5 Tips to Increase Your Mortgage Referrals
There's no doubt that referrals are vital for your success as a mortgage broker. To help brokers like you build your reputation and earn new business, we have put together five tips to increase your mortgage referrals.
1. Connect with Up-and-Coming Real Estate Agents*
Real estate agents can be an excellent source of referrals. They work directly with potential buyers and are the go-to source once someone is ready to purchase. While more established realtors most likely have their preferred brokerage, newer agents are looking to find great people to work with their customers. Brokers looking to connect with agents new to the industry can drop by local real estate offices and attend real estate networking events through websites such as Meetup.com.
2. Communicate with Customers Throughout the Lending Process
Current customers can be a fantastic option for brokers looking for referrals. It's important to consistently communicate with customers to give them an experience worth sharing. From the start of the loan to after they have moved into their house, simply being there for your customers is a surefire way to earn referrals.
3. Ask for Reviews
Today's borrowers leverage online research to pick the right partners for their homebuying journey. According to the 2021 Home Buyers and Sellers Generational Trends Report by the National Association of Realtors, 51 percent of buyers used the internet for research during the home buying process. One of the best ways to stand out during an internet search is getting real customers to give you reviews. Whether testimonials are posted on Facebook, Google, Yelp, or a personal website, making reviews visible online is a great way to showcase your brokerage. Make sure you ask happy customers for reviews.
4. Build A Personal Social Media Presence
Social media is also a search engine and a place potential customers can validate your brokerage. Make sure you have a presence on at least Facebook and Instagram. The Pew Research Center found that over 80 percent of people aged 40 or younger have at least one social media account. For brokers, a presence online is essential to link up with younger home buyers. Connected brokers can earn referrals from simple @ replies on Twitter or reviews on Facebook.
5. Stay in Touch with Past Customers
Staying in touch with past customers can pay enormous dividends for both repeat business and referrals. Even after a deal closes, it is vital to maintain relationships and keep the conversation alive. Brokers can continue to connect with former customers through monthly email newsletters, milestone communications (like wishing them a happy house anniversary or happy birthday), or just following up to see how the move to a new house is going. Homepoint also offers a Customer for Life program, which can keep brokers in touch with customers through 50+ communication touchpoints a year.
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*Please consult legal counsel regarding RESPA concerns associated with referrals.
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