What exactly is a referral system? Do you need one as a loan officer? More importantly, do you already have one? A good definition for referral marketing follows:
Referral Mortgage Marketing: Acquiring new clients who are suggested or referred to you by existing clients, business partners or personal network.
To design a great referral mortgage marketing strategy and system for your mortgage business, start by answering a few basic questions.
Sometimes loan officers talk about word-of-mouth as a source of business. You need to be careful to understand that referral marketing and word-of-mouth are not the same thing. Word-of-mouth referrals are typically left up to the client. The loan officer has very little if any control over when or even if any of his clients make a recommendation for...
Everyone agrees that mortgage referrals are the most effective, and cost-effective, way to generate new clients, but asking for referrals can feel awkward, and most loan officers don’t even do it!. We know that you don’t want to come across as desperate or pushy, especially when you feel that asking for referrals may upset your client, which It does not if you ask the right way.
The only way you can grow and make more money is to increase your sales. It takes a lot of work to make a single sale. With all the time, effort and money involved, you’re always looking for a way to maximize your effort and expense so that you can grow your bottom line. No matter how long you’ve been in sales, you already know that getting a sale through cold calls is tough. It’s always easier when a friend or client recommends your products or services to someone else. This is one of the reasons why customer referrals matter and should...