One of the biggest struggles mortgage originators deal with on a daily basis is finding a steady stream of good agents to fill their referral network. Today’s real estate market calls for a fresh, out-of-the box solution to resolve this problem as the old, traditional methods simply no longer work: visiting the kitchens of broker offices with hopes of luring a bagel-loving Realtor into a conversation, running the open house circuit on precious weekend days, attending broker previews and spending hours in Realtor association meetings. The good news is that there is a better way.
There are three simple reasons most originators rarely meet with enough of the right types of agents, and as a result, struggle to build a steady stream of referral business:
1. Use of an outdated, stale approach that every other originator is using. The “I have great rates and excellent service” simply no longer carries any validity. With the heavy use of Internet rate shopping by buyers and easy access to interest rate information by agents, “rate” information is no longer a valuable tool. As for “excellent service,” today’s demanding market requires excellent service for every mortgage originator, so again, it holds no selling value.
2. Chasing the wrong agents. Forget the bottom 80%. Set your sights high and aim for the top 20% who are closing business and poised for growth. These agents have other agents hold their open houses, run their flyers, and attend broker led previews. Some of them are in positions of leadership in Realtor associations, but most are too busy.
3. A limited mindset that undermines success. The mortgage business is demanding so it is easy to unknowingly carry negative energy about real estate agents. This energy will cloud judgment and repel agents away.
The following three repeatable steps describe a simple, successful system for attracting quality real estate agents who want to give their referrals and seeking help with their clients.
Step 1: Provide Value
Realtors are busy and must allocate their time carefully. As stated previously, lead generation methods like bringing donuts to broker offices and handing out free pens simply don’t work in today’s real estate market. Realtors want something they can use to enhance their business pipeline right now. The best way to provide value is through well-designed, informative, educational seminars.
Educational seminars place the host as the expert, make the best use of time for the agents, and produce multiple introductions to agents at one event.
Step 2: Provide Business Building Resources
Educational seminars allow the mortgage originator to provide business-building resources that are important to the Realtor. This means that it is not necessary to be a formally trained public speaker or an expert on each topic presented at the seminars. Arrange for local speakers to present on a variety of subjects, such as social media, e-zines, Internet presence, modern marketing techniques, home staging and tax tips. Agents will be grateful for the free education, opportunity to expand their business with new service providers for their clients, and come to learn to trust the advice of the mortgage originator. The speakers are eager to share their knowledge, often times at no cost, because it provides them with an opportunity to be introduced to a multitude of prospective clients.
Step 3: Rinse, Repeat and Refine
Top-producing mortgage originators understand the importance of having a repeatable, results oriented, system. It is critical to define and document the process of conducting an educational seminar so it can be streamlined. In this manner, the seminar production will continue to provide relevant, helpful information to Realtors, resulting in increased referrals, which equates to increased business. In addition, by having an established system in place, each event will be consistent, professional, and worthy of the agents taking time out of their schedules to attend.
Educational seminars provide a way to generate contact with multiple Realtors, as opposed to just one at a time. The idea is to become the conduit through which the Realtors receive expert advice. By doing this, you will quickly become known in your local community as the “go to” expert, which builds your credibility, awareness, celebrity, and trust.
Start now and in no time flat, you’ll quickly knock down the barriers to top producing agents. Consistent referrals are guaranteed to soon follow.
Geoff Zimpfer is the author of “Speed Marketing for Loan Officers,” a guide to boosting referrals by hosting educational seminars for agents. Grab your free e-book and more useful information at his blog:
