As a loan officer, realtor leads are one of the most profitable tools you can have. So, having a sustainable realtor referral system in place should be a key part to your business strategy. As you know, just one amazing referral partner can significantly grow your pipeline.
Having a sustainable strategy is crucial to earning more realtor leads. Turnover in the mortgage industry is high and realtors are constantly approached by loan officers looking for referrals. So, you can’t only rely on past relationships for incoming leads.
Keep reading to learn how you can consistently receive more realtor leads.
Properly Network and Build Genuine Relationships
Today’s realtors are constantly approached by loan officers who all offer the same basic products and interest rates. So, you need to separate yourself from the competition and build genuine relationships if you want to stand out.
You shouldn’t just mass email a list of realtors and hope someone will bite. Otherwise, you’ll be just like everyone else. So, provide value to them and give them a reason to want to refer business to you!
Also, it’s important to be available on multiple channels of communication. Otherwise, you’re missing out.
Expand Your Reach With Social Media
A great way to build relationships with realtors and expand your reach is by engaging with them on social media. Realtors love to see people promoting their listings and getting more exposure. So, like, comment, and share their social media content!
Also, send them relevant information that they can use to create more content. This is an easy and effective way to establish a rapport with realtors. Then, you can continue to nurture the relationship.
If you’re having trouble coming up with content ideas to send to your realtor partners or even utilize yourself, leverage free resources! You can sign up for Jungo’s Closing Email of the Week, and receive ready-to-launch email and social media marketing materials delivered straight to your inbox every week.
Don’t Forget About Open Houses
With the pandemic slowing down and restrictions lifting, open houses are becoming common again. Open houses are a great way to gain exposure to new realtors. So, ask questions to see how you can provide value to them.
You don’t want to go in and immediately ask for referrals. Just like your prospects, you need to nurture your relationships if you want them to refer you business. A great way to progress your relationship is by providing value to them through their open house list.
Oftentimes, realtors miss out on a lot of opportunities by not following up with their open house visitors. So, offer to make the initial follow-up call for them. Agents will appreciate you relieving them of this task.
Not only is this a great way to build relationships with realtors, it’s an opportunity to let those prospects know you’re there for their mortgage finance needs.
Stand Out With Co-Branded Marketing
Now that you have a system in place to network and introduce yourself to realtors, it’s time to take your strategy to the next level and ramp up your realtor leads.
One of the best ways to build on your relationship is with co-branded marketing. You can create a listing flyer that has your information as well as the real estate agents. That way, when a potential client picks up the flyer, they have all the information they need.
Best of all, this is really easy to create! With PrintPub, you can utilize pre-designed templates that automatically reformat your pictures. That way, you can look like you hired a professional design firm.
Co-branded content makes it easier for all parties involved. So, think about creating a complete spread of co-marketed content that you can give your real estate partner. That way, your new real estate agent partner will have everything they need for marketing a new listing, and you gain exposure to a brand new audience.
Show Your Appreciation When Receiving Realtor Leads
Once you start receiving realtor leads, don’t forget to acknowledge with a heartfelt thank you! Remember, building relationships with realtors is an on-going process. It’s important to show appreciation to vendors who are willing to refer your business. After all, other loan officers are constantly trying to gain their business as well.
Also, show your appreciation every time you receive a new lead from a realtor. A common mistake loan officers make is only showing gratitude when they convert the prospective borrower to a client.
Showing your appreciation doesn’t have to be complicated. Listed below are three easy ways to show your appreciation.
- Concierge Program: Sign up for the Thank You Partner Package on the Concierge Program and give them a tasty gift with custom branding.
- Thank You Email or Letter: A thank you gesture doesn’t always have to be expensive! A thoughtful message thanking them for their referral will go a long way.
- Dinner or Event: Taking them out is a great way to show gratitude, and build on your relationship.
Keep in mind, all top producing loan officers show appreciation to their realtor partners. So, get creative!
Make Referrals as Easy as Possible
As you know, realtors have a lot on their plate. Their main focus is providing value for their prospective homebuyers when they’re engaging with them. So, the last thing you want is for it to be difficult for realtors to share your contact information.
So, make it as simple as possible for your realtors by providing branded materials such as business cards, brochures, and flyers. Be sure to include your website, email, phone number, and social links for easy reference.
Build Trust and Cross Refer
Trust is an important factor when building relationships with realtors. If they’re going to trust your experience and expertise enough to refer business to you, you need to trust theirs as well. So, send a client their way whenever there’s a good fit. Then, give the vendor a call to inform them of any important details they need to know. This gives the realtor time to prepare for the interaction. Plus, it lets them know you were the one behind the referral, further strengthening your relationship.
Also, make sure you’re prepared at all times. Just like you were proactive and provided your realtor partners with branded material, make sure that you have their contact information on hand as well.
Utilize the Proper Tools
Once you have a realtor referral system implemented, make it easy to stay connected to your referral partners. Again, it’s important that you have a sustainable strategy. So, let technology work for you!
Utilize a mortgage-optimized CRM like Jungo to alleviate repetitive tasks. With Jungo’s Reffinity feature, you can keep your partners up-to-date with automated reports. That way, they can stay updated every step of the way as you and your client go through different stages of the loan process.
By keeping your referral partner in the loop, they can see how well you communicate with the referrals they gave you. Therefore, they will keep recommending you to their clients.
Another feature you can utilize is Reports & Dashboards. You can create custom Reports & Dashboards for your homepage to get a visual representation of your pipeline. That way, you know exactly how much business they are sending your way.
Realtor referrals are a powerful resource to have. So, you need to make a conscious effort in order to consistently receive realtor leads.
If you want to see how a CRM can help you build a sustainable referral strategy so you can have a steady flow of realtor leads, try a mortgage-optimized CRM like Jungo. Jungo has unique features that will automate repetitive tasks so you can optimize your referral partner management and spend more time building mutually beneficial relationships.