For Long-Term Stability in the Mortgage Industry, Focus on Relationships

The market seldom stays the same for long, and the mortgage professionals who see long-term success, are often the ones that prepare for those fluctuations. Currently, it’s important that LOs implement strategies to create a sustainable pipeline of purchase business. The best way to do that is by focusing on relationships. Our network of connections plays a crucial role in our ability to succeed, and being strategic in how we build and strengthen that network is key. Here are a few of the main areas to concentrate on if you want to build long-lasting stability in the industry:

Your Referral Partners

Developing relationships with professionals that can send you streams of referrals is a terrific source for consistent new business. Having referral partners helps you broaden your reach, connects you with new prospects that you might not have found on your own, and works to build your brand. The trust your partners’ connections have in them gives makes those referrals particularly valuable, some of the trust-building work you’d have to do with a prospect has already been done for you. Realtors are, of course, the most common referral partners for loan officers, but there are a number of other sources to consider. I wrote an article recently about LO referral sources that aren’t Realtors, here. And an article on building successful referral partnerships, here.

Your Current Clients

Your relationship with your current clients is not only an investment in the satisfaction of those clients but also in the success of your business as you go forward. Just getting your clients to the closing table is not going to be enough — you need to impress them enough with your client experience that they leave you a glowing review online, and they tell their friends and family about their exemplary experience. Each client is a potential megaphone for your brand, and if they leave the experience thrilled with your performance and the work you’ve done, they’re going to talk about it.

Your Past Clients

Past clients get neglected by loan officers frequently. Why should you put effort into maintaining a relationship with someone that isn’t going to need another loan for 10 or 20 years? Well, if you stay in touch in a meaningful way, then anyone they come across needing a mortgage will immediately be told about you and your highest-level service. Think about how you can continue to bring value to your past-client relationships long after the closing, and then develop some strategies to keep those relationships current and relevant. There’s a great deal of business there that would likely go to your competitors if you don’t stay top-of-mind.?

Your Professional Network

Your network of professionals outside of the industry can be a powerful resource if you know how to use and strengthen it. This is another group that can bring you business and expand your brand. But just having 2,000 LinkedIn connections isn’t going to help. Just like with all the other relationships I’ve covered, your professional relationships need attention if they’re going to be fruitful. From new business opportunities to new referrals, your professional network is a wealth of opportunity if you know how to use it.

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Building and maintaining strong relationships needs to be a priority if you want long-term stability in the mortgage industry.

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