While there are plenty of strategies to employ and resources to help grow your mortgage business, perhaps the most valuable tool is your network of connections. The many contacts that fill your database are the most important aspect of your business. Without a steady stream of clients, your mortgage business isn’t sustainable. For this reason, it’s important to network and build genuine connections as well as to leverage your existing ones. As you think about the various connections you create in your business, here are the main areas I’d focus on:
Your immediate network
This describes the people you know personally, like family, friends, and acquaintances. This is usually referred to as your SOI or Sphere of Influence, and it’s potentially the most valuable resources to leverage in your business. These are the people you’re already connected with, some who know you well and others who may just know your name or a little about you. The more you can maintain and grow those connections, making it known that you’re a skilled loan officer, the more potential referral business you’re apt to gain. This network also includes prospects you’ve connected with through in-person networking or even ones who have interacted with you online. Each connection is important for building your brand and attracting more clients.
Current and past clients
The clients you’re currently helping and those you’ve worked with in the past are also key connections to maintain. It’s important to work at forming an authentic connection with each client, showing genuine interest and keeping in regular contact. This doesn’t end after the closing. In order to help keep your name fresh in their minds, reach out occasionally. When you do, think about how you can offer them something of value, maybe in the form of sending an interesting video their way via email or sending print mail on holidays. Establishing and maintaining a connection with current and past clients in this way is a direct investment in your business. The better your bond with clients, the more likely they’ll be to send referral business your way.
Forming connections with the people you work with is an area that deserves your effort as well. This includes everyone you work alongside in your branch as well as any other professionals you keep in contact with. Making deeper connections with your coworkers through bonding activities and outings can help you work as a stronger team. A solid team dynamic helps everyone thrive both individually and as a branch.
It goes without saying that referral partners are key connections with the potential to supercharge your business. Connecting with realtors, schools, financial planners, builders, etc. and forming partnerships creates a mutually-beneficial situation.
There’s virtually no threshold to how well-connected you can be as a loan officer. Whether it’s strengthening your brand, gaining word of mouth referrals, or streamlining the process as a whole, building a broader network and strengthening relationships with the connections you already have can only help your business.