Motivate Mortgage Brokers with a President’s Club Trip
Mortgage brokers, we all know and love them. They are there for us when it comes time to make one of the biggest purchases of our lives. They work countless nights and weekends to ensure that their clients get into the right home at the right price.
I can still remember the countless phone calls, text messages, and emails I exchanged with our realtor and our loan officers when my wife and I bought our home ten years ago. Our realtor and LO (loan officer) earned their commission on our transaction, as we ran them through the wringer. What would be the perfect celebration after such a daunting task of closing at 6 figure deal? Yes, receiving a commission check is great, but why not also include a chance at an all-expenses-paid trip to a beach destination – or a President’s Club Trip for short.
What is a President’s Club Trip?
President’s Club is a prestigious award that recognizes top salespeople for overachievement of their sales goals and quota production. In the mortgage business, we typically see top producing realtors, and loan officers comprise a bulk of the attendees on the trip. Cabo, Cancun, Caribbean, and Hawaii have all been popular destinations for mortgage company President’s Club Trips.
Why Do One in the First Place?
“We pay our folks well, so why add another expense into the mix?” Good question, and the answer simply put is competition. Or retention. In today’s job marketplace, employees are seeking opportunities that allow them not just to earn a living but also enjoy attractive fringe benefits along the way.
Job interviewers often go to the same “cliché well” and fetch the same “work hard play hard” mantra when sitting across from a prospective hire, but imagine showing pictures of your past President’s Club trip.
Internally there is also a competitive environment that can be sparked from starting a President’s Club Trip. There’s a competitive spirit that people develop when they see a colleague earn a free trip to Cabo while they are stuck home in cold and wet weather. It is no surprise that most companies announce the destination of their next President’s Club Trip during their Sales Kickoff or very early in the year. This allows their employees to fully understand the qualification rules and reverse engineer what it would take on a monthly and quarterly to achieve President’s Club Status.
How to Determine Qualifiers for a President’s Club Trip
You have kicked around the idea of a President’s Club Trip, and you have decided to pull the trigger and start putting one together. Now it’s time to decide who goes, or more importantly, what are the qualification rules should be. Many mortgage companies qualify strictly on volume.
A typical production requirement is 75 applications and/or $25,000,000 in mortgage production. Anyone that meets that criteria within their firm are qualified to go! $25 million in production is a good metric for an incentive trip to a US48 destination, the Caribbean, or Mexico at a budget of $5,000 per person, $10,000 per couple. Upping the production goal to $30 million and trip budget to $7,500 per person flies your VIP-producers to Hawaii or Europe.
Another common criterion is allowing the top 20% of your salesforce to attend regardless of volume, which rewards truly elite producers but could leave other high producers out in the cold.
Who Else Should Be in Attendance?
Alright, you’ve designed your qualification rules, and you’ve seen an uptick in sales activity amongst your team. Now, you wonder if you are missing anyone from this trip.
Look at also rewarding your mid-level managers and or newly-hired producers. If certain regions are knocking it out of the park, think about inviting the managers that are behind that activity.
Besides salespeople, you should invite Senior Leadership (CEO, CFO, EVP, VP) to allow the attendees time to mingle with them, and for the execs to compliment and recognize these rainmakers
Several clients allot a few spots for support positions, non-revenue producing positions, or other “friends of sales.” These typically go to employees that have been nominated by the attendees or selected by the leadership team for doing the dirty work that allows the President’s Club winner to produce at such a high level.
How to Start a President’s Club Trip
You have decided to have a President’s Club Trip, defined the guidelines for qualification and have begun rolling it out to your team, now what?
This is where Brightspot comes in. We help you plan the perfect program with amazing customer service and creative ideas. Our CMPs (certified meeting professionals) leverage our experience and expertise to identify the ideal resort and destination for your team. (See our list of Top 20 favorite incentive destinations.) We aim to be the “bright spot” in your event planning process by helping plan the trip from ideation to execution and every step along the way. If you would like any assistance with your mortgage incentive travel program, head over to our incentive travel page or drop us a line for more bright ideas on how we make your trip the best it can be!