Ah, the age-old question that you know you should be asking yourself is, “how many referrals did you ask for today?”  A loan officer’s success and income stability depend on referrals as a revenue stream. To expand your referral partners, you can find several helpful methods to keep your business stable and productive. Of course, you already know that dealing with a warm referral is more efficient than a cold lead. 

Having consistent methods and a strategic system to get loan referrals are the keys to growing your mortgage business. 

In this article, you will find a useful guide to building your referral network. 

Homebuilder Partnerships 

Setting up partnerships with homebuilders is an efficient way to produce new referrals for your business. What truly matters for homebuilders is to have qualified buyers to immediately purchase their homes, since they need to keep the construction teams moving.  Find these relationships through networking.  Look for newer homebuilders who may not already have established mortgage relationships. 

Real Estate Agent Connections

For a start-up mortgage business, it might be easier to establish partnerships with new agents. In the long haul, you can draw the interest of many experienced real estate agents once you’ve built a reputation. 

Obtain information on newly licensed real estate agents and reach out to them for an introduction.  Have a coffee and talk about how you can help one another to grow.  Having connections with real estate agents who are aiming to conduct business with reliable lenders is also a great way to build your referral network.

Keeping in Touch with your Clients

Having a good source of referrals for your mortgage business also comes from the recommendations of previous clients who are satisfied with your services. Normally, a good recommendation comes from family, friends, and happy clients. 

It’s important to keep in touch with your previous and recent clients since it helps a lot for you to get recommendations from them to their friends and family.  Find ways to support them after the closing with additional connections for trades who may be useful to new homeowners.

Keeping contact information updated in order to communicate with your past and new clients on a regular basis is an effective way to do it. When someone they know needs a mortgage recommendation, you’ll get instant priority. 

Here are some ways how to maintain your communication with your clients:

• Staying Updated on Social Media

Nowadays, most people are reachable and active or online on social media. Do not hesitate to regularly check on your past and new clients on social media. It will be much easier for you to get referrals when you keep a friendly relationship with your clients. You can do it by the use of social media if you don’t get to see each other very often.  

• Reaching Out through Email

Sending valuable emails regularly is one of the best ways to stay in touch with your former and current clients. You can update them every month with some interesting information on home ownership, renovation, and design trends and news. 

• Remembering Important Events

Don’t forget to reach out to your clients on their special occasions such as anniversaries, birthdays, and more. 

Conclusion

Keeping up the effectiveness of your referral network takes a lot of legwork. Consistency in your implemented strategies that help you build a long-term relationship with your clients and provide them with excellent services is very important.  If you build the right foundation with the right toolset, the next time you’re asked the question, “How Many Referrals Did You Ask for Today? your answer will be a large and exciting number!