How to Identify Ideal Referral Partners and Nurture Relationships
Referral partners can add value to your lending practice. They can connect you to a wider range of potential clients, but the true value depends on the quality of your relationship.
Here are the best ways to build your referral network and nurture relationships with your referral partners:
Identify the Right Referral Partners
You start building a referral network by connecting to the right referral partners. Common types of referral partners include the following:
- Past clients
- Other real estate professionals
- Financial planners
- Attorneys
- Builders and developers
- Other local businesses
Your referral network should be built around your industry’s niche. For example, if you focus on first-time buyer programs, you might partner with real estate professionals. If you focus on refinancing, you might partner with financial planners instead. The point is to design your referral network around your unique business offerings. Proper referral partner management will also make it easier to market your value to other potential referral partners.
Build Relationships Through Networking
Once you identify your ideal referral partners, you can come up with ways to connect with them. One simple way involves attending local networking events. Business conferences and meet-and-greets can put you in contact with other local professionals. There, you can begin a relationship with like-minded businesses and real estate companies.
A mortgage customer relationship management (CRM) platform can assist in the process. A scanning feature will make it easy to capture business card info and store it to follow up on later.
Communicate Your Unique Value Proposition
Ask yourself what makes your lending practice unique and what you might offer to a potential referral partner. Answering these questions will make it easier to “sell” yourself to future partners.
In some cases, a partnership can be mutually beneficial. For instance, you might send referrals to a real estate agent. They may send some your way, too. It just depends on who makes the first contact.
Technology can also add to your value. If you use a CRM system to build a borrower pipeline, partners may be more eager to assist a lender with a well-organized system.
Offer a Partner Portal
A mortgage CRM system makes it easier to manage your referral network. Your referral partners can connect with you through an online portal. That not only streamlines communication but also empowers referral partners to submit referrals online.
The portal is available both on your desktop and through a mobile app. The latter gives partners the ability to submit referrals from anywhere in the world. If a real estate professional meets a new buyer at an event, they can instantly drop their information into your borrower pipeline.
A partner portal will also collect data on your referral network. You’ll be able to see how many referrals come from each partner, as well as the end results of each new lead.
Manage Your Referral Partners With a Mortgage CRM
A CRM platform makes it easier to connect to your referral network. The BNTouch system offers marketing tools, a partner portal, and other features to augment the quality of your lending services. To schedule a demo, contact BNTouch today.
To learn more or schedule a demo, contact BNTouch today.
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