Mortgage Broker Referral

How to Obtain Mortgage Broker Referrals

Are you a mortgage professional that went into business to make your first million, only to discover that in face of stiff competition, you are getting very few leads, and you are not being able to close them? Could it have something to do with your marketing strategy? Does it comprise largely of cold calls, mass mailings, free reports, and other such tactics that bring in only unqualified leads, such as rate-shoppers who regularly jump shop to save a fraction of a percent?

Have you ever thought why this happening?

For one, none of us likes cold calling, yet most of us use it to blindly call up people and expect to set up an appointment. No wonder you are getting it all wrong! Research shows that the conversion rate for every hundred leads was just 11% for cold calling as against 40% for mortgage broker referrals.

That’s right mortgage broker referrals. They are not only more effective and profitable than cold calling; they are also a simpler and more agreeable way of marketing your business. That’s because you get referrals from people who like you, and the way you conduct your business. Typically, they are your previous clients, who know you and trust you. There are some clear benefits associated with doing business with a mortgage broker referral:

1. Potential customers that come to you through a mortgage broker referral are much more likely to go through with the mortgage.

2. Since referrals come through people who know and trust you, the new leads will already be comfortable doing business with you. That means your initial meeting can focus on the mortgage, not on making them feel at ease with you.

3. A mortgage broker referral leads is most likely a person that have more or less made up their minds about getting their loan from you. They come to you trusting that you will offer them the best deal, and are not likely to bargain for lowering the rates by a fraction of a percentage point! That means you are able to make a good profit.

4. Since the mortgage broker referral is coming to you through word-of-mouth publicity, you are able to cut back on your advertising expenditures.
Remember, a successful mortgage broker referral is the result of a satisfied relationship with existing clients, alliances and colleagues who are happy to refer business to you.