[mcg168]

Piggybacking off the Top Lenders thread, I have a question for some of the large ISO shops....what do your top individual sales people usually fund per month in new deals?

Or if you were hiring someone, what do you usually set as their goal? For us, we like to see at least $200k/month in new fundings for each rep, with that going up the longer they have been in the industry or how much we provide to them in terms of leads.

[freddy]

Good way to find large ISO shops

[MCNetwork]

200k per month in new deals is reasonable if you're providing the leads.

[mcg168]

Good way to find large ISO shops

ha, i figured i'd get a reply like this but def no hidden agenda... and it doesnt do me any good to find other ISOs being that we're an ISO ourselves. In all honesty I was just curious what other groups considered a good month for 1 individual rep in their organization? For us, $200k/month is the mark for someone whose newer to the industry, whereas an individual whose been in the business quite sometime, I would consider $400k-$500k/month a good month.

Obviously there are plenty of ISO's out there doing millions/month in sales, but that also comes with a huge staff. Figured I'd just ask if we were setting standards similar to others in the industry.

[MCNetwork]

500K in new deals in a month for one rep is actually stellar. That's roughly 20-25 average sized deals. That person's pipeline needs to be pretty large to generate those stats, assuming a 20-25% pull through rate on deals with contracts sent out. There are very, very few shops that have reps producing those numbers on a consistent basis.

[jotucker1983]

Well, I'm just a One Man Show and have been that way going on 9 years now, so I'm not a large Broker Shop by any means. However, I would say that if you are a Broker with a number of Sub-Brokers and you are providing everything, then you should be able to expect some decent funding volume quota. Now, when I say everything, I'm talking about:

- Quality "Leads" or Good/Moderate "Data"
- Quality Risk Based Pricing Funder Network
- Quality Training On The Products and The Market Segments
- Their Predictive Dialer
- Their Email Hosting Account
- A Small Base Salary
- Some Healthcare Insurance

Basically you provide the total structure for them so that all they have to do is show up, log in at 9:00 a.m. and dial until let's say 7:00 p.m., with a non-paid 30 minute lunch and two 15 minute breaks in between, then establishing a quota of at least $200,000 a month is reasonable for new business.

But understand, either you are going to have to provide Leads or Data, or both to the Sub-Broker. A lot of people confuse a "lead" from just "good/moderate data."

Good/moderate data is business intelligence that you have gathered (or someone else has gathered) on a chunk of generic target market listings, that (based on your analysis) make the listing "appear" as though they "might" be interested in what you have to offer, and you would make the call to confirm that interest. I've seen people refer to UCCs for example as "leads," those aren't leads, that's what you call (or called) good/moderate data.

A Lead is someone that knows what you are offering, has reviewed your proposal, and has expressed interest in what you are offering. A lead can also come from an external referral source where that referral source showed the person your proposal and they expressed interest in what you are offering.

So if you are supplying 100 quality leads a month to the guy, he should "close" 30% of them to produce 30 applications. You have a quality Funder Network based on risk based pricing and paper grade, so you have a total approval of about 20 out of 30 of the applications. Of the 20 approvals, he closes 10 of them. The average deal in our industry is $25,000 so that production yields a $250,000 funding volume which meets minimum requirements.

If you are supplying good/moderate data, I would think you would need to supply at least 2,500 of those listings to him a month. Of the 2,500 listings he should convert about 15% to leads, or 375. Of that 375, some of them will be ready now and some will be ready in let's say 3 - 8 months. Let's say 35% of them are ready to make a decision now within the next couple of weeks, that's 131 leads that he should convert to about 40 applications. That should allow for him to produce at least the $200,000 in funded volume metric.

Note though, once your Sub-Broker fully understands this process and is funding over $200k a month consistently, he will most likely leave you to start his own shop. If you are funding over $200k a month consistently as a Broker, there's absolutely no reason why you need to be doing that under another Broker's Office unless that Broker's way of producing data or leads is difficult to reproduce.

[Sam@LendersBox.com]

Agreed @jotucker1983