Tips for Finding Ideal Referral Partners
September 29 2017
It's no secret that partnerships and the resulting referrals are a huge asset in the mortgage industry. But aside from the obvious (e.g. real estate agents), who are your ideal sources for referrals?
Finding the Right Partners
First look to local personas who are in a position to send you a lot of business and would appreciate your referral business in return. They should share the same target market but not be in direct competition. And they should be willing to vouch for your expertise and vice versa. Potential partners include, but are not limited to, these professionals:
- Cleaning staff
- Divorce lawyers
- Financial advisors
- Insurance agents
- Military contacts
- Home builders
- Real estate agents
- Service and repair specialists
- Title companies
How to Build Strong Partnerships
Of course, you can't jump straight into referral requests. Once you've made connections with potential partners, you need to earn their trust and form a comfortable working relationship.
And remember that it's a two-way street. When you're not sending referrals their way, send them targeted marketing and insider info on the mortgage industry. Suggest joint marketing initiatives, propose content swaps and invite them to networking events. The idea is to stay top of mind and position yourself as a trusted partner and local expert.
When they do send you business, remember to treat their clients well! Make yourself available. Set expectations early and then overdeliver. Keep their clients happy, and you'll soon be their go-to mortgage referral partner.
Don't Forget Your Clients
While it's certainly not up to your clients to send you referral leads, it doesn't hurt to ask for them now and again. Often, the best time to do so is soon after a successful closing. You'll already be top of mind, and they'll have your contact information readily available.