hundreds of job postings each day. They only have time to apply to 1-5 of the best fitting gigs that really appear to be a good fit. Be clear you are in the mortgage industry, or those with the most experience won’t even apply. Let them know what you need, without being long winded. No one has the time to read a whole page of specs upfront. Make it easy for them to contact you. Too many hoops are going to deter the most in-demand freelancers who are receiving offers every day.
Hire the Best You Can Get
Google doesn’t get to pick the best hires because it is so big and successful. It is so big and successful because it hires the best. Just like with sports teams, the company with the best team will win. So, hire the best you can afford. They will propel your success.
Always Compare by Value
Mortgage business outsourcing offers plenty of savings on office space, healthcare and other benefits, equipment overhead, and liability. Don’t expect to find an amazing loan closer for $1 an hour. You are already getting a good deal. You don’t want to overpay, but do compare by value. If a $100 an hour freelancer can deliver better results in an hour than a $25 an hour freelancer can deliver in 5 or 10 hours, the higher rate option is the best deal with the most value. Ask what you get for the money and hours before you write off any potential candidates.
Provide Clear Instructions
Once you find your freelancer, make sure you agree on clear deliverables and have a clear scope of work. They aren’t mind readers. Don’t assume they know what you mean. Write it down.
Any good freelancer is going to be booked up at least a week or a month in advance. Don’t leave your needs to the last minute. At best they are going to be rushing instead of doing their best work. More likely, you’ll have to scrape the bottom of the barrel for those who aren’t getting hired by anyone else.
A typical freelancer is juggling at least a couple dozen clients each month. They are normally working on very short cash cycles. Usually weekly. It can also take several weeks for them to actually receive money after you pay and it gets processed. So, pay fast and you’ll be one of their preferred clients, and they’ll prioritize your needs. When you need something fast they’ll show up, and they are likely to put in more effort to make sure you are happy.
Don’t Delegate, Empower
There are some exceptions for low level tasks, but these aren’t your typical old school burger flipping or textile factory workers you can work to death and constantly hold the threat of their jobs over their heads in order to squeeze more out of them. Freelancers have hundreds of new jobs to choose from each day. They are effectively independent business owners themselves and are their own bosses, just like you are. You are the client, and they are the merchant. Simply trying to delegate, micro-manage and apply prehistoric management methods is unlikely to be effective or produce the results you really want. Instead, work to empower them to do their best work and excel in the role they are already specialists in. Then connect these experts on your team together so they can work autonomously and just get it done, while you get on with closing loans and strategizing how you’ll achieve the next level in your business.