With just one search on Google, LinkedIn, or other online platforms, mortgage leaders can access more information than ever before on potential recruits. It should be easier than ever to find top talent, but according to Brian Covey, mortgage leader and recruiting expert, the mortgage industry’s use of outdated and out-of-touch recruiting methods is holding it back.
If you do recruiting right, Covey says, top talent should be knocking on your door — not the other way around. That’s one reason Covey, vice president of regional production for loanDepot, is speaking at HousingWire’s inaugural engage.talent event on Feb. 6 in Dallas. “I don’t know of many, if any, other forums where this is being discussed and addressed — it’s usually old strategies for new challenges (aka insanity),” he said.
Covey is speaking on a panel titled, “An Open Discussion: What Lenders Need Recruiters to Understand,” which is designed as a frank discussion on how recruiters and lenders can communicate better. The mismatch that happens between lenders and recruiters — even if those recruiters are internal — is one of several areas where the industry could improve, Covey said.
Other bad practices that need to stop, according to Covey:
- Using old strategies and mindset to recruit.
- Making cold calls without planning and research.
- Failing to focus on your own personal brand.
- Selling the company value prop, compensation, or products (aka toolbox selling).
- Not personalizing the experience or truly connecting – looking to get something versus giving or adding value.
Instead, Covey said lenders and recruiters should be building their personal brand so they are viewed as a leader that talent wants to connect with — a “must-have connection instead of a nice to have,” Covey said. He suggests sharing your values clearly and give insights into what it would be like to work for your team in the process. This switches the dynamic so that lenders can stop chasing talent and start attracting it.
A quick look at Covey’s LinkedIn page shows he practices what he preaches, where he has a strong balance of posting his own updates and commenting and supporting other users on the platform.
In addition, his bio also clearly defines where his values lie, looking for synergy with potential recruits. His “about” section lays out his belief in five basic tenants, then states:
If this resonates with you, I would appreciate a moment to show you how partnering with me and our elite team at loanDepot will give you the competitive edge to close more business with less headaches, whether you are a Realtor, Builder, or Mortgage Banker. Welcome to a fresh, innovative new culture of people committed to helping you.
Covey’s passion for the business started when he was a newbie himself in 2001. He soon found his niche and is now excited to share that passion with others. “Our industry offers a wide variety of opportunities to be highly successful both financially and also to put your unique stamp on your business,” Covey said. “It’s one of the few industries that you can carve your niche being you and earn a great living, having control over how you set things up in many ways.”
When asked what questions recruiters should be asking and why it’s important to understand what’s important to potential team members, Covey suggested:
- Get to know them and their story – dig deep here. This could include successes, times of difficulties and how they responded, where they are going, their values.
- Get to the BAM zones — belonging, affirming and meaning —to understand who they are and their “why.”
- Understand their business – where referrals come from, their strategies, challenges, long-term goals and support.
- Dive deep into adaptation, especially around technology and social media.
- Asses their leadership: Are they a team player and someone operations and support team members would fight for?
“The attracting and retaining of top people is critical to any business and its long-term success,” Covey said. “Collaboration is KEY! We can all learn from each other and execute our plans to fit our goals and targets.”
Don’t miss your chance to collaborate and learn more from Covey and other talent leaders at engage.talent. Register here.