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Money & Finance

Keep Referrals Coming to Your Mortgage Business

Mortgage referrals are the heart of every loan officer’s successful trade, and they are centered on the relationships you create every day. The relationships you have with clients and partners are important to the growth of your business.

Whether you’re a local lender in NYC or a trusted mortgage broker serving the Melbourne, CBD, you need connections to succeed. To succeed, you need connections via referrals. But how do you strengthen your connections? How can you keep your business top-of-mind when clients need loans?

Generating Mortgage Referrals

The secret to getting new mortgage clients is connecting with mortgage referrals to land new clients today.

Nurture Previous and Current Clients

Clients are the lifeblood of any mortgage business. While getting new clients is a priority, so should be nurturing the relationships you already have – aka your previous and current clients. According to a Hubspot report, 92 percent of clients trust referrals from people they know. So if you want to gain more clients, care for the clients you have today.

Start by expressing gratitude. One of the best ways to show gratitude is face to face. In the face of the current pandemic, however, it’s best to stick with video as much as possible. Budget video editing laptops can help you do the job. Reach out to your clients and thank them immediately after they apply for a mortgage. Send them a personalized thank you note or video to demonstrate that your clients aren’t just numbers – they’re people you want to help.

Once they’ve successfully applied for a loan, consider sending care packages to your clients. Doing so will make clients feel that you care for them. Plus, who doesn’t love a good surprise? If you make them feel good about doing business with you, they may refer you to their family and friends.

The cherry on top of this strategy is a “new homeowners” packet for your clients. The packet should have all the information they need about their new neighborhood. Partner with other small businesses in your area to create the packet. Include a map, some discount coupons and more.

Connect with New Real Estate Agents

To get realtor referrals, refrain from partnering with agents who handle plenty of listings. They may already be working with another experienced lender. Instead, partner with agents who have three to four listings. These agents know how to do business and may be open to partner with you.

Also, consider working with fresh real estate school graduates. LinkedIn is always one of the best ways to start professional relationships online. Once you’ve made the connection on LinkedIn, build the relationship. Offer new graduates personal training or classes that will further their skills as they venture to the industry.

When you already have a relationship, stay on top of the real estate agent’s mind by sending them weekly update videos. When you send updates, offer something valuable like home loan statistics and mortgage rates. Equipping your partners with information and tools is a great way to maintain your relationship.

Practice Good Communication Throughout the Lending Process

Clear and consistent communication is vital to any strong relationship between a mortgage broker and a client/realtor. As the loan officer, it is your responsibility to continuously communicate with your partners. Loop your partners in important developments and guide them until the closing.

Another great way to eliminate confusion is to simplify the paperwork. Use a screen recorder to record a tutorial that walks clients through complex financial information and contracts. When you do, pretend like you’re sitting next time. This level of communication ensures agents and clients that you’re taking care of them both.

Ask for Reviews

While reviews are not direct referrals, online reviews increase referrals for your mortgage business. Today’s consumers go online to look for reviews about potential lenders. If current and previous clients leave good reviews on your website or business listings, you may gain a positive first impression from future clients.

Build Strong Community Relationships Virtually

The relationships you build within your network functions are the cornerstone of your mortgage business’s success. Maintaining relationships with clients and contractors should be the heart of your business. Fortunately, there are many ways to create relationships online with people within your community.

  1. Host educational webinars. Get involved with a local college, a non-profit organization or your Alma Matter and educate them on a topic you’re skilled at.
  2. Provide ongoing value. Start a video email campaign to provide continuous value to your network. The campaign should focus on what your recipients need during this time of their lives.

Connections are the lifeline of your business’s success. Make new ones and build stronger ones today by following these steps.

 


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The Phat Startup was created by Mike McOwen to create a space where entrepreneur lifestyle could be focused on. We tend to live a different lifestyle than most. Entrepreneurs tend to be interested in maximizing their life, not only their profit.

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PhatStartupsMike McOwen@PhatStartups·
29 Dec 2017

Why is content marketing so important? Find out here: http://thephatstartup.com/money-finance/why-your-business-needs-a-content-marketing-strategy-in-2018/

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http://yescincinnati.com/

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Wow, interesting

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Millennial men are more likely than women to default on student debt http://on.forbes.com/60148NudC

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Batter's up! ⚾️ Spending quality time with our friends at @MiracleLeagueWN.

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