Let’s be honest. The real estate industry is all about referrals. Furthermore, business itself is most effectively built through word-of-mouth.
I’ve had the pleasure of meeting a lot of professionals the last few months and thinking back on what I can offer – and no, it’s not because I have no business and have nothing to do compared to other Mortgage Professionals – I can’t help but to think, “Are we effectively using our resources?”.
Together, two is better than one.
Share your knowledge
As a Mortgage Specialist, I pride myself for meeting people whom services my clients may utilize. Such professions include Financial Advisors, Insurance Advisors, Realtors, Home Inspectors, Appraisers, Lenders (eg. Banks), Lawyers, Cleaners, Movers, just to name a few.
I strive to learn from each profession so I can better serve my clients when they ask. In the process, I also learn about my referral partner: What services do their provide? What is their niche market? Who is their ideal client?
Similarly, I am open to sharing my knowledge so my counterparts know what is required of our mutual client and the process that they may go through with me to obtain mortgage financing.
I want to be a better broker and referral partner, and together, we can better provide for our clients if we shared our knowledge with each other.
“Use” each other
We have our specialities and with it, comes the services that we can provide to help each other succeed.
I help Realtors succeed by providing information sessions about what clients can do with their mortgages. I will create Feature Sheets that break down the purchase price into monthly mortgage payments based on the most current rate for their listings. And I offer to attend client meetings, and open houses where I can accept applications and offer pre-qualifications on the spot.
I’ve done photoshoots for my colleagues. I’ve also created marketing campaigns. It doesn’t have to be industry specific.
To have a referral partner is essentially forming a team. I understand that everyone’s busy but if we work together, we can much more readily achieve our common goals.
I believe that each individual brings valuable information to the partnership. When we collaborate, we’re essentially taking smaller chunks of information to create a bigger idea, whereby mutually benefiting both.
By promoting the mutual idea, we brand ourselves as a team which not only solidifies the relationship, but creates a stronger image for our clients. And business generated is a benefit for all.
I hope this has sparked something in your minds. Next time you think business is going slow or you simply want to hustle and generate more income, think about your referral partners and how you can leverage these partnerships to create more.