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How Loan Officers Can Build Successful Referral Partnerships

A couple weeks back, I wrote about how loan officers can increase their referrals (here), but I wanted to do a deeper dive into referral partnerships. Specifically — how can we make those relationships successful? They’re obviously invaluable in helping us increase our pipelines and grow our businesses, and we need to make the most of them to ensure we have multiple streams of incoming purchase business. While referral partners can be a great source of new clients, just like any relationship, they require attention. Here are a few things loan officers can do to make their referral partnerships successful:


Build and then Strengthen Your Connections

You may already be working with someone, or you may have someone in mind that you’d like to work with, or maybe you’re starting from scratch. Whichever applies to you, these partnerships are built on connection. Making new connections with local prospects is a great start, but once you’re acquainted, you need to make a real, human connection to start building trust. Ask questions and listen (more than you talk). The more information you glean, the better you can develop a strategy to be of some use to them. The more connections you make, the higher the probability that you’ll find some like-minded professionals that share some of the same goals.


Solidify Mutual Goals

As I mentioned above, you’ll probably share some of the same goals as your referral partners, but which ones? It’s always a good idea to discuss your mutual goals right from the start. Making sure you’re both on the same page goes a long way toward ensuring you work effectively together. It also makes it much easier to discuss potential challenges to achieving these goals when they come up. This is a partnership, so it has to benefit both parties. There doesn’t have to be an equal distribution of referrals in each direction, but it’s imperative that both parties feel well served. Personally speaking, I like making goals with my referral partners specific to them personally. Not just how many units they need to close per year/month; but more importantly how will that effect their personal life. Understanding a partner’s “why” is imperative.


Communicate Often

Communication is the is key to any relationship. Whether it’s strategizing, brainstorming ideas, or overcoming obstacles, your partner can’t just be a distant presence that sends business your way now and then. It may be up to you to take the initiative to make it an active partnership — reach out and stay in touch regularly. You don’t need to block off an hour each week (or each month), even a ten-minute catch-up call can help you maintain the connection. This regular communication also serves to keep you top-of-mind for one another, making you both more apt to send referrals. Every referral partner is different. Setting clear expectations when the partnership is being formed as to how often you each expect to communicate is important and sticking to that agreed upon level of communications is even more important.


Maximize the Partnership

You’re partners, right? So, it’s important that you both feel like part of a team. If you’re serious about cultivating a fruitful partnership, you need to band together to maximize the relationship. Sharing one another’s content, connecting your networks, hosting events, co-branding —these are just a few of the ways professionals can function as a stronger team together. A partnership should feel like a partnership. If it does not feel like a partnership, it’s time to revisit your agreement or move on.

Incorporating these ideas isn’t going to add much more to your plate, and with the right amount of attention, you can be building a strong foundation for long-term success.

If you’d like to talk more about maximizing referral partnerships, or if there’s another matter I can be of assistance with, don’t hesitate to reach out. I’m always happy to block off some time to connect.

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