How Can We Earn More Referral Business?

I don’t think we can understate the importance of referral business for loan officers. Many of us rely on it more than anything else to keep our pipeline full. With a solid plan in place, we can take control of our business and begin to create a stronger referral network. Here are three main areas that deserve our attention:

Our Mindset

How we think about our business sets the course toward success or failure. Referral business needs to be earned. We need to develop meaningful, and sometimes reciprocal relationships if we want to earn business. If we keep the mindset of working to earn referral business, rather than expecting it, we begin to think more about what more we can be doing for our clients and referral partners than what they can be doing for us. Think about the last few referrals you received. What motivated those people to recommend you? What might you have done—that you don’t always do—to earn that recommendation? When we operate from a mindset of earning business, we often do more than is expected, listen more closely, communicate better, and display more gratitude.

Our Clients’ Experience

Referrals are entirely dependent on the client experience we provide. It’s never enough to just meet expectations. If we’re really going to impress someone enough to send us referrals, we need to exceed expectations. And we need to do that with every person, every time. Think about the times when you were a client impressed by the level of service you received. What made that experience stand out? As loan officers, communication is a crucial aspect of what we do. To genuinely communicate well, we need to be accessible, keep our clients informed, explain sometimes difficult and confusing concepts, and clearly answer questions. Our attitude is paramount. Do your clients ever feel that you’re rushed, preoccupied or exhausted? Or are you energetic and present whenever you speak with them? If we want to earn more referrals, the experience we create for our clients needs to be in crystal-clear focus.

Our Online Presence

Sometimes, earning a referral is as straightforward as a satisfied client handing our business card to a friend, and that friend calling. Quite often, the path is less direct. Maybe a past client mentions your name to a friend who has just started thinking about buying a home. That person might not be ready to reach out just yet. When they are though, and they remember their friend’s recommendation, their next step may be to look you up online. Whatever they find can determine if they take the next step and reach out or they don’t. Will they find an engaging, professional web presence with up-to-date content, clear branding, and easy options to contact you? Your online presence is often the final bridge for referrals, so it’s important to ensure that it’s strong.

If you’d like to talk more about any of these ideas or you need some help developing a strategy, I’d be happy to set aside some time to talk.

Martin Crampton

Regional Mortgage Manager

Prosperity Home Mortgage, LLC

(408) 516-6624