Networking — 3 Tips for Building Referral Partner Relationships
We’ve all heard quotes like “relationships are the key to business success” and “your network determines your net worth.” As clichéd as these sayings may be, there’s a reason they’re quoted and paraphrased so often.
The mortgage industry provides a shining example of this, as independent mortgage brokers, real estate agents, appraisers, title companies, builders, and others all play a role in helping people become homeowners.
To be a successful mortgage broker, you need to take the time to develop relationships with other professionals in your local community to become the go-to mortgage expert. In the process, your relationships become strategic partnerships, which have a high likelihood of resulting in more client referrals.
Ready to get started? Use these tips to build referral partner relationships to help grow your business.
Network with Potential Mortgage Partners
Real estate agents, appraisers, or any other housing or financial services-related professionals you might want to partner with are busy. If you want to create lasting referral partnerships for your mortgage broker business, you’ll likely need to make the first move. Many of them might not even realize they could benefit from a partnership with a mortgage professional, so you just need to think about how you can get that on their radar and then prove the unique value you bring to the table by making their daily business life easier.
Here are a few strategies you can use to meet like-minded professionals:
Attend relevant industry events: Conferences and trade shows offer a great opportunity to surround yourself with potential referral partners, whether virtually or in person.
Show up at local open houses: If your ideal referral partner is a real estate agent, you need to attend their open houses and bring branded marketing materials to highlight your value.
Build your digital presence: Finding creative ways to communicate your services on social media platforms can help you attract referral partners in a less invasive way.
Ask the Right Questions
When you take the time to learn about the wants and needs of real estate agents and other mortgage professionals, you can build the type of rapport and trust that keeps you top-of-mind when it comes to referrals.
Here are a few quick questions to get the conversation started:
What do you wish your clients knew about the home buying process or in particular, mortgage loans? As a mortgage broker, you have the knowledge to serve as a buyer’s home loan expert and prevent headaches for your referral partner by answering all of their questions, at every stage of the process.
What professional connections or areas of expertise would help you and your business? The mortgage process involves multiple third-parties to get buyers to the closing table. With access to title companies, builders, and more, you likely have a wide array of valuable connections you can share.
What can I do to help you reach your goal this week/month? Real estate agents and other potential partners may not understand the benefits of partnering with an independent mortgage broker. Asking this question (and taking action based on their answer) is a great way to demonstrate your impact.
You may feel like you already know the answers, but taking an interest in a referral partner’s business can help you uncover opportunities to contribute — and earn referrals in the process.
Commit to Stellar Client Service
For local mortgage brokers looking to build sustainable referral partnerships, delivering a seamless experience for clients is paramount.
When a real estate agent trusts you with their buyers, they trust you with their livelihood. By the time a real estate agent sends a client your way, they’ve likely already made their contribution to the process by helping their buyer find their new home. They now are relying on you to help secure the funding that will close the deal.
Finding the best home loan available for your client, and getting it closed quickly, is the best pitch you can make for more referrals. If the new homeowner is happy and the real estate agent was able to get to the closing table quickly and seamlessly, the real estate agent will likely send more of their buyers your way.
Are you ready to jump-start your career in the mortgage industry? Our team at BeAMortgageBroker.com is here to help you every step of the way.