• It allows you to correct any misconceptions they may have

The more you can dig into how your client sees things the better your chance of quickly correcting any beliefs your client may have that will stop things going ahead. It’s what your client doesn’t tell you that is going to derail the loan at the last minute. The more fully you understand their thinking the more likely you can make sure everything goes ahead, or find out if the loan was never going to proceed no matter what you did.

For example, if a client feels that it must be more expensive using a Broker than going direct to the bank you can correct this point of view and explain why it isn’t. But if you leave that perspective unchecked your client may step around you after hearing your recommendation and go straight to the bank, thinking there must be some hidden extra cost that you aren’t telling them about.

  • It allows you to generate outgoing referrals

The single best way to get other businesses referring their clients to you, is to refer your clients to them. Sometimes you can create a win for your prospective client and for yourself, even in a situation where you can’t do a loan for them right now. By finding out everything that is going on with this person you might find they are not happy with their current accountant, which is a great opportunity for you to refer them on to someone you know can do a better job.

There is no better approach to a potential referrer than letting them know you would like to pass a new client to them. When you start a business relationship by giving referrals, rather than trying to get them, the whole dynamic changes.

Every Broker should approach every client inquiry they receive as an opportunity to generate outbound referrals to other businesses. If you can do a loan for this new client inquiry, great, but even if you can’t it is still an opportunity to help them and build your referral network.