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Why Some Referral Partnerships Don’t Work

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You’ve finally partnered up with a realtor or other professional as a referral partner, but months down the line, you’re still not seeing any results. While it can take some time for these relationships to be fruitful, it’s also important to evaluate if anything is standing in your way. Here a just a few common reasons why  a referral partnership might not be working:

Lack of Communication

If you’ve had one conversation, agreed to send each other referrals when appropriate, and called it a day, this can definitely cause a relationship to fail. Even if it’s not that dramatically lacking in communication, your relationship needs some time investment for it to pay off. Ensure that you’re touching base with your referral partner regularly and staying connected. This will help keep you both on the same page and looking for ways to expand.

No Collaboration

Again, referral partnerships are not just about sending referrals. Well, they can be – but this isn’t maximizing their full potential. The more you collaborate with your referral partner, the more frequently you’ll get in front of their audience and vice versa. It’s a win-win for you both. It helps you expand your visibility and your network, and it provides you with creative marketing options to work on together.

Neglecting Online Presence

One of the best places to collaborate? Social media. So many of our potential clients are on social-media platforms every day. Both you and your referral partners should have strong online presences in your own rights to lay a strong foundation. From there, you can work on building that collaborative presence that demonstrates your confidence in one another.

Unclear Goals

Finally, sometimes your idea of a “working” partnership might be different from your referral partners. It’s so important to communicate early on about your goals and expectations and then touch base on these every so often to update and refine. By coming together and setting shared goals for the partnership, you’ll be aligned to work much more efficiently.

If you’re looking to improve a current referral partnership or you’re just getting started, these are great things to keep in mind. If you’re interested in learning more about how to maximize these relationships, don’t hesitate to reach out. I’d be happy to set up a time to connect.

Don Riggs

VP – Retail Market Leader

NMLS 132702

303.249.8274

Don.riggs@cardinalfinancial.com