I learned very early in my career, that philosophically speaking we are all born equal to become unequal depending upon the God given ability we have received relative to our ability to 1) learn. 2) communicate, and 3) work.
Inside And Outside Personality Concept
I want to tell you another Story that potentially can double or even triple a company’s and their personnel’s business. Most people in business have either an Inside Personality or an Outside Personality. By Inside Personality I mean that a person enjoys working inside their office more than outside their office. By Outside Personality I mean that a person enjoys working outside their office more than inside their office.
When companies determine if their personnel have either an Inside Personality or an Outside Personality it can easily lead to, as I said, potentially doubling or even tripling a company’s business and here’s the reason why.Early in my career, when I owned and managed my own real estate company, I would on a daily basis record and track all home buyer and home seller leads as well as which agent in my office received them. After approximately six months of analyzing my recording and tracking system I discovered something amazing. What I discovered was that my best listing agent was my worst selling agent and that my best selling agent was my worst listing agent. I found this astonishing since all of my agents were virtually receiving about the same amount of home buyer and home seller leads on a monthly basis.
The Closing Ratio Concept
The Closing Ratio for my best listing agent was that he was getting 3 out of every 5 home seller leads to list their homes with him. This made his Closing Ratio for home seller leads 60%. He was however only getting 1 out of every 16 buyer leads to buy a home through him. This made his Closing Ratio for home buyer leads only approximately 6%. The Closing Ratio for my best selling agent was that she was getting 2 out of every 5 home buyer leads to buy a home through her. This made her Closing Ratio for home buyer leads 40%. She was however only getting 1 out of every 10 seller leads to list their homes with her. This made her Closing Ratio for home seller leads only 10%.
After analyzing these Closing Ratio results for several hours it finally dawned on me that my agent that had the highest listing Closing Ratio percentage truly enjoyed listing homes a lot more than selling them. My agent that had the highest selling Closing Ratio percentage truly enjoyed selling homes a lot more than listing them. It also dawned on me that my agent that had the higher listing Closing Ratio percentage also enjoyed being inside the office more than being outside the office. It was also obvious to me that my agent that had the higher selling Closing Ratio percentage enjoyed being outside the office more than being inside the office. My conclusions were very simply this. My best listing agent had an Inside Personality while my best selling agent had an Outside Personality. Therefore it seemed very obvious to me that statistically Inside Personalities make better listing agents while Outside Personalities make better selling agents.
After disclosing my Closing Ratio and Inside–Outside Personality observations and conclusions with all of my agents we unanimously agreed that all of our Outside Personalities, which just so happened to be 4 agents, would get all of the company’s buyer leads and that our Inside Personalities, which coincidentally also happened to be 4 agents, would get all of the company’s seller leads. We implemented this system for six months. The results were astonishing. Our company’s total production, after six months, had more than doubled. After one year our company’s total production actually tripled.
Now let me explain how the Inside–Outside Personality concept applies to the lending industry. Inside Personality loan officers prefer working their purchase and refi leads, whether generated on their own or through the company, while working inside the office. Outside Personality loan officers prefer generating their purchase and refi while working outside the office by calling on Realtors, builders, attorneys, investment groups, and other miscellaneous lead sources. Mortgage managers should always remember to try and determine, as part of the recruiting process, whether the loan officers they are interviewing and considering hiring, have Inside or Outside Personalities. Accomplishing this, will greatly assist in determining whether or not, the loan officer, if hired, should work either inside or outside the office.
The lesson to be learned from this Story is that when company managers build their company’s around the strengths of their personnel and not their weaknesses it can and does result in potentially doubling and even tripling a company’s production. Now if building a company around just the strengths of its personnel can potentially double and even triple a company’s production can you imagine what a company’s production would be if company managers could provide their personnel with great training as well.
Respectfully, Phil Mitsch
America's Leading Economic, Real Estate and Lending Crisis Solutions Expert & Trainer
Real Estate Industry's All Time Top Producing Residential Realtor
Cherry Hill, New Jersey
856-665-6569
http://PhilMitschForAmerica.com
philmitsch@verizon.net
Special Note
All 6000 + of Phil Mitsch’s 1) U.S. Economic Crisis Solutions, 2) Home Buyer, 3) Home Seller, 4) Real Estate Professional, 5) Mortgage Professional, and 6) Life Lessons can be obtained in his 70 Books that comprise his 8 Training Systems. These Systems can be found at http://PhilMitschForAmerica.com.
Comments
Navy Federal, our nations largest credit union is:
Not required by the Treasury Department to employ accountants in its accounting department or follow GAAP .. consequently they overlook company owned refrigerators with a 40 year depreciable life
Until 2004 tax payers paid for over 95% of its offices .. paying only $1.00/year for a branch office
Recently gained Federal approval to begin acquiring or merging with Army & Air Force credit unions
Currently has total assets exceeding 40 billion dollars and employs around 8,000 people
Paying out the highest bonuses in company history in 2009 and 2010 while banks are struggling to survive
Branch offices have grown from 110 to 212 in the last 5 years when it began a strategy of building offices off bases and in every state in the U.S.
Question: When can a government protected monopoly no longer be allowed to be a monopoly
Answer: When its privileged operations begin to have adverse effects on our nations economy
NFCU doesn’t have to compete in the financial services industry so managers hire their children directly out of high school and promote them ahead of professionals.
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