When it comes to the mortgage industry, loan originators need to be selective about the types of loans they originate. Sure, it’s great to make as many loans as possible, but if you’re not choosy, you’ll likely end up with a lot of loans that don’t fit your business model-meaning you won’t be successful.
Many LO’s have either given up or are on their way out. Why? It’s not because they don’t know how to do their jobs. The truth is that most of them don’t even know what the real problem is. A recent study showed that only 8% of loan officers have any idea as to why referrals from previous clients are declining. That’s where this article comes in…
It’ll show you 3 simple strategies to be selective and successful as a referral-based loan originator so you can get more business from your current contacts and turn those old friends of yours into your newest clients.
Closing techniques to seal the deal with potential referral partners
When it comes to closing techniques to seal the deal with potential referral partners, there are a few key things to keep in mind. First and foremost, you need to make sure that you’re always putting your best foot forward. This means being professional, courteous, and respectful at all times. Secondly, you need to make sure that you’re always keeping your potential referral partners informed. This means staying in touch, sending them updates on your progress, and letting them know what you’re working on. Lastly, you need to make sure that you’re always looking for ways to add value. This could mean anything from referring the right prospects for their services to providing them with extra resources or information.
Another way to add tremendous value to potential partners is to put yourself in these referral partners’ shoes. What do they need most? What value can you provide that shows the unique ways you WOW your partners and clients? Are you showing them that you’ve established a good relationship with your contacts over time and trust that, because you do the right thing, they’ll reciprocate?
Use technology to get more referrals
You can use technology to get more referrals from your referral partners by using new and improved systems for communication. If you’re communicating via phone, try using text messages with links to share valuable information in place of voicemails. If email is your main form of communication, try using a service like BombBomb.com to provide that personal touch.
Use technology effectively to help make the lives of your potential referral partners easier. Using our LO Junior™ automation to converse with people about their loan eligibility no matter the time of day or night, or weekend will bring peace of mind to your partners that any prospects they send your way will be given quality service immediately. When you employ technology to make the lives of your referral partners easier, you will help both your businesses thrive.
What to do when things don’t go as planned?
Don’t panic! The first thing you should do is take a step back and assess the situation. Next, pick yourself up and try again. You’ll certainly come across some roadblocks along the way so it’s best to logically find ways around them.
When things don’t go as planned, it can be tough to stay positive and motivated. Here are three simple strategies that can help you stay successful as a referral-based loan originator:
- Stay organized. No matter how well you plan, things inevitably happen that are beyond your control. The best way to stay on top of events is by staying organized so nothing gets missed or overlooked. Among other benefits, this will ensure that you provide consistent, high-quality service to your referral partners and their borrowers.
- Stay focused on a few referral sources. Diversification is the name of the game, but you can’t expect to have success everywhere with everyone. Some people just don’t fit your business model and that’s okay. It’s important to know in advance which partners have the potential for high value on both sides, so spend your time developing those relationships while passing on others.
- Stay positive and patient. This is a big one! If you can’t maintain a positive and patient attitude, it’s going to be difficult to stay motivated to put in the work necessary for your business to succeed. Keep track of everything that goes well and try not to get too hung up on setbacks.
The key to becoming a successful referral-based loan originator is identifying your most loyal and reliable referral partners so you can focus on developing those relationships. It’s also important that you’re organized, focused on the right sources of referrals, and maintain a positive attitude while staying patient when things don’t go as planned. If this sounds like something that might interest you, or if you want help putting these ideas into action for yourself, let us know! Our humanized Junior LO is waiting to partner with you to create an exceptional experience for your partners and their clients.