Internet Leads. Direct Mail. Realtor and Builder Network. Open Houses. Email Campaigns.Radio Spots. Newspaper Adds. Joining Associations and Networking Groups. There are many ways that loan officers can drive their business. According to a recent statistic from Harvard Business School, 60-70% of your business should come from your current client base, each year. So, where exactly are these referrals?
The Way To Get Referrals Is To Expect Them
The key to gaining more referrals is not popping that quick question at the end of closing cycle. Most loan officers toss in a quick "By the way, if you know anyone who is looking to... just let me know". You gain referrals through out the entire mortgage process. Treat the entire referral process with importance. How you send it out to the world is how it will come back to you. Make sure you create enough time to have a good conversation about referrals. Be on a mission to bring your valuable service to others. As you begin the referral conversations, try something more like, "I have an important question to ask you."
Most loan officers go into a relationships with new clients wishing and hoping for referrals. The work you do is extremely important. Be on a confident mission of service to others. Let that confidence show through. Enroll others in your mission. If you can establish this strategies as solid habit, you'll create an unlimited supply of high-quality referrals.
Earn The Right To Get Referrals
Through the "process" you put your clients through, you can earn the right to get referrals from each and every transaction. Bring value quickly to every prospect and exceed your clients' expectations. Think "process" not "products." Selling a product or handling a transaction does not make you referable. Putting people through a process - getting them to think "big picture" does.
Have a client-service model that drives your contact with your clients. Most financial professionals don't use a formal client-service model. When it comes to staying in touch with their clients, they wing it. Guess what? Your clients can tell if you're winging it. If you want to maintain a high level of client loyalty and remain referable over a long period of time, you have to stay in touch with your clients on 2 levels:
1) Continue to bring value to your relationships (or you're no longer necessary)
2) Build business friendships with your clients. (Hosting client appreciation events shield your clients against the competition.)
Are You Sending The Wrong Message?
Many loan officers make the mistake of seeming overly busy to their clients, sending the unconscious message that you can't take on any more clients. Be on a mission to serve, and let everyone know about it.Let all your clients know that you work from introductions and you value their help in bringing your value to others. Make sure your clients know that you are accepting new clients and that you value their help in reaching others who will benefit from knowing you.