Are you a good referral partner or bad referral partner? This question reminds of Glenda, the witch of the north in the Wizard of Oz when she asks Dorothy, " Are you a good witch or a bad witch?" In business, we may not be witches, but we can still be good or bad.
A definition of a good referral partner would be - two or more business professionals that support each other's business by sharing resources, contacts and potential customers.
In contrast, a bad referral partner would be - two or more business professionals that are only focused on their own business and what they can get out of the relationships.
While both types of referral partners may lead to closed business, typically a good referral partner relationship will last far longer and be more profitable.
For my business, the best referral partners I have are real estate agents, financial planners or CPA. Throughout the years, I have always supported those individuals that have supported me. Let me tell you a short story. About 6 years ago I met a husband and wife real estate team at meeting. I followed up with them and about 3 months later I received a referral for a client that was relocating to Georgia. They were so pleased with my knowledge, follow up and professionalism that was the beginning of a great business relationship and friendship. About 2 months later, I had a buyer that needed help finding a real estate agent. Of course, I recommended this team. To my surprise, they told me I was the FIRST loan officer that ever offered them a referral after being in the business for more than 10 years. We are still referral partners and when someone needs to be pre-qualified, I know that my name and contact information will be given to that prospect.
I make a deliberate decision to only work with good referral partners.
So, are you a good referral partner, or a bad referral partner?
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