TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/868742
FEATURE TH E M R EP O RT | 19 S o few companies are run by women in the mortgage industry that they stand out by simply existing. Take a closer look, and it's clear these women-led organizations are growing at a faster pace, with a more disruptive influence than less diverse companies in our industry. Venture capital and private equi- ty firms have already taken notice of this trend. In fact, returns from companies with a critical mass of women in leadership are up to 36 percent higher than firms without as many women in these positions, according to a recent Wall Street Journal report. Investors are ac- tively hunting for opportunities to partner with these businesses, and corporate boards are mandating spends with women-led businesses because of the higher rate of return on investment. According to research recently published by venture capital firm First Round Capital, their higher- performing investments tend to have at least one female founder. The firm's data consisted of more than 300 companies and 600 founders and concluded that the companies with a female founder performed 63 percent better than those with all-male founding teams. How are women in our in- dustry driving those exceptional results? What advice do they have for the mortgage industry as a whole? We caught up with a few of these successful women-led businesses to ask these questions and find out how they're generat- ing higher revenue and growth. Their answers are as diverse as the women themselves, but they all agree on three principles that can help bring the entire mortgage industry forward: · We must focus on performance and results, while proactively building the most diverse teams. · We can't let old stereotypes limit business growth and in- novation. · We must support networking opportunities for women. Following these values can help all of us—women and men— achieve the most success, maxi- mizing business growth and profit. Let's take a look at each of these from the insightful perspectives of successful women in our industry. "I've always focused on hiring and working with the bright- est, most tenacious, and talented people I could find, regardless of their gender or any other demo- graphic," Jennifer Miller, President of Mercury Network, said. "At Mercury, we value diversity be- cause it gives us multiple perspec- tives and the shortest development cycles to build technology solu- tions for our clients. Our commit- ment to diversity has helped us outpace competitors every year." Resist Stereotypes to Raise Revenue T he mortgage industry has come a long way with more women in leadership, but everyone knows that stereotypes are still pervasive. Yes, these are harmful to the women they're projected upon, but considering the higher returns for companies with women leaders, the most critical result is the handicap these old-fashioned stereotypes place on every business—and indeed the entire industry. Kim Perotti, Co-President at Axis Appraisal Management Solutions, has good advice for avoiding these pitfalls that applies to everyone in the industry, both men and women. "It's critical to be aware of the stereotypes that are still pervasive. Don't assume that the woman you encounter in our industry isn't in charge," Perotti said. "If you aren't consciously aware of your own bias and actively seeking diverse perspectives and experience, you will encounter many limits that negatively impact your ability to drive revenue and sales." It may seem like a scene straight out of the '50s, but the vast major- ity of people in the industry have seen stereotypes play out like train wrecks many times. A loan officer will be working on a deal with a family, only addressing the male based on the assumption that he's the highest earner or in charge of the family's finances. When the stereotype doesn't fit the cur- rent situation, a woman may be offended and have an instant dislike for the loan officer that's very difficult to overcome. Here's another scenario: Two companies seek to form a relationship and meet in a corporate conference room. A well-meaning salesperson starts the meeting off by automati- cally addressing only the man at the table, assuming he's in charge. Meanwhile, the female CEO at the table is ignored and insulted. We spoke to one female, a COO who says this situation happens more often than people think. She has attended meetings with her male employees where the company wishing to win her business assumes she's an assistant. They direct questions and their entire sales pitch to her employees. That fumble can absolutely wreck your chances with that company, and it's very difficult to backpedal from an em- barrassment like that. To avoid this misstep, some top-producing sales executives in our industry intentionally take a different approach. Instead of act- ing on stereotypical assumptions, they address all the executives equally. Mark Hopkins, National Sales Director for Mercury Network, has avoided these situa- tions very successfully. "I've seen things like this happen before, so I always treat each person at the table as though they are the CEO," Hopkins said. "It ensures I'm successful even if I don't know much about the customer's management team, while the trust that is forged often grows into a long-term business relationship." Support Powerful Networks for Women I n the mortgage industry, there are already several large networks of women doing busi- ness with their female colleagues. While building their careers, they By Craig Zielazny "It's critical to be aware of the stereotypes that are still pervasive. Don't assume that the woman you encourter in our industry isn't in charge."