Networking and Building Relationships in the Mortgage Industry
Building relationships in the mortgage industry is essential to generating more sales and customers. Having an expansive network can, not only help you connect with other industry professionals, but manifest new leads and clients. That’s why it’s crucial to learn effective tactics to boost your mortgage networking skills. Here’s a list with some of the best practices to consider.
Connect with Realtors
Whether you have an actual mortgage business or you’re a mortgage loan originator, it’s a great idea to forge excellent relationship with Realtors. Realtors typically need to work with mortgage experts to close transactions. Building a Realtor network creates opportunity to generate a steady flow of clients. But how can you connect with Realtors?
One effective idea is to search online for Realtors within your region. Once identified, connect via email or phone. Join local Realtor organizations and offer to attend their open houses to pre-qualify prospective buyers right there on the spot. Creativity in finding and building new relationships is key. Once your relationship has become established, you can expect those Realtors to naturally approach you with their clients. This process will allow you to establish long-term and mutually-beneficial relationships. Great communication is crucial. You must make it a point to always assist your realtors with fast service and stellar customer support. After all, they don’t get paid until you do what they’re counting on you to do. Exceptional service will help you bring in more clients while ensuring a constant influx of leads, not to mention the repeat business it will bring.
This strategy extends to other professionals as well. Staying in touch with investors, inspectors, attorneys, and anyone who needs a mortgage is always going to help. You want to always present with a friendly, yet professional, attitude and be available to everyone when they need your services. Following this advice will greatly enhance your mortgage career and establish a great personal brand while also generating sales. And remember. It’s not only what your new referral source can do for you. What can YOU do for them?
Lastly, never make something up in order to immediately answer a question when you honestly don’t know the answer. Doing so, even once, can destroy your reputation. People can smell when someone’s being shady a mile away! If you don’t have an answer, be honest. Let them know that what they’re asking is a good question, that you don’t have an answer at that moment, but that you will find out and get back to them. And then be absolutely certain to follow through and get them the information that you promised them you would. Your referral source will genuinely respect you for doing this and it will go a long way towards establishing your professional and personal credibility.
Attend Industry Events
Attending industry events is, perhaps, one of the most effective ways to build relationships and grow your mortgage career. Events are ideal for connecting with people, not only from the mortgage industry, but from real estate, finance, and other industries as well. Make a concerted effort to attend every industry event that you can, whether it’s a trade show, panel, seminar, or workshop.
Events bring together like-minded people and are exceptional opportunities to accumulate more knowledge. They also provide for the opportunity to forge long-term relationships and maintain contact with others who can help you gain new leads as you do the same for them. After all, a mutually-beneficial business relationship goes a long way!
Stay In Touch with Former Clients
If you want to grow your mortgage business, you need to maintain great relationships with customers, past and present. Consider creating a newsletter to share with every client in your database. You will also want to personalize emails, SMS, or any messages you send, to ensure that your previous customers always remember you. Why does this matter? It matters because they are more likely to recommend you to friends or even reuse your services if you’ve achieved regular top-of-the-mind awareness. Regularly staying in touch with one’s database is an extremely effective tactic towards building one’s business and an under-exploited resource for many mortgage professionals. Be certain, however, to adhere to all restrictions imposed through the Telemarketing Sales/Do Not Call Rule when reaching out to your previous customers via telephone or through text message.
Connect With Others via LinkedIn
In today’s digital world, having a social media presence is mandatory. LinkedIn affords users the opportunity to find you via a simple online search. Having a LinkedIn profile is also a great idea because it affords you the means to find experts in other mortgage-related niches or industries. Even sending cold messages via LinkedIn can help to establish connections with local and regional professionals. It may also present the opportunity to expand your service range leading to even more clients.
Guest Posting
Find websites and blogs that relate to your industry, and then contact their sources to inquire about guest posting opportunities. By creating content, you’ll gain the attention of a new audience. Additionally, connecting with bloggers and other content creators will prove significantly beneficial.
Publishers can recommend you to their audience, something that is practically guaranteed to create a steady flow of leads and customers. Having your own website on which to post your own written content and videos will also capture the attention of future customers and referral sources. Showcasing your expertise online is all but guaranteed to bolster your mortgage career.
Join Local Associations
Find and join finance, real estate, and mortgage associations in your area. Doing so will create the opportunity to maintain connection with other mortgage experts who, themselves, may offer you leads if they can’t fulfill a customer’s specific needs. Plus, you will also have direct access to the latest industry info, tools, as well as other perks.
Area business networks can grant you access to other businesses, the individuals of which will often have their own mortgage requirements. Oh! And remember that, once you connect with a business, solicit their email address to send them updates, share new services, and possibly even special offers.
Enter Local Directories
Local directories can not only help you obtain more exposure, but they’ll also make it easier for you to connect with other businesses. Try to find other companies for which you can offer complementary services that they don’t have, such as a special program or discounted pricing for their employees. Doing that will not only help other local businesses but will provide you with a steady stream of new clients.
Conclusion
Building relationships in the mortgage industry is imperative to the MLO’s success. It’s actually one of the best ways to secure new leads and customers. We highly recommend maintaining regular contact with all leads and previous customers while always maintaining a respectful, “how can I help you” attitude. Additionally, plan on attending industry events, join business associations, and find new and creative ways to connect with clients via social media. All of these create highly-effective networking and business-growth opportunities that every mortgage loan originator should use! You’re only limited by your imagination.