Best Sources of Referrals for Loan Officers
While the market grows more competitive each day, loan officers may struggle to get a steady flow of leads. Engaging with different business opportunities and a variety of customers smooths the process of expanding their undertakings and remain relevant to trends.
There are two main sources loan officers potentially get their referrals from, direct from clients or through established businesses.
It is worth mentioning building relationships with businesses and individuals provide with significantly better results than aiming to close a deal.
People are keen to make business with professionals they get along with. Then, establishing a strong network should be a top priority.
A loan is a transaction based on trust from the lender and borrower together, then, the way they see the loan officer turns out to be very important for making the decision.
Keeping that in mind, these are some of the most effective ways for loan officers to get referrals.
Referrals from Real State Market and Construction Sector
As a loan officer, you will need to keep an eye on how the real state market fluctuates in order to foresee possible business opportunities. You also should build a great relationship with real state professionals to stay informed about open houses and the profile of the people going to them.
In the same manner, real state professionals deliver solutions to companies in the market to buy a new office.
Although it won’t be an open house, by having a good relationship with the agent, loan officers may get referrals to take care of the loan for an office.
Building companies represent an excellent flow of leads. Builders usually ask for a loan for potential housing projects.
Visit Educational Institutions
Around the 60% of Americans ask for loans to cover partly or completely their college studies. During freshmen year students could struggle to manage their finances and understanding the reach of their loan.
A great strategy to increase awareness is to solve those inquiries and provide with a detailed landscape of how to positively address debt.
Work with Financial Planner
Financial planners look after the integrity of the investments and financial health from their clients. They help them figure out the smartest and better way to achieve their goals maintaining a balance between debts and earnings.
Financial planners are the ultimate source of leads because they are trusted by their customers. That trust extrapolates from planners to loan officers.
Customers coming from financial planners are already looking into invest and therefore, get funded. If they came from a referral, they will be most likely to choose to make a loan.
For Sale by Owners
The FSBO business is available for loan officers disregarding if they are backed by a real state agent or not.
Sellers in this market are hunting for buyers with the funds and willingness to make business fast – this is a good opportunity to loan officers to offer their services in the form of guidance and a quick assessment to pre-approve the loan for the house.
This means owners selling their house will reach to you with leads looking for financial evaluation and a loan.