Realtor Referrals - A Mortgage Marketing Strategy That Works
If you are involved in the loan process within the mortgage industry, you already know how challenging getting new business can be. Consider using a time tested mortgage marketing strategy that has proven to stand the test of time, realtor referrals. Any type of referral in this industry is like gold and they should all be used every opportunity you get. However, you should make the time to focus on the mothers milk of referrals, the realtor referrals.
Customer Referrals
The referrals that most mortgage professionals pursue with the most vigor are the customer referrals. These are referrals generated by customers you have already served. These clients are satisfied with your services, and have gladly referred you to their friends and family. That way, when they are in the market for a mortgage, you are their first phone call. These are great referrals because they rarely provide you with any competition. When they arrive at your door, they are ready to work on their mortgage and get going.
Because of that, customer referrals are usually strongly encouraged. The mortgage professionals send out letter and may even offer incentives to the customer who sends them a mortgage. The incentive can be monetary or some sort of product.
Family and Friends Referrals
They may not count for a lot of your business, but a mortgage professional should be able to count on their friends and their family for referrals. When someone anyone in your group of friends or family is in the market for a mortgage, you would likely be the first one they call. Again, the competition is little but the quality is not always as good as with a customer referral.
With a family or friend referral, you will end up getting everyone they know who ever thought about a mortgage. 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.
Advertising Referrals
Sometimes, your referrals come from advertising. For instance, many mortgage professionals offer incentives to those who apply for a mortgage. The incentive could be anything that would motivate someone to take advantage of the opportunity of applying for a mortgage with you.
Internet Referrals
There are also internet referrals. Potential mortgage customers find online forms to fill out for prequalification for a mortgage. When they fill out the form, the information is fed to you so that you can then take that and turn it into your lead.
These referrals are pretty good because you are getting the prequalification information up front. Before you even make a phone call you will likely already know if 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.
Real Estate Mortgage Referrals
Then there are the referrals from real estate agents. These are referrals that come from realtors helping people buy new homes. They already know that the people a re 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 fed right to you.
These types of referrals are exactly why it is important to find ways to partner up with real estate agents. There are many ways to achieve and advantages to it. Besides allowing you free access to a number of leads, it also allows you access to the best customers in the mortgage industry: first timers.
When you are in the mortgage business, turning renters into buyers is the best way to make money. When you partner up with the right real estate agent, you will get all of the renters turned buyers you can handle. The key is simply to find a program that will help you do just that. When you find such a program, your real estate mortgage referrals can go up significantly which makes your income go up.
Referrals Wrapped
In the end, it doesn't matter what kind of referrals you get; referrals are the best leads you get. Then, of those great leads, there are the best of the best which is the real estate mortgage referral. With these referrals, you will be amazed at all the easy money you have been leaving on the table in the past and the wide open market that has been waiting on you for help.
Shane Brooks is a hard nosed business man that doesn't take kindly to competition. His hard hitting no nonsense marketing techniques constantly makes waves for his competitors regardless of the market he is focusing on. Shane doesn't mind stepping on the toes of his competitors or ruffeling a a few feathers of the so-called gurus in order to level the playing field. Click here for more info on his mortgage marketing strategy using realtor referrals.
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