“You can never go wrong by investing in communities and the human beings within them.” – Pam Moore

Creating effective referral relationships with other businesses is a difficult process for most Mortgage Brokers, mostly because they don’t have a clear strategy and are usually approaching the whole process from the wrong direction entirely.

The general professions that Brokers will try to work with are real estate agents, accountants, financial planners and builders, but there are plenty of other potential groups, such as pool companies, renovation companies, divorce lawyers, etc. Any business that is related to finance, property or large transactions of any kind are potential referral sources that will benefit from your services. I’ll just refer to these as ‘professional referrers’ to distinguish them from your friends, family and past clients who are ‘personal’ referral sources for you.

The most important principle of creating effective relationships with professional referrers is working out what you can do for them to improve their business.

As I have mentioned many times already, the underlying principle is to find out what other potential referrers want and then give it to them to make yourself valuable to their business. In return we expect them to help us.

So, in general, the process for getting professional referrers is pretty much the same as the 3 step process for marketing to prospective clients, just tailored to their business.

  1. Identify the specific needs of their business that you can help them with and make initial contact with them.
  2. Give them something of substantial value relevant to their business that immediately positions you as a someone worth working with and that gives you reason to keep in touch with them.
  3. Keep in regular contact with them to keep building both ability trust and personal trust, reminding them of how you can help their business.