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Should I join By Referral Only?

By Ingrid Laine

Mortgage and Lending with Sun West Mortgage Company, Inc. NMLS#292396/VA#MLO-6503

March 20, 2010 02:28 AM

Hi, it's Ingrid!

I am a Mortgage Planning Specialist and I am looking for a system to bring in clients.

My goal is and always has been to market directly to the buyer then refer the buyer to a Realtor or market to CPA’s and Financial Planners.

I am considering the By Referral Only system but looks to be set up more for Realtors than Mortgage Planners.

I have just begun to market to Realtors. I only need a handful of great Realtors. I hear the really good ones use systems like By Referral Only.

So my questions to my fellow AR bloggers are:

1. Is it worth the time for a Mortgage Planner to use this system?

2. Is it worth the money?

3. Would a Realtor that is a member of By Referral Only appreciate me also being a member?

4. Has any other Mortgage Planner had success with this program?

5. Are there any other programs you would recommend?

6. Does this system use a proprietary CRM? I need a good one.

I am looking to market until I get 6-8 great Realtors and then just take very good care of them.

Thanks for reading this blog. I hope a few of you By Referral Only members take a minute and help!

Thanks again,

Ingrid J Laine

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Daniel J. Hunter

REALTOR® - New Port Richey, FL

Just read another blog about a Realtor who dumped a great mortgage person because he did not reciprocate with referrals. It is featured here

Consensus seemed to be quality service trumps referrals. Some, like Lenn Harley, actually said she would never accept a lender referral. What I gather from this is your time may be better served networking for Realtors to funnel you business, instead of trying to drum it up yourself

Mar 20, 2010 02:39 AM

Rodney Mason, VP of Mtg Lending

Guaranteed Rate NMLS# 2611 - Atlanta, GA

AL,AR,AZ,CA,CO,FL,GA,IN,MI,MS,NC,NV,SC,TN,TX,VA,WA

Ingrid...I joined BRO several years ago when I was new to the business. There are a lot of great ideas that come out of BRO. I would say that the number of Realtors greatly outweighs the number loan officers. I found that it gives you a good foundation on which to build your business model. I was only in it for a year or so, but I still use a number of concepts from it still today.

There is/was a 3 Day Main Event that you could attend to get a jump start. That is separate from actually joining BRO. They used to have a free half-day session a few weeks prior to the Main Event. It's designed to give you a sample of what to expect. I haven't seen any advertising for the events in quite some time, so they may not be having them as frequently as a few years ago.

I personally use Mortgage Market Guide, LoanToolBox and CMPS (Certified Mortgage Planning Specialist) now. I have been a member of all of these for many years now.

Mar 20, 2010 02:43 AM

Lisa Delzompo 951-704-4559

Sand to Sea Properties, Inc. - Palos Verdes Peninsula, CA

Experienced, Trusted, & On Your Mission: Home

I tried BRO for a year a few years back. I am a loan officer and real estate broker. I didn't get a lot from the coach; he pretty much told me that given the client base we'd built, we'd be fine. For the money, I would say it was not worth it. Of course there are a lot of good nuggets of information, and yet I believe you will find nuggets looking somewhere cheaper, such as this activerain network or something like Jennifer Allan's "Sell with Soul" programs, which give out a ton of info free up front. I agree with Daniel that quality service is key.

Mar 20, 2010 02:48 AM

Ingrid Laine

Sun West Mortgage Company, Inc. - Virginia Beach, VA

Loan Officer

Daniel,

Thank you for your quick response! I will read the feature. I like Lenn Harleys blog. I have great referrals that I pass though. I passed over 1M of closed business last month. My referrals are slam dunks or I don't consider them referrals but leads.

Mar 20, 2010 03:30 AM

Rodney!

Wow, your comment was just what I was aiming to hear! I have been made aware of the CMPS recently and am working on that. I will look into the Loan Tool Box and Mortgage Market Guide. I am glad I hesitated on the B.R.O.

Thanks again, I know your comments will help me and my family! -Ingrid

Mar 20, 2010 03:36 AM

Lisa,

Thank you for your response too! the money is a concern, but the time is also a concern. We only have so many hours to work. I need to take full advantage of that time. Like you, I have a decent client base, I am looking to take my business up by over 60% this year. I have my own system, but would love good ideas. I will take your advice and try and utilize AR more this year. I have been a member for a couple of years but haven't started using it until this month.

Daniel and your comments have not escaped me. Quality of Service is not just rhetoric. I hope that I am already doing that, I do review my process after each closing with my team and work on what can be done better. I am always open to ideas. --Got some great ones today!

Thank you again Lisa!

-Ingrid

Mar 20, 2010 03:46 AM

Bob Willis

Berkshire Hathaway HomeServices California Properties - Orange, CA

Orange County & L.A. County Real Estate Agent

Ingrid,

The best way to find out if it is for you is to purchase the Main Event CDs for $199. Go to the website http://bankableresults.com/ and order them. You'll get 17 CDs, plus 4 weeks of intense online training. Check it out. It was the best $199 I have ever spent on anything related to real estate, but it applies to lenders also.

Mar 21, 2010 02:41 PM

Thanks Bob, I went to the bankable results site and watched the videos. I might give that a shot. It looks to have a 30 day money back guarantee. Thanks again for your post. I am looking for great ideas. -Ingrid

Mar 22, 2010 10:15 AM

Should I join By Referral Only?

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