Everyone in the real estate industry will tell you that the fastest way to grow your business is to focus on referrals. But what they fail to say to you is how to access these referrals.
In such a cutthroat domain, it is no surprise that people want to keep their trade secrets to themselves. Unfortunately, this is why it can be hard to find resources that tell you precisely what you should be doing to get better referrals.
Here are four sure-fire ways of getting mortgage referrals for a lesser price and much faster.
Four Time-tested Practices to Get Mortgage Referrals Faster
Even if you own the most significant mortgage business in town, implementing these practices can only add value to your company and reputation:
1. Appreciate your Existing Clients
People tend to trust referrals from friends or family over sponsored advertisements and billboards, as proven by this report from Hubspot.
When a staggering 92% of surveyed buyers turn to their trusted circle for advice, how do you make sure you are accessible to this demographic? By starting to ensure that your current clients know they are valued.
These people will talk to their friends about their experience with your mortgage business and will tap into friends who’re potential customers. So, when you go out of your way to make sure your client is satisfied, you are not only improving the quality of service you provide but are also sowing the seeds for a positive review unprompted.
There are many ways of showing your clients your appreciation:
- Vocally express your gratitude at appropriate times
- Make it a habit to check in on your clients every once in a while
- Send out thoughtful and personalized gifts at significant milestones
Hence, closing gifts are handy tools for increasing mortgage referrals. However, it is essential to include past clients of your business as well. Just because you no longer have a working relationship with them doesn’t mean they won’t recommend you to a friend, so always keep older clients in the circle by sending out appealing gifts.
2. Build Relationships in the Community
A well-developed sphere of influence is the key to making it big in any industry. Since these are people who believe in your business and trust in your capabilities. Maintaining solid relationships with people in your community will increase your sphere of influence, directly impacting the number of mortgage referrals you get.
A good referral doesn’t necessarily have to come from a client of yours; a local contractor you previously used, a lawyer who lives down the street, or even the neighborhood baker can be a good source of referrals if you manage to make a positive impression. You can try the following ways to build communal relationships:
- Actively participate in community events
- Host your get-togethers quite often
- Host educational seminars at a local college
- Join a college as a guest lecturer detailing your experience in the domain
- Host booths/stalls at regional trade fairs and other appropriate community events
- Sponsor sales and events in your locality
- Send out valuable newsletters or write a column in the regional paper educating about your domain
Being constantly present at these events will significantly increase your chances of being the name that pops up in someone’s mind when they think of mortgages.
3. Start Exploiting the Power of Gifts
There is a quick and straightforward way of impressing someone that can also be inexpensive if done right: gifts. This was briefly touched upon in #1, but you can do so much more with gifts than just nurture clients.
When you begin to incorporate gifts into your professional relationships, you invest in your reputation and branding; people begin to associate the excitement they get from gifts with your business.
The only caveat of this is that your gift must be thoughtful enough to remain in the recipient’s mind well after receiving it. If that does not seem like a feasible option, there are gifting services that can take over the aspect of professional gifting for you.
Do not limit yourself to just clients or partners. Employees, competitors, colleagues, and contractors are all susceptible to the power of personalized gifts.
4. Leverage the Reach of Social Media
If you are not using social media, you are deliberately crippling your business in this day and age. Billions of people are active on over 10 social media platforms every day.
However, platforms dedicated to professional networking can introduce you to freshly graduating real estate agents. These agents do not have a fixed team or process in place yet, which means they will be more open to promoting your business when the time comes.
a. Use LinkedIn to scope out new talent
LinkedIn is a great platform that you can find and get in touch with newer real estate agents. You can use your expertise to help these graduates find their footing in the industry, giving them a trusted mortgage firm to refer to their clients.
b. Turn Twitter into a trusted review page
Twitter is another good social media platform that promotes business reviews. Research has found that over 25% of surveyed clients trust online reviews with multiple authentic reviews on a business, even though they do not come from a trusted acquaintance.
Encourage your clients to share their experiences with your business on Twitter using the appropriate hashtags. Over time, these reviews add up and act as a measure of good faith when someone looks up for your firm on the internet.
When you amass a good chunk of reviews, you can expect new clients who find your business from those tweets or posts. Social media gives you the power to set up a passive stream of referrals, which you cannot put off.
To learn more about personalized gifting and what it can do for your business, try out a free demo of Eva– an intelligent, AI-powered gifting assistant. Eva can make gifting infinitely easier and help you send out consistently good gifts using the power of cognitive intelligence. For more credible resources on succeeding in the real estate industry, check out our blog.