5 Traits of Highly Effective Factoring Salespeople

Anyone can get on the phone and talk to potential customers, but it takes a special person to excel at closing deals. Sales are a vital part of the factoring industry—without sales there would be no new customers, and therefore no growth.

No factoring company wants to remain stagnant, so finding and cultivating highly effective salespeople is important. Using firsthand experience and the knowledge of experts, we have identified 5 traits to look for when hiring sales representatives for your factoring business.

1. Goal Orientation

Success comes to those who want it most. Because sales are relatively objective and therefore easy to measure in the factoring industry, setting clear goals is a simple way to measure achievement. The best salespeople focus on meeting targets and continuously measuring their performance in relation to others.

2. Emotional Intelligence

Salespeople who only talk and rarely listen are probably never going to rise above mediocrity. In addition being talented conversationalists, the ability to listen and pick up on social cues are skills that a solid salesperson must possess. Navigating human relationships is a skill that is almost impossible to teach, so finding someone with an innate ability is key.

3. Modesty

According to Steve W. Martin on his Harvard Business Review blog, one of the most surprising traits of top salespeople is modesty and humility. According to the results of Martin’s personality test, 91% of the leading salespeople had medium to high scores in this aspect. Just goes to show that stereotypes are not always correct, and aggressive displays of bravado often alienate customers rather than bring them in.

4. Tenacity

The best salespeople will grab a lead and not let go until the deal is done. “No” is just a starting point for a highly effective salesperson. They aren’t afraid to ask for the sale, because asking is the only way to get things done. A tenacious salesperson is an effective salesperson.

5. Competitiveness

Great salespeople have a competitive spirit – not a cutthroat one. Teamwork is important in the factoring industry, particularly in small firms, and an “every man for himself” attitude won’t cut it. That being said, friendly competition between salespeople often breeds positive results for the bottom line. Successful salespeople will work together to rise to the challenge.

While these skills aren’t the only indicators of sales achievement, when combined they form a loose picture of what an effective salesperson looks like. If a candidate has these 5 traits, they can be taught the additional skills necessary to succeed, such as a working knowledge of the factoring industry and its nuances.

Sales are the only way a factoring business can grow, so effective salespeople are a hot commodity. We wouldn’t worry too much about the hiring process though—after all, a good salesperson will be able to sell their skills to you first and foremost. That first “sale” is the most important, and if they can seal that deal then the sky is the limit for their future success with your factoring company.

About the Author: Factor Finders specializes in finding factoring companies that can fund difficult-to-place deals. Our services help other factoring brokers capitalize on commissions that might otherwise be lost.

If you have a prospective transaction that you cannot find a funder then contact us at FactorFinders.com. We’ll find the factor for you and split commissions 50-50.