It’s About Being Savvvvy!
Being a top-notch Loan Officer is all about referrals and knowing a broad range of people. However, just because you might know a few people in your career doesn’t necessarily mean you know how to really utilize your resource.
Whenever you find out about a resource, remember that there is another resource behind that. Think of it this way, you might know someone who knows another person that is looking for exactly what you do. Makes sense right?
From Real Estate Professionals, Builders, Financial Planners, Builders and even Community Relationships should be your main target. Just because they are not in your exact niche, does not necessarily mean that they are not what you should be targeting. Hey, who knows they could be a potential lead!
To Find Out All Of The People That You Could Target & How Exactly To Go Through With It, Check Out This Useful Information Below!
Real Estate Professionals
I know some loan officers think real estate referral partners are not always needed. That may be true, but consider the fact that there are approximately 2 million actively licensed real estate professionals in today’s market — 91% of which use social media on a regular basis. They oftentimes have a larger network of valuable connections (consumers) than the average loan officer.
One way to find and build relationships is to consider the use of mortgage apps like the If This, Then That (IFTTT) app, which allows you to connect different technologies to automate functions through ‘recipes.’ You can create a recipe that will email you whenever a new listing becomes available in your area. Knowing this information offers you the opportunity to quickly reach out to the listing agent and find ways to collaborate.
- Educational Institutions
Establishing a clear presence with local educational institutions is another way to build a network of referral sources for loan officers. Offer to volunteer your time at local high schools or colleges to talk about the value of saving money or building and protecting credit. Providing handouts that include your contact information can put your name in front of their parents and increase your profile in the community.
It also increases the likelihood the professors and teachers you communicate with at these educational institutions will become referral sources as well. Meaning, they may need assistance or know somebody who needs assistance in the home-buying process. Your contact with them through prior speaking engagements for their students will keep you top-of-mind.
“Establishing a clear presence with local educational institutions is another way to build a network of referral sources for loan officers.”
- Financial Planners
Financial planners as referral sources for loan officers, is a great way to secure high-quality leads that can increase your business revenue. If you don’t already have or know an established financial planner in your area, consider properly using LinkedIn to start your search and see how you are connected.
The value-proposition in exploring this comes down to quality of leads. If potential customers are aligned with a financial planner, they are probably more likely to have their finances in order. If they need to refinance a home or upgrade to a new home, there is less work to be done on your end for the deal to close.
A key selling point in working with financial planners is to assure them a partnership with you is a two-way street. You can provide this assurance if you have an established relationship with a credit counselor as a referral partner. Oftentimes the leads that come to you via a credit counselor will need a bit more hand-holding and, at some point, will be in need of a trusted financial planner to ensure their assets and money are kept on the right track. Being able to refer these types of customers to your financial planner is a great selling point and an opportunity for your financial planner referral partner.
Reaching out to builders in your area can provide you the opportunity to increase mortgage leads. Think about an approach that allows you to help streamline the buying process for a builder who has a number of potential customers who want to build a home.
Offer to collaborate with builders in a way that removes the need for them to vet qualified buyers on their end. Consider running the pre-approval process for those interested buyers. This ensures the builder is working with a strong homebuyer and is an added convenience to the customer.
Establishing this relationship works to keep you top-of-mind and opens the door to sharing valuable information about the mortgage industry with potential homeowners.
- Community Relationships
This is a broad section, with many opportunities. Bonds built around a commonality can be some of the strongest. This could be an alma mater, hobbies or interests, extracurricular activities or religion. Specifically let’s look at referral sources for loan officers as it relates to the community relationship found with religion.
Churches and religious organizations oftentimes have support groups and educational groups centered around different topics to help the members of the church succeed. Consider offering to help educate and speak about topics such as how to secure a loan, the value of a great credit score, why homeownership is important and seasonal DIY tips for homeowners. Spending time with group members who attend these informational meetings works to build a great relationship with potential customers.
The commonality of religion is already established, and now you have become a trust agent around the commonality of finance, credit, homeownership, etc. Coupling that relationship and then providing attendees with great relevant content and visuals can help ensure they get the best information possible about a key topic where your expertise can shine. You are not selling to any of these group members; rather, you are providing the insights and information that allow you to become a trust agent to those with whom you wish to work.
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Article Source: Loan Officer Hub