Nurturing & Creating New Referral Sources

Professionals working in the real estate business rely on connections 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 – said service, advice or special deals – in order 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 to realtors and other referral sources.

Build Relationships

You can’t build a friendship overnight, let alone a business relationship. Sometimes loan officers are required to give the first step, that in many cases means reaching out with emails, engagement 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 to professionals with similar interests or targets. 

Realtors are more likely to be open to establish 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 to the borrower’s financial needs. 

Honesty is the foundation lasting business relationships are built upon. Don’t try to oversell services, much less promise loan with conditions that can’t be met. 

Host Events

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 with important topics discussed, comments and useful resources. This is a great way to put together a list with leads.

Schedule Regular Meetings

A successful meeting is opportune and goal-oriented. Hence, the purpose of the reunion must be stated in the email or call beforehand. 

Regular meetings are done to nurture relationships with realtors and other sources of referrals. They should be personalized depending on the topic to be discussed. Even if loan officers must gather information and prepare the topics to discuss, each realtor probably have 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.

Stay Focused

Fluctuations in the market positively and negatively affect the stream of leads. Loan officers should craft a strategy to advice realtors in how to deal with these changes. They should be focused on creating value, proactively proposing new business and help to face tough situations for their referral sources.

Innovation is also key for attracting new clients and putting their name out there. Loan officers shouldn’t take anything from granted, business relationships are in constant review – thus, providing with fresh ways to close deals facilitating the job of realtors is a magnet for referrals.

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