Professionals working in the real estate business rely on referral sources to sustain and grow their endeavors. But networking is neither a race to collect the largest amount of business cards possible, nor sending emails right and left with scarcely relevant information.
Networking is a two-way relationship in which loan officers must offer something. Whether it be said service, advice, or special deals, it is necessary to gain realtors’ goodwill.
Loan officers should be aware their fellow officers are probably chasing realtors for referral as well. Then, they need to do something that helps to stand out from their counterparts.
The good news is that with social media, email customization, Google alerts, events, and plenty of other tools loan officers can stay on top of their game and create a comprehensive strategy to approach realtors and other referral sources.
Build Relationships With New Referral Sources
You can’t build a friendship overnight, let alone a business relationship.
Mostly, loan officers need to make the first step in this. In many cases, this means reaching out with emails, engaging in social media, or starting a conversation in events.
Whether they are trying to build bridges with real estate agents, educational institutions, or the community, loan officers should reach professionals with similar interests or targets.
Realtors are more likely to be open to establishing a relationship with loan officers that can give them updates about the market they work in, or the community they try to reach.
The same happens with educational institutions. Loan officers should aim to offer a solution that is the closest to an ideal fit for their financial needs.
Honesty is the foundation lasting business relationships are built upon. Don’t try to oversell services, much less promise loans with conditions that can’t be met.
Although that may sound like a lot of work, hosting lunch and learn events are ideal to display proficiency in a topic. People like to have somebody who can be reached in case they need a piece of advice – an actual pro who understands how business works.
Then, these are perfect occasions to gather contact details and offer your services as a financial advisor.
Lunch and learn are short, handy, and convenient. Besides taking advantage of the space to share briefly their expertise, loan officers could feature new projects they are working on and how it is relevant to their prospects.
At the end of the gathering, loan officers could offer to reach out later. They could follow up with important topics discussed, comments, and useful resources. This is a great way to put together a list of leads.
Schedule Regular Meetings to Nurture Referral Sources
A successful meeting is opportune and goal-oriented. Hence, they should state the purpose of a meeting in an email or call before it.
They should hold regular meetings to nurture relationships with realtors and other sources of referrals.
Personalize the meetings depending on the topic of the meeting. Even if loan officers must gather information and prepare the topics to discuss, each realtor probably has specific interests. Then, to actually call it a productive meeting, information must be presented in a digestible manner and should be valuable by giving insights on the industry.
Fluctuations in the market positively and negatively affect the stream of leads. Loan officers should craft a strategy to advise realtors on how to deal with these changes. They should focus on creating value and helping to face tough situations for their referral sources.
Innovation is also key for attracting new clients and putting their names out there. Loan officers shouldn’t take anything for granted, business relationships are in constant review – thus, providing fresh ways to close deals facilitating the job of realtors is a magnet for referrals.