At some point in your wholesaling career, you will be faced with a territory cut/realignment.
From a management perspective, it occurs because you have grown your territory (congratulations) to the point where it can now sustain another wholesaler.
Or, you are asked to have a greater focus on a metropolitan area and another member of the team will be calling on the outskirts (hybrid, junior wholesaler, etc.).
Whatever the reason, you will likely perceive this as a loss – but is that really the case?
Why the Territory Cut is a Good Thing
Over the years we have been:
- the recipient of multiple territory realignments,
- the leader that does the cutting
- the coach that aids the wholesaler in navigating the change.
And in all cases we have witnessed wholesalers who end up having more focus and make more money as a result of that focus.
In addition, the new territory often involves less travel – which frequently translates into a better balance of work and life.
Yes, you’ll be tempted to lick your wounds over the advisors that you have lost.
Yes, you’ll feel a sharp sting when one of the advisors in your former territory drops a seven-figure trade.
And yes, that will all pass and you’ll get down to the important business of growing the newly configured region.
Steps to Take as Soon as You See a Territory Realignment Coming
You’ve been told you’re going to have states/cities/areas codes added or subtracted to your total real estate as a result of a realignment of your territory.
Here are the steps to be able to properly profit from the changes.
- In the case where you are picking up turf from another wholesaler, can you use them to give you insights into the advisors in that territory? Will they be willing to spend time with you to give you an overview?
- Thoroughly review and scrub all the data within the CRM (e.g. salesforce.com) so you understand the status of each advisor that you’ll be inheriting. The time you spend here will be invaluable (along with your advisor recon) in making a terrific first impression.
- If you have a relationship with the external wholesaler that used to have the territory, in addition to giving you an overview, can they afford you an introduction, live or via e-mail, to the best advisors in the region?
Great Idea: Ask the former wholesaler if they would be willing to write a brief testimonial about your competency, which you’ll use in your introductory advisor email.
- Create your general introductory email (don’t depend on the boilerplate announcement from the firm, assuming one will be sent) that speaks briefly to who you are and why you’re more than qualified to assume the role.
This email gets sent to all advisors – except top producers.
- Create your introductory email for top producers that speaks more intimately about how you will be supporting them on an ongoing basis. Be sure to acknowledge their stature and your intention to continue to earn that business.
Great Idea: Create a good, old-fashioned letter on company letterhead for top producers that you will FedEx to them. This form of communication and delivery underscores the importance that you place on the advisor’s relationship with you and your firm.
- Reexamine your Top 100 Producers and Top 50 Prospects to understand how these lists are impacted by the change.
- You need to rezone your travel (Top 100, Top 50 Prospects, etc.), so you’ll need to map it through BatchGeo – and use our Wholesaler Mastermind Rotation Builder.
- Place the highest priority on seeing existing top producers in the region ASAP.
If you have picked up new top producers, go to see them ASAP. If you have not inherited any new advisors, get out and see your existing top producers ASAP and show them some love – you’ll need more from them in the year ahead.
Contrary to popular belief, territory cuts do not always result in financial carnage.
If you take the time to methodically plan how you will attack the revised region you will profit from the changes that greater focus will bring.
Wholesaler Masterminds clients profit from change. How can we assist you? Contact us and let us know.