Many mortgage brokers depend on referrals in order to gain new client interest, but sometimes they can seem like a bit of a fluke.
Aside from finding borrowers the loan best suited to their individual needs, 'Global Thought Leaders Movement' creator, corporate conference speaker, and Grow Your Business contributor, Matt Church, says there are three essential qualities brokers should cultivate in order to ensure referrals keep coming their way:
“People don’t refer the smartest or most talented person they know, they refer the smartest and most talented person they know they can rely on to do what they say.”
Church says referrals are like a triangle with three reference points, where energy moves from the referee to the referred and the referrer and back again.
“The dance between each is essentially built on trust. If you refer someone to me, you are trusting me with your reputation. The person you referred is trusting you that I will do what you promised them I could. So to complete the triangle I need to be reliable.
“When someone gives a you a referral, you need to say thank you. It’s about treating the referral as a gift.”
“A person who is referred has high expectations; it’s hard to meet these expectations with 'average'.”
Church says to be as generous with your time and knowledge as you can because a person who is delighted beyond expectations can become a raving fan.
“But you have to overdo it, be more, do more and make every stuff-up a moment of truth. Referrals are great as they are a form of low-cost advertising – they’re not free, though. Exceeding expectations is something you need to obsess about.”