If you want a long and successful career as a mortgage broker, one important step is to build a referral network.
A referral network is a group of individuals or organisations in related industries working together to promote one another’s skills and businesses.
A mortgage broker, for example, might build a referral network of accountants, financial planners, real estate agents and solicitors. When a person is interested in buying a property, a real estate agent can provide value by referring their client to a reputable mortgage broker, who could then refer the client to a solicitor to finalise the deal.
You should start thinking about building a lead referral network as soon as you start your career as a mortgage broker, but it’s also something more established brokers should focus on.
Download our guide and create waves in a sea of brokers
In our better brokers’ guide to building profitable referral networks, we will give you practical steps to set you on the path to a long and successful career.
When to build a referral network?
Our guide answers this all-important question. You should start thinking about building a lead referral network as soon as you start your career as a mortgage broker, but it’s also something more established brokers should focus on.
The brokers with the best networks often allocate time to work on recruiting new referrers and to check in with existing ones.
Starting your referral relationships the right way
In our eBook, we detail the critical factors to finding potential referrers, these are:
- Establishing trust: because taking out a mortgage is one of the biggest financial commitments most people make.
- Demonstrating your value: think about what makes you different. What value can you offer your local real estate agent or accountant as a partner over your competitors? Ask yourself, do you need to spend time working out your UVP (Unique Value Proposition)?
- Nurturing relationships over long periods: remember that communication is the cornerstone of any successful relationship and a referral network is no different!
What do the top referral partners look for?
Later in the eBook, we detail what referral partners want to know when considering how a broker will complement their business.
While some referral partners - for example Agri Consultants - may require specific expertise, generally referral partners are looking for:
- A trusted partner: If a partner is handing over their client, they need to trust you will treat them well and get them a great deal.
- Proof: After the referral, there is no better way to prove your value than a happy customer. Share that positive review with the referrer and it won’t be the last lead you receive.
- Simple systems & processes: Referrers want it to be easy to make a referral and they want to be kept up to date with how the referral is progressing.
- Adding value: Be clear about how the partnership can add value to the referrer’s business and complement their sales process.
- Reciprocating referrals: Can you give a referral to receive a referral? If you can cross-promote a trusted partner to your network, it proves to that referrer you’re serious about this being a mutually beneficial partnership.
Show me how to build my referral network
It’s no exaggeration to say the quality and depth of your referral network could be the difference between success and failure in the industry. Create waves in a sea of brokers with our guide to building profitable referral networks.
Supporting you throughout your broker journey
If you’re interested in our guide to building profitable referral networks, you might also be interested in the other eBooks in our better broker series.
Discover our 8-step plan to take the leap and become a self-employed mortgage broker in our guide to starting your own mortgage brokerage.
We show you how to future-proof your income strategy in our guide to diversifying your business into commercial lending.
Need assistance building a referral network?
Contact us for more information about how we can support you throughout your journey.
Remember you can always reach out to Them Lam, our National Manager of Recruitment and Partnerships for a chat here: