Because referrals are often the lowest cost, highest value leads in mortgage marketing, it’s surprising that many lenders don’t pay a lot of attention to them. There are many reasons LOs don’t ask for referrals. They may not:
– Want to be seen as “begging for business”
– Be confident enough in the products and services they offer
– Be comfortable calling people and asking for referrals
– Have built up mutually beneficial relationships or goodwill
– Have a network of peers who share the same prospects
– Maintain regular contact with their professional network
It’s easy to identify common issues… but how do you fix them? It’s not about developing a better pitch to reach your goals. If both lenders and agents had this approach, there could be no mutually beneficial partnerships.
Instead, put yourself in the agent’s shoes for a moment. Would you be glad to see a lender waiting in your lobby?
What if that lender consistently shared useful information with you? Brought you leads? Introduced you to prospects and helpful contacts? Showed you tools and technology that help you build your online business? Provided quality educational marketing content for homebuyers?
If you dread calling and asking for referrals, consider a mindset change suggested by Duct Tape Marketing Author John Jantsch: If you have built a business worth referring and truly believe in the value of your services, you are actually doing people a favor by asking them to refer you to their friends, family and professional network.
If you’re an exceptional originator delivering the knowledge, service and professionalism people expect, you are actually raising not just your own profile, but the reputation of the person who referred you. Most people like to be seen as knowledgeable and connected insiders, and they actually enjoy giving and receiving referrals.
Reciprocity is a powerful concept and foundational to profitable agent / lender partnerships. But you can’t jump-start your purchase business with the old model of calling all your friends, relatives and professional contacts and asking them to refer business to you.
Instead, focus on how you can help Realtors and other referral partners get more of what they want – even if there is no immediate or obvious payback. Provide value to your network every day and build a business and personal brand worth talking about. It won’t be long until you’re confidently asking for and receiving the referrals you need to rock the purchase market!