Solutions. That is what your market is looking for. Referral partners, including agents, builders, investors and your borrowers are looking for someone to help them solve problems.
One key element to provide unique benefit to your partners is the weekly status update. Simply stated: Tell those who have a stake in the deal what the hell is going on with the loan on a weekly basis.
As a builder, I can tell you that nothing makes builders decide not to use you in the future more than not knowing where they stand with their buyer, your borrower. Simple, yes, but, I have only met a few originators over the years, in over 500 properties, that took the time to update me on a regular basis. Why? I have no idea, but you guys just don't do it.
Builders and real estate agents, along with investors and REO owners, want to know one thing and one thing only: Is this buyer that I have tied up my property with going to close and when? They are making cash flow projections. They are working other deals. They need to know. And if you refuse to be the ONE originator that will provide this service, they will eventually find one that will and leave you. Simple as that.
While the process of dealing with referral partners is complicated, it's not that complicated if you have a roadmap. Click on
