As a loan originator, building strong relationships with professionals in related industries is an effective way to expand your sales pipeline and increase business opportunities. Real estate agents, divorce attorneys, financial advisors, and other professionals in the housing and finance industries all have clients who may need financing for a home purchase or to refinance an existing mortgage. By building strong relationships with these professionals, you can tap into their network of potential customers and increase your chances of securing new business. Here are some practical tips for building relationships with these professionals.
Identify potential partners
The first step in building relationships with other professionals is identifying potential partners. Start by researching professionals in your local area who work in related industries. Look for professionals with a strong reputation and a track record of success. Consider attending industry events and joining regional business organizations to connect with other professionals in your area.
Build trust
Building trust is essential when working with other professionals. Be transparent about your lending products, rates, and terms. Respond promptly to inquiries and keep your promises. Share testimonials and references from satisfied customers to demonstrate your expertise and commitment to customer satisfaction.
Provide value
The knowledge, experience, and service your team can provide are valuable to prospective referral partners and their clientele. For example, offer to host lunch n learns for real estate agents on the mortgage process, down payment assistance programs, or the non-QM financing options you can provide. Share relevant industry news or trends with partners via a weekly newsletter or video to keep them informed. Offer to make yourself available for joint meetings with their clients to facilitate communication and collaboration.
Communication is key
Consistent communication is key to building and maintaining relationships with other professionals. Contact your referral partners every week via their preferred communication channels – phone, email, text, or in-person meetings – to stay top of mind. Send newsletters or video messages with updates on industry news and trends. Follow your partners on social media to keep informed of their business achievements and the information they post to their customers. Commenting on their posts will keep you top-of-mind and improve your social media algorithm.
- Real estate agents
- Financial advisors
- Builders
- Estate lawyers and divorce attorneys
- Relocation firms
- Past clients
