It’s a challenging time for many of us in the mortgage industry lately, and if you’re committed to your career as an LO, then you’re going to need to be strategic with where you focus your efforts. The main thing that’s helped me get through market tumult in the past, and the thing that will help you weather the storm now — new referral partnerships. Developing relationships with other professionals always deserves to be a top priority, but right now, it’s absolutely essential. It takes effort and commitment for referral partnerships to succeed, though, but if you’re dedicated to the growth of your business, then you’re going to be willing to do whatever it takes. This week I wanted to share some tips for developing new, productive referral partnerships:
Connecting and Building Trust
Every successful partnership is built on connection and trust. When potential referral partners see that you’re focused on building a real, two-way relationship, you’ll have a considerably easier time earning their trust. Make new connections, and then put effort into turning those connections into relationships. A thousand LinkedIn connections doesn’t mean anything if there’s no substance there. Identify the ways you can benefit those prospective partners and let that guide your interactions. What you can get out of the relationship should be secondary to what you can give the relationship. More on earning trust, here.
Set Goals that Benefit Both of You
You and your potential referral partners are going to have many of the same goals, but it’s always wise to set some mutually beneficial goals right from the start. When you get on the same page, you’ll work better together, hold each other accountable, and be regularly reminded that you’re a team. It will also make it easier to discuss potential challenges to achieving these goals as they arise. Both parties need to have shared goals and a shared vision.
Communicate Frequently
Relationships thrive on communication. In a partnership, there needs to be a high level of communication regularly if you want it to be successful. Set the precedent for frequent communication by taking the initiative. Reach out and stay in touch. In most cases your partner will do the same in return. This doesn’t require in-person or lengthy meetings, just a short call can help you maintain the connection. You’ll stay on your partner’s mind (and vice-versa), and frequent communication will act as a reminder of what you both hope to achieve.
A thriving network of referral partners will put you in the best position to have a long, successful career, with a business that continues to grow, even in times of market uncertainty
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