Most loan officers will agree that referrals are the best source of business. While we can’t dedicate 100% our efforts to attracting referral business, there are many strategies we can incorporate to set ourselves up for greater success. Many of these strategies will support other areas of our business as well. When it comes down to it, a significant element of increasing your referral business is about boosting your client and referral partner experience. Here are a few ways loan officers can get started.
Exceed Expectations
When you go to a restaurant and have an average meal, you’re not likely to tell your friends about it. There was nothing wrong with the food, and you got the meal you ordered, but there was nothing truly memorable about the experience. We tend to talk about extremes — our worst and our best experiences are the ones we usually share. If loan officers want their clients to tell their friends, they’ll need to do more than simply complete a service. How can you make the process easier and more pleasant for your clients? What conveniences can you offer? How can you go above and beyond? These are the questions loan officers need to regularly ask themselves if they want to earn referrals from their clients as well as existing referral partners.
Stay Top of Mind
A past client might not be walking around telling all their friends about you, but they may have your name in mind when someone asks them for a loan officer recommendation. How can you make this more likely? By staying in touch. Follow up the loan process with a handwritten thank you note. From there, the occasional check-in, holiday or birthday card, or even brief email to share something relevant can keep you fresh in your clients’ minds.
Share Useful Content
In addition to connecting with individual clients, it’s also wise to regularly share useful content with your audience. A website blog and social-media pages are the perfect platforms for this. Just like keeping in touch with individual past clients, this helps your name stay on the minds of those you know, making it more likely for them to send business your way.
Invest in Networking
Referrals don’t only come from past clients. Networking is important for multiple reasons, and it certainly can support earning referral business. When you put effort into building strong relationships, you’ll often see more referrals come your way.
Ask for Them
Finally, it’s a simple strategy, but it can be effective. Some loan officers don’t bring up referrals because they don’t want to seem pushy or like they’re desperate for business. When you do it in the right way, asking for referrals doesn’t have to be either of those things. Simply letting your clients, current referral partners, and your sphere of influence know that you appreciate their referrals can help. Something as casual as, “If you know anyone in need of a loan officer, I’m happy to help.” And always be sure to thank people for sending you referrals. You would be surprised to know how valued a simple “thank you” is to those that already think highly of you and are willing to refer you to people they know.
When you’re working to grow your business, referrals are a significant area you’ll want to build. These are some strategies that can help loan officers get started strengthening this aspect of their business. Do you have any other suggestions when it comes to increasing referral business? Please share them.
Kirk Brewer
Branch Manager | Loan Geek | NMLS #150287