Are you asking for referrals as a Mortgage Loan Officer

Jul 25, 2019

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.

  • How can you provide incentives for your clients to give you a referral?
  • What offers and rewards will excite them?
  • How will you keep track of referrals?
  • How will you approach a referred prospect?

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...

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