How Loan Officers Can Create Successful Referral Partnerships
Scott Layden
Top Originating Mortgage Manager - Serving Borrowers, Referral Partners and Loan Officers
Relationships are key to building long-term success in the mortgage business. This week, I wanted to write about one specific type of relationship that can help loan officers increase their pipeline and grow their business—referral partnerships. The market changes frequently, and making sure you have multiple streams of incoming business is an important strategy to stay the course through any market ups and downs. Referral partners are one of the best sources of new clients, but like all relationships, they require attention and effort. Here are a few ideas to help with creating successful referral partnerships:
Build Genuine Connection
Many loan officers think of real estate agents first when it comes to referral partners, but you don’t need to limit yourself to one type of professional; CPAs, financial planners, and builders can also make strong referral partners. Whether you’re starting from scratch or maybe you already have someone in mind you’d like to team up with—whichever the case, all partnerships are built on genuine connection. Before you broach the suggestion of working together as a team, you’ll want to ensure there’s some foundation of familiarity and trust. Start by solidifying the relationship in some way before asking for business. Obviously, being the first to refer business is the best initial step. If you’re not in the position to do that, find some way to offer value to their business. When you’ve proven yourself an asset, then you can bring up the idea of a partnership.
Clarify Your Mutual Goals
You’re likely to have many of the same goals in mind, but it’s always wise to clarify these goals from the very start. Once you’re both on the same page, you’ll be able to work together more effectively. This also makes it easier to forecast potential challenges to your shared goals, and how best to address them when and if they arise. It’s a partnership, so it has to be mutually beneficial if you want it to last. We’re not looking for a 50/50 on back-and-forth referrals, but it’s important that both parties feel well served.
Communicate Often
Communication is crucial. Whether it’s brainstorming new ideas or discussing challenges, your partner shouldn’t be a remote presence that occasionally sends business your way. Take the initiative and be proactive by reaching out and staying in touch. Frequent, lengthy meetings aren’t necessary for a thriving relationship, even a quick call can help you maintain the connection. Regular communication helps keep you both top-of-mind, increasing your chances of sending one-another referrals.
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Pool Your Resources
You and your referral partner should both feel like you’re part of a team. If you really want to cultivate a fruitful partnership, you need to collaborate to truly maximize the relationship. Hosting events, co-branding, and sharing one another’s content are just a few ways that you can pool resources and operate as a stronger team.
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If you find out how you can be a valuable asset to each prospective (and existing) referral partner, then do the necessary work to prove it, you’ll find it easier to both build and maintain referral partnerships.
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If you’d like to talk more about any of these ideas, or if there’s another issue I can be of assistance with, please reach out. I’m always happy to block off some time to connect.