Author: Ed Davis, Mortgage Education Instructor
In part three of our Communication & Relationship Building for Mortgage Loan Officers series, we discuss tips for meeting and maintaining mortgage referral partners. For some people, it’s a natural development of our mortgage business to connect in your community, and let the whole world know about your business.
For others, it may be a continuing struggle. You’re just not comfortable networking and asking for business all the time. But you’ve got to ask yourself, “why isn’t this working when I’m good at this business?” Being the best kept secret in the mortgage business definitely isn’t good for business. The good news is your mortgage business can thrive somewhere in the middle. You don’t have to be the most outgoing person in town, but you will have to try. Let’s take a look at some simple steps to get you focused on building successful relationships from the ground up.
- First, nobody likes to be sold to, so stop selling. Your potential referral partner may not know about your business at all, so start by asking them questions about their business. Think about who you know that they can help, and if you know somebody, ask how you should go about referring them. If you’re asked about your mortgage business, then tell them. Provide a simple, short, and prepared answer and then flip it back to their business immediately. Everybody else is selling. Be different.
- Second, dig deep, not wide. Be mindful of who you choose to work with, and if you choose wisely, you will build long term relationships. Pick people you like and trust. If you’re struggling to get along with your referral partner, it’s likely the clients you send them may feel same way and that’s a reflection on you. Work hard to add value to your core group of referral partners. Nurture and strengthen those relationships first. You can’t be everyone’s Mortgage Loan Officer, and honestly, you probably don’t want to be. I’m sure you’ve heard the phrase “jack of all trades, master of none”. Well, that’s true here too. Specializing your relationships with your favorite referral partners.
- Third, be patient and consistent in your approach. You’re playing the long game here. If your goal truly is to help the people you like build their businesses, you’ll gain. But your heart needs to lead in this. Remember the seeds you’re sowing are to feed others. If that’s truly your focus, you’ll be provided for.
Zig Ziglar famously said, “You can have everything in life you want if you’ll just help others get what they want.” That’s the key in building referral partner relationships too. When you’re passionate about serving others, you’ll always win.