Every loan officer, whether they’re new to the business or a seasoned professional, knows that referrals are a valuable source of incoming business. This is why we invest so much of our energy in strategies to earn more of them. If you’re actively striving to build your business, your focus needs to be less on where you are now and more on where you want to go. It takes intentional effort to build consistent referral business, though. Here are some worthwhile strategies loan officers can utilize to boost their referral business:
Just Ask for Them
Asking prospects, clients, referral partners, etc. for referrals may seem entirely obvious, but so many loan officers overlook it. Maybe they don’t want to appear needy, or they think they’re being too pushy toward their clients. There is nothing desperate or aggressive about asking for referrals if you do it in the right way (here’s another piece I wrote about maximizing your online connections). Your clients, well most of them, have no idea how valuable referrals are to you. The simple act of letting them know that you highly appreciate referrals and would be happy to help anyone they send your way can help them see the importance and make it a priority to recommend you. If you don’t ask for the business, you won’t get it! Making a routine out of asking for referrals will accelerate your business.
Improve Your Client Experience
It’s not customer service that we need to place emphasis on, but rather client experience. Just doing your job sufficiently isn’t likely to earn you a stream of referrals. We need to deliver a highest-level client experience that goes above and beyond any expectations. It’s that extra 1% that motivates someone to tell their family and friends. Your standards are the foundation of your client experience. What standards do you hold yourself and your business to? What service touchpoints have you incorporated to make you standout? If you want to be recognized as an affable professional who delivers top-notch, speedy service, then you need to put together a plan to deliver. If the goal is to be known as a first-time buyer expert or an educator within the industry, develop a strategy to deliver that, and unique touchpoints that wow your market. Every client is different and that requires customization in your strategy but defining clear-cut touchpoints and standards will keep you on track to always impress.
Focus on Generosity
As I covered earlier, the goal is to create an experience that will motivate your clients to talk. Being generous is a terrific way to stand out and impress. Clients know they’ve contracted you to provide a service, but when you transcend the transactional nature of the relationship with authentic generosity, they’ll notice. Education is one of the best ways to achieve this. It could be by sharing articles on your website or blog, taking time to break down options and simplify concepts, or making sure your clients feel comfortable asking questions. Acting as an educator and a resource demonstrates your value, proves that the relationship is not merely transactional, and gives your clients something they’ll want to talk about to others. Personally, I feel that generosity comes from passion for what you do and who you help. Whether you take an educational approach or something else, allow your passion to drive generosity towards your clients and referral partners.
Keep in Touch
We can’t expect referrals the moment we finish working with a client. It could take months (or even years) from the closing to when someone asks them if they know a good loan officer. If we want to be the first on their minds, we need to keep in touch with them. Bulk marketing messages might do more to harm than good to the relationship. A couple personalized messages throughout the year checking in and sharing advice that’s relevant to their situation can often be enough to preserve the relationship. We see examples of this often with top producers, using things like personalized holiday cards to create touch points post-closing. Past clients aren’t the only ones who provide referral business — we need to maintain meaningful contact with everyone in our network. Relationships require attention if we want them to survive and grow. Choose carefully what to send (and when), and you’ll begin to see referrals from unexpected sources.
It’s worth taking the time to really earn referral business. If you invest energy in implementing proven strategies that promote referrals, you’ll be actively supporting your business growth.
If you’d like to talk more about your referral strategy, or if there’s another matter I can be of assistance with, please reach out. I’m always happy to set aside some time to connect.
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