Here’s How Loan Officers Can Get More Referral Business

Studies have shown that a high percentage of people ask advice from friends and family before purchasing services or products. I think every loan officer understands the importance of word-of-mouth referrals, but knowing how to earn more of them can be a challenge for some. The good news is that there a number of simple strategies you can implement to get more referral business. Here are a few to consider:

Provide a Highest-Level Client Experience

Happy clients send referrals. When you exceed the expectations of your clients, then they want to tell their friends and family about you. If you want more referral business, then you should assess your current client-experience strategy. If you don’t have a clear strategy in place to ensure your clients are more than satisfied, then you should start by designing one. If you do have a strategy in place, go through each step of the process, from your first interaction with clients, all the way through to beyond the closing. Make sure that every component of the process is formulated to make your clients happy. This entails, making the process as convenient as possible, being an expert communicator, making yourself accessible, and going above and beyond wherever you can. Think about what you’d like to be known for, and then engineer your client experience to demonstrate those qualities. A highest-level client experience leaves clients motivated to tell everyone they know about you.

?

Maintain Your Relationships with Past Clients

When the focus is on your current pipeline and attracting new prospects, maintaining relationships with past clients often gets little attention. But when you continue to show your past clients that you value the connection, you stay top-of-mind when they encounter someone who may need your services. You also solidify that they wouldn’t ever consider using someone else for a mortgage in the future. Communication should be infrequent, but reach out occasionally. If it’s not just to check in, be sure that you’re sending something of value, like relevant information for new homeowners.

Ask For Referrals

I’m sure this sounds like common knowledge, but see LOs miss this step all the time.?If you really want more referrals, be sure you’re asking for them. Soon after their closing is the best time to ask, as the experience is still fresh in your client’s mind. Consider sending a post-closing survey to find out their level of satisfaction. In your survey, you can include a question like ‘How likely are you to refer me to your family and friends?’. And many LOs include a statement like ‘a referral to your friends and family is the greatest compliment I can receive’ in their email signature and on their website and social-media profiles. Hearing that a client had a positive experience is all the opening you need to encourage them to tell others about you.?

?

Building a strong reputation as an LO in your local market takes time, but when you do, you open yourself to streams of referral business you wouldn’t get otherwise. And don’t forget to express your gratitude if someone sends you a referral — that simple outreach alone can lead to more referrals down the line.

?

If you’d like to talk more about developing a strategy to get more referral business, or if I can be of assistance in another way, don’t hesitate to reach out. I’d be happy to block off some time to connect.