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Do You Refer or Do You Endorse?

By
Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

I have blogged so very little this year.  Frankly, that's a good thing for me.  It means that I"m not depressed or suicidal, but I am ready to pull my hair out of my head because of all of the bsiness that I'm dealing with right now.  In the process of bulding and growing, I'm getting deals and sending deals.  A couple of recent transactions made me think to myself.....

DO YOU REFER OR DO YOClients want to work with Superstars...not wishy washy sales peopleU ENDORSE?

First, there's a huge difference between the two.  A referral is someone who is sent to from one party to another.  I get referrals, but I love endorsements.  Endorsements, to me, are special because, they are putting their name to it. 

I can't stand when people say here's three lenders, I like them all.  That's a cop out.  As an attorney, which has malpractice, and as a lender, I need to refer to the best.  This year, alone, I've referred 10 purchase contracts to referral partners.  I also referred one to new agents who get it.  As a result, a bond of trust has been created where the borrower is ensured top flight service.

I tell my borrowers..."listen, if you've valued the service you've received so far, then you need to work with Susie Q at Superstar Realty.  I think that this is my ultimate beef.  If you're the best at what you do, you probably work with the best and you need to ensure a smooth transaction for your client, right?

Take charge...be the professional.  Love life and build around your reputation and great name.  Thinking of it inversely, I don't want my transaction mired by some two-bit hack.  Nor should you!

For me...it's endoresment, endorsement, endorsement.  My business has found a new level this year and I couldn't be happier. 

I work with superstars only....so should you!

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Comments(13)

Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

Hey, Larry, I AM Susie Q at Superstar Realty (aka Sabinske & Associates).  I am working with Cherry Creek up here in Minnesota.  So please remember me when you send out the referrals!

Mar 23, 2012 05:47 AM
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

Larry,

I refer and I refer a couple at least whenever I am asked with he following comment.....if you are not happy or sold on either referral feel free to check the Yellow Pages (and now I am dating myself, LOL) or the web.

Mar 23, 2012 06:18 AM
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

I normally just give the buyer one lender to call.  With home inspectors I do give out two.

Mar 23, 2012 06:29 AM
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Larry

I agree. No matter how many times I hear you should give the client three names and let them choose, I still recommend. I know these people will treat my clients right and get the job done. Cheers cvc

Mar 23, 2012 06:31 AM
Cara Marcelle Mancuso
Golden Girls with SW Desert Homes - Tucson, AZ
Call a Marana neighbor, I'm THERE!

I have a very special relationship with a local lender whom I send most my clients to if they are looking for his services.  In return, he also sends pre-qualified leads and clients to me as well.  Talk about a beautiful relationship where we can count on each other to give the best service we can.  Great blog and points made, Larry.

Mar 23, 2012 06:38 AM
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Good points, Larry. I once had a buyer try to change lenders "mid stream" of the transaction because his buddy told him to use this other company.  It's a good thing he was already approved with the one I endorsed because, what a surprise, the other company didn't perform.  It's all about knowing who does their job!!  

Hey, send your kids over to my post for today - I think they'll really like it.  

Mar 23, 2012 07:04 AM
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I have developed many great business relationships in many different industries that I endorse.

Mar 23, 2012 07:38 AM
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

I don't even care if I get the deal or not...I'm busy as can be, but I think it's almost a requirement to be a professional to do your business.  Can you imagine a doctor seeing a patient and the patient needs surgery so he refers to a specialist and says..."call them all.  I always give three cards.  I like them all, but it's your decision."  Not much confidence in the first doctor.

Mar 23, 2012 12:20 PM
Beth and Richard Witt
New York, NY
The best Retired Brokers !!!!

I could not agree with you more. I always refer one person... I mean we are doing business with the same lender for 20 years and have had not one issue... soooo.... However a lot of our agents don't like to refer or give the safe list of 3 or more... to each their own..

Mar 23, 2012 10:48 PM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Larry - The members of our team - our lender, title company, handyman and inspector, got to be that way because they earned our endorsement. They're the only names we give out, and that doesn't make me a bit uncomfortable, because I know I can trust all of them to treat our clients with the same care that we do. For other issues, we'll refer a couple of people that we've checked out, but just don't yet have that experience or level of trust with.

Mar 24, 2012 03:52 AM
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Hey Larry - I give out three names for anything.  Here is how I do it.  1 has an actual person's name that I think will do the best job.  Then I give out two company names.  Example:  Chad Harris my preferred insurance guy or Liberty Mutual and State Farm.  This quietly endorses and refers the individual I recommend.

Mar 24, 2012 04:49 AM
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

For the record, I'm not talking about needing referrals...Im buried.  And grateful.  However, I just witnessed this week, certain weak people being wishy washy with referring resources.  Guess what...it too me everything to not butt in.  It's not my nature to, but I wanted to say ... "take charge of your business..." but I didn't, but am commenting through this post.

Rich...you understand it!

Dick...it's earned...isn't it!!!

Nevin.  It may be tomato Tomahhhhtoe, but if it get's what you're wanting to accomplish, why not just say that this dude is the best?  With your reputation being so good, why not?  Just curious?

Mar 24, 2012 06:54 AM
Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

Great post... I think every woman who's name is Susie gasped when you wrote Susie Q... I know I did! That is what some people call me.

Signed

Sussie

Mar 25, 2012 01:43 PM