“Stop selling. Start helping.” – Zig Ziglar
The next thing you need to do is to give them something of 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. Better yet, it compels them to want to look after you.
The question it, what is that ‘something of substantial value relevant to their business’?
By meeting at least once with the prospective referrer and getting a better understanding of their business, you have some idea of a benefit that matches their business — and that benefit doesn’t necessarily have to come from what you do for their clients as a Mortgage Broker.
I’ll once again quote my friend and Mortgage sales trainer, Mark Blundell, who suggests you ask them ‘ What is the most important issue facing your business right now?’
The standard approach of most Brokers is discussing how the client is going to be better off and how we are going to save them money and that will make the agent look good. Or they might say we will help them get their finance so there is less chance there will be problems. All true, but what you are offering is what any average Broker can do, you aren’t differentiating yourself. And it is of moderate value to them compared to what they really want.
Your referrer is tuned into one radio station — ‘WIIFM’ — What’s in It for Me?
As a general rule, real estate agents want one thing more than anything else — more listings – more homes to sell. If you can tap into that need and get them more, you are in the driver’s seat. It won’t always be the case for every real estate agency, which is why we go in with an open mind and asking questions.
But just like you, lead generation is probably at the top of the list for most potential referrers. You need to get an understanding of their marketing and sales process to best fit in with it, but starting from the point of helping them get more clients is a pretty safe bet.
This is why I think every Broker needs to see themselves as being in the business of referring their clients to other businesses, not the other way around. If you are able to refer clients to other businesses then you are in control, you have flipped the normal script of a Broker going cap-in-hand to a potential referrer and asking for their clients.Your goal is clearly to find out about all the local businesses that are potential referrers to you and that will provide a great service to the clients you send, then go out of your way to refer clients to them. Make yourself invaluable to their business and create your own referral community, with you at the centre.
By getting to know those businesses first you can decide if they actually are the sort of company you are comfortable referring to — which is exactly what these potential referrers are thinking about you. If they don’t reciprocate, then move on to another business that will.
In a perfect Mortgage Broking business, you will have put yourself at the centre of a hub of referrers. One way is to break up your local geographic area into north, south, east and west regions and look to find a suitable referral partner in each area of every category you want to work with. So you might have an accountant, financial planner, real estate agent, builder and lawyer in the northern area you have defined. Anytime you have a potential client for any of these services you would refer them to that business – and you will have potential clients when you take the time to find out about them and ask questions. The same holds true for your southern, eastern and western areas.
It may be that a client referred to you from a real estate agent could also be a client for one of your accountants. The more you can learn about your client and the accountants you work with the better you can match them up.