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For Loan Officers that Want to Weather the Storm: Focus on New Referral Partnerships

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It’s a tumultuous time for many of us in the mortgage industry, and not everyone is going to make it through the storm. If you’re committed to your career as a loan officer, then you’re going to need to be strategic with where you focus your efforts. The one thing that’s helped me get through market upheaval in the past, and the thing that will help you weather the storm now… Relationships.  Developing relationships with other professionals always deserves to be a top priority, but right now, it’s essential. It takes effort and commitment for referral partnerships to succeed, though — but if you’re dedicated to the growth of your business, then you’re going to be willing to do whatever it takes. This week I wanted to share some ideas for developing new, productive referral partnerships. Hope this helps!

Connect

All partnerships are built on connection. The best way to form a connection? Trust. When potential referral partners see that you’re focused on building a real, reciprocal relationship, you’ll have a considerably easier time earning their trust. Make new connections, and then put effort into turning those connections into relationships. A million LinkedIn connections doesn’t mean anything if there’s no substance there. Identify the ways you can benefit those prospective partners and lead with that. What you can get out of the relationship should be secondary to what you can give the relationship.

Set Mutually Beneficial Goals

You and your potential referral partners are going to have many of the same goals, but it’s always wise to set some mutually beneficial goals right from the start. When you get on the same page, you’ll work better together, hold each other accountable (more on staying accountable with goals, here), and be regularly reminded that you’re a team. It will also make it easier to discuss potential challenges to achieving these goals as they arise. Both parties need to have shared goals and a shared vision.

Communicate Often

Relationships thrive on communication. In a partnership, there needs to be a high level of communication regularly if you want it to be successful. Set the precedent for frequent communication by taking the initiative. Reach out and stay in touch. In most cases your partner will do the same in return. This doesn’t require in-person or lengthy meetings, just a short call can help you maintain the connection. You’ll stay on your partner’s mind (and vice-versa), and act as a constant reminder of what you’re both trying to achieve.

 

A thriving network of referral partners will put you in the best position to have a long, successful career, with a business that continues to grow exponentially — even when the rest of the industry is scrambling to stay afloat.

Good luck and let me know how any of these tips may have helped you!

Don

If you’re a loan officer, sales manager, or branch manager considering new opportunities, don’t hesitate to get in touch. I’d love to share with you all of the things that make American Pacific Mortgage the best company to align yourself with.

 

Don Riggs
Area Manager — American Pacific Mortgage
P: 303-249-8274
e: don.riggs@apmortgage.com

 

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