Don’t Assume Things Will Magically Happen…
When Real Estate Agents or Loan Officers do this, it drives me absolutely crazy. They automatically assume that just because they give someone a referral they are going to get something in return. Sometimes, these agents and officers will go through a big hassle just to get a small lead that will not return into anything. There have even been times where they hand out a referral to get one back in return.
This Rule Of Thinking Is Not Good Business, As Some Might Think, It’s Absolutely Insane!
More than likely, if you are doing this, the chances are, you’re definitely doing it wrong and might be losing out on business. Not only do you have to hassle the person for a lead/referral in return but you are wasting your time doing it.
Too many times loan officers “assume” that if they give a referral out, they will get at least one back and have a shot at the agent’s business in the long run. Making an assumption is a big mistake. You need to outline the expectations in this regard and make sure the agent understands and agrees. This conversation is much more specific than an assumption.
Next, you must hold the agent’s feet to the fire. This requires diligent follow-up. Don’t expect the agent to think of you on their own. You must follow up on a regular basis, both to receive a referral but, also to make sure you are integrating yourself into the agent’s business. For example, uncover other areas where you can help the agent. There are certainly ways to help them increase their business beyond referring a prospect. Perhaps you can help them with an open house or other similar activity.
Success is not an accident and if you take the steps to refer a prospect to the right agent, outline the deal and follow-up diligently by adding additional value, you are much more likely to succeed in this endeavor.
As A Loan Officer Or Real Estate Agent, Have You Ever Gave Someone A Referral & Expected One In Return?
If So Tell Us You Think About This Business Practice & If You Have Any Qualms About It!
Article Source: MPAMAG