Networking is one of the keys to developing a successful referral-based mortgage loan origination business. Loan officers need to have personal contact and relationships with other professionals so that those professionals can trust them with their clients.
Yet for many people, 2009 was a tough year. For those fortunate enough to be employed in the mortgage business, quite a few of them lost referral partners whose businesses failed as a result of the recession.
This just drives home the point that more networking efforts are needed to keep those referrals coming in.
Ivan Misner, the chairman of Business Networking International, has a number of predictions regarding the environment for networking in 2010.
The first is that this year will be better, as the economy will improve. "Focus on what you do best. You will have a better year, but you need to focus on solutions and get out of the quagmire of problems," he said.
Online social networks will continue to grow in prominence is his second prediction. But while they grow, networkers will feel frustration over how they can convert them into viable business opportunities.
In the same line of thought, companies of all sizes will have to have a social media strategy. Mr. Misner added seek out experts who can you in this area, one who can help your business create a strong, cutting-edge strategy.
This year will see an influx of the victims of downsizing in networking groups, both of the face-to-face and online variety. For business owners, this could be a prospecting opportunity for potential employees they might not otherwise reach.
Mr. Misner predicts more integration between face-to-face and online networking opportunities.
He said "one-way" websites would start to disappear, and be replaced by those that not only provide information to their customers, but also seek their feedback. The mechanisms for this feedback: Blogs, interactive newsletters, social network sites and consumer feedback groups, among others.
But even as we move more to an online networking world, Mr. Misner believes face-to-face networks will continue to grow.
"This is true, if they stay true to a fundamental mission of helping people grow their businesses. Nothing beats networking in person," he said.
His final prediction is that those companies that succeed in 2010 will do so by remaining agile and focusing on relationships. He said technology is a tool, but relationships are king when it comes to networking.
For more about Mr. Misner and his thoughts on marketing, go to
