One of the brightest sales coaches I know, Doug Cadaret, has developed a brilliant measuring stick for any Loan Originator wanting to substantially grow their business and he refers to it as “The 6 Gauges”. At a simple glance, using this methodology will quickly alert you to the fact of whether your business is on track or not to achieve your goal.
Like it or not, you are the President and CEO of “Me, Inc.” When you run your own business, you MUST measure data points if you want to ensure unlimited success. Doug’s Dashboard allows you to do just that with ease. The 6 measurables are as follows.
- Profitability (combo of profit per closed loan and personal debt reduction, savings)
- Closings (90 Day Sliding Scale)
- In-Bound Referrals (30 Day Snapshot)
- Conversion Percentage
- CTC Standard
- CCR Standard (Current Client Referral)
Picture a car’s dashboard and transition it to your business. If you saw your car’s gas gauge nearing empty, you must fill it up or your car will obviously not run. It is no different with your business. Each top producer I know has a standard of expectation regarding how many current client referrals they receive. That leads directly to the topic of conversion percentage (which is wildly different between loan officers!) which goes directly to impacting closings and profitability.
One shining example of this principle is a loan officer I know well in Florida. She has a Clear to Close Standard of 5 business days. She is currently averaging 1 referral per 4 current clients (25%). Her conversion ratio is the highest I’ve ever seen at 63% and she is receiving, on average, 85 in-bound referrals per month. This is exactly why she averages 42 closings per month and earns well in excess of a million dollars per year, year after year, regardless of the interest rate environment. Amazing stuff!
Tune in to our Unlimited Success link below to see Doug illustrate a 4-minute video on how to implement this in your business today!
