Stressing the relevance and importance of utilizing realtor referrals into your marketing strategy. Realtor referrals are often neglected as they are very difficult to acheive. More than 90% of the time mortgage professionals go about it the wrong way. There is a definite science to succeeding in the mortgage profession, so open your “science book” and follow the instructions so you don’t get burned.
Referrals are what make and break many mortgage lenders. Referrals are incoming calls that are referred to you from an outside source. That source might be a newspaper, a friend, a former client, or even the internet. In the end, though, mortgage originators know that incoming calls are always better than outgoing calls. So by understanding what types of referrals you can take advantage of, you will be better able to pursue them the right way.
Your Family and Your FriendsThey may not count for a lot of your business, but a mortgage professional should be able to count those closest to him or her. When someone’s immediate social clan is in the market for a mortgage, you would likely be the first one they call. Certainly you do not have to worry too much about competition, but you do have wade through the referrals you get that are not qualified to pursue a mortgage.
With a family or friend referral you get a little bit of everything from your mom’s divorced friends to your buddy’s old college roommate. The referrals may or may not even qualify for the mortgages. However, in the mortgage business it is all about numbers so you take them anyway.
Referrals from the InternetThere are also referrals coming from the internet. Mortgage customers find online help and that is where your form shows up. When they fill out the form with their information, the form is fed to you so that you can then take that and turn it into your lead.
These referrals are great, because you are getting the prequalification information up front. Before you even make a phone call you will likely have knowledge of whether or not the referral is worth your pursuit. With internet referrals you can even go all the way to targeting certain sizes and types of mortgage. In a way, the internet referral is the most reliable if not the most common to come across your desk.
AdsSometimes, your referrals may come from traditional advertising. For instance, many mortgage professionals give those applying for a mortgage after seeing their ad some sort of incentive. The incentive may be an award, money, a coupon, or something else that could push someone over the edge in terms of applying for a new mortgage.
Real Estate Mortgage ReferralsThen there are the referrals you get through real estate agents. These are the referrals that come from realtors who help people buy new homes. They usually know that the people are interested and by the time they get to you it is just about getting them qualified. These are great referrals because they are fairly well qualified and you do not usually have a lot of competition for the loan.