When it comes to mastering the art of real estate referrals, you may often find that it can be challenging and even frustrating unless you know how to go about it. No one wants to spend a substantial amount of time working on getting referrals, but the time you spend is much more valuable when you begin to build the relationship between yourself and the realtor.
If you follow a few of the following straightforward steps, you will find how easy it can be to gain useful referrals from a realtor the first time you meet or shortly after.
The Success of a Loan Officer
Being a loan officer means that you will need to have consistent meetings with those crucial players in the real estate industry so that you can find success, strengthen your business, and improve your time efficiency. To gain referrals, it is vital that you take the time to build up relationships and strengthen those relationships by maximizing the amount of time you are able to spend with them.
Along with personalizing the conversation to be about the realtor you are speaking with, you should also be sure to adjust the frequency of your meetings and phone calls and be sure to plant those seeds so they know who to call when they are facing a problem you can help solve.
Build Up Rapport
This is one of the biggest things a loan officer can do when trying to gain referrals from a real estate agent. When building your rapport with them, there are three main areas you should be focused on when you spark up a conversation; these areas all center on the topic of conversation you lead with.
Start a Conversation About THEM
Who doesn't like talking about themselves? When you start the conversation, make sure to keep the attention and focus on the realtor and their story. Find common ground between the two of you. Ask them how they got started in this industry, to begin with. Doing this opens up the conversation and allows you to lead into telling your own story when they are finished.
You can then even piggyback off those stories and extend the conversation further. Discuss their passions and what they love most about this industry. The more you talk with them, the better the credibility and trust will be in the relationship.
Talk About THEIR Business
Discuss what their goals are and what problems they may be facing in business. Perhaps it is lead generation and referrals. These are two problems many realtors often face. You want to prove to them that you are the right fit for a partnership so show that you can be an accountable partner by helping them to reach their goals and helping them solve the problems they are facing.
Maybe they have a client that happens to be a millennial and they are dragging their feet about purchasing their new home. If this is the case, offer your expertise in this area. When doing so, you may find that you receive a phone call down the line because the realtor has become frustrated with the home buyer and needs help finalizing the transaction.
Discuss Your Partnership
This brings us to discussing your potential partnership with the real estate agent you are speaking with. You essentially need to help them rationalize. Explain to them that the best way to see if you would be a good fit for a partnership is by completing a transaction. If you don't make headway immediately, you have been successful at planting the seed and can probably expect a call in the near future because you are going to be at the top of their mind. Take the example of the millennials. The realtor may think back to your conversation, and you will be the one they will call for advice.
Get Results by Being Specific
You will always gain better results at securing referrals after a first time meeting when you are more specific. Focus your questions around a specific scenario, for example. Ask the realtor if they know of any families in the area who are looking to upgrade and move into a bigger home. Or maybe they are familiar with a couple entering their golden years that are looking to downsize.
In doing so, you are not only expressing a real concern in helping them; you are also showing that you understand how to strengthen the referral relationship and you are centering the questions and conversation around real people and real scenarios. This will stick in their heads more than a generalized question.
Even better than focusing your questions around specific scenarios is by focusing on specific problems like the problem they may be having with the millennial home buyers.
Networking Do's and Don'ts Between Loan Officers and Realtors
One of the best things you can do when starting a conversation with a realtor a potential partner is to show the knowledge of the industry that you possess. Show that you can serve a wide range of clients, including first-time home buyers and those using FHA programs.
You should never make promises that you will not be able to keep in the hopes of securing a referral. If you provide people in the industry with consistently bad experiences, then they will not remember you for your potential of being a great asset; instead, they will remember that you are not one to follow-through.
When you first meet someone, you need to do the work to establish credibility. Never become too pushy or even over-confident. The primary goal here isn't necessarily to bag those referrals right away. Rather, you need to focus on building a relationship and rapport and have sincere conversations to establish common ground.
Don't lead in with mortgage or business talk. Start out slowly by talking about them and find a way to network based on the common ground you share.
For more help and advice, visit 6weekreferrals.com and download your free report to help you discover an effective approach to connecting with realtors so you can gain referrals much faster.