Last week, I talked about how relationships are key to building long-term stability in your mortgage business. This week, let’s dive into one specific type of relationship that can help loan officers increase their pipeline and grow their business – referral partnerships. The market is always in flux, and ensuring that you have multiple streams of incoming purchase business is an important strategy to staying on course through the ups and downs. Referral partners can be a great source of new clients, but like all relationships, they require some effort. Here’s what loan officers can do to maximize their referral partnerships.
Maybe you already have someone in mind you’d like to team up with, or perhaps you’re starting from scratch. Whatever the case, partnerships are built on connection. Before you dive in and pitch teaming up, you want to ensure there’s some trust there. While many loan officers automatically think of real estate agents when it comes to referral partners, you don’t need to limit yourself to one type of professional. Financial planners and builders, for example, can also make strong referral partners. The more you start building connections in your network, the better you can find the right partner for you.
You’ll likely have the same goals in mind, but it’s always wise to discuss these goals from the start. Ensuring that you’re both on the same page will help you work more effectively together. It will also make it easier to discuss potential challenges to achieving these goals as they arise. It’s a partnership, so it should be mutually beneficial. While it doesn’t always need to be the same number of referrals back and forth, it’s important that both parties feel well served.
Communication is key. Whether you’re brainstorming new ideas or discussing hurdles, your partner shouldn’t be a distant presence occasionally sending business your way. Take the initiative to make it an active partnership by reaching out and staying in touch. It doesn’t need to be lengthy meetings. Even a quick call can help you maintain the connection. This regular communication also helps to keep you on each other’s minds, making you both more likely to send referrals.
You and your referral partner should feel like a team. It’s not just pursuing your own work and sending referrals their way. If you really want to cultivate a fruitful partnership, you need to come together to maximize the relationship. Co-branding, sharing one another’s content, hosting events, and connecting your networks are just a few ways that these professionals can operate as a stronger team.
Do you have any referral partnerships? Are they producing the results you want? What challenges have you found in this type of relationship? Do you feel they can generate a valuable stream of business? I’d love to hear what you think!
VP – Retail Market Leader