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Being a producer and having to manage a team means juggling many responsibilities. As a producer, you source deals and work with borrowers and lenders to close those deals. As a manager, you make sure the team members move their deals forward. Managers are also responsible for the professional development of their teams. The bottom line is your schedule is rather busy with a variety of activities and tasks to tackle.
The more control and visibility you have into yours and your team’s deal pipeline, the more revenue you’ll bring in. In fact, we found a direct correlation between effective pipeline management and strong revenue growth. Our goal as a technology company is to give you a set of tools so you and your team are to reach or exceed your revenue goals.
Below are 7 tools to help manage your team while staying on top of your entire pipeline:
1. Team Activity Feed
For staying connected to what the team members do use Recent Activities team’s feed on your dashboard. You will never miss important notifications about loans being sent to lenders or quotes coming in. Know when and why lenders pass on transactions. The important thing is you have real-time status updates across the team and deals.
Useful tip – Filter team activity by team members if you want to see what a specific person is working on.
2. Pipeline Review
The loan pipeline provides producers and analysts with an overview of where loans are in the process and allow them to forecast revenue by looking at the stages the loans are in a given timeframe. Every loan opportunity moves through your pipeline at a different pace because of borrowers and lenders. But having it organized helps you to keep track of the deals.
Useful tip – Filter the pipeline report to only show the loans that were funded by selecting “show only won” loans in the Filters.
3. Detailed Pipeline Report
In addition to a summary level pipeline view, you can switch into a table view to gain deeper insights into your deal flow. Here you can analyze where you are in relation to closing, lender engagement in terms of views, offers, questions as well as the range of quotes.
Scrolling the report to the right will uncover insights on the range in terms for each loan.
All reports are exportable to Excel and allow you to seamlessly run your weekly pipeline review meetings with the entire team.
Useful tip – Have the pipeline report open on screen share during your remote or in-person team meetings to make for a seamless and productive review meeting.
4. Team Mode vs Personal View
We thought of everyone on your team including administrators when we were building RealAtom. Different roles call for different levels of access. While you work in your own account, you can always hop over to the team view or even the view of any team member and impersonate them. Why is the tool set up that way? Let’s say you have an analyst on the team that is setting up a loan package and sending it to lenders on behalf of the producer. To accomplish that, analysts would need to switch into the producer account and send the loan to lenders. Lenders that get the package would get it from the producer, not the analyst. After all, it’s the producer that will manage the relationships with lenders. As a manager, you may need to see the pipeline for the entire team, to accomplish this, switch to team view and review the portfolio at large.
Useful tip: Make sure you switch back into your own account view when you need to perform an operation on your own loan to avoid confusion.
5. Loan Status Report
Now more than ever you will need to reassure your borrowers that you are doing all you can to help them secure financing for their assets. An exportable loan status report gathers all the data in a click of a button so that you do not have to go on a fact-finding mission through your notes and emails to copy-paste into an Excel spreadsheet.
The status report is comprehensive and contains the following sections:
Useful tip – Incentivise your team to log all offline activity in RealAtom to create the source of truth. You can make that part of performance reviews and reward those users that contribute to company data and submit all the quotes or term sheets they got offline.
6. Lender Analytics
To have the peace of mind regarding the market and the way the portfolio is moving from stage to stage – tap into lender analytics. Assess lender interest for specific types of loans or asset classes with the real-time lender engagement reports. Every loan has a “lender management” tab that shows what lenders do with the deal. Know which individual lenders have viewed the request and how many times, how many questions they asked and quotes issued, see who viewed and downloaded what documents. Have you pulse on the activity, so in cases of low lender engagement strategize how to get wider exposure and invite additional lenders.
Useful tip: Coach your team to tag lenders in tiers and send loans to priority tiers first. When engagement of the first tier is low, expand to the next tier, etc. The goal is to be selective, rather than overwhelm lenders by sending the loan to the world.
7. Account Status Report
Do you need visibility into your entire account at a glance? Request your RealAtom account manager to send you an aggregated report for the entire account activity daily or weekly. This report will deliver a digest across the portfolio for your entire organization. The digest contains a full list of loans with lender activity, a geographical breakdown to show you where properties are at, help you identify transactions that are at risk and much much more.
Ramp up your productivity with RealAtom. Sending loan packages at scale, downloading a quote matrix from lender quotes, negotiating and having to query the single source of truth over rummaging through your emails; will return hours if not days back into your day. Hours that you can spend on closing more deals!
Don’t have an account? Request a demo today.
