When it comes to mortgage brokering or lending, realtor referrals are the mother's
milk. They are the best way to get a good sale, they offer you leads that are qualified
in their own ways, and they are usually the easiest sales you make. There are, though,
a number of different types of referrals, and each one of them can help you. Consider
some of the types of referrals that you may be able to get for your mortgage business.
The referrals that most mortgage professionals pursue with the most vigor are the
customer referrals. These are referrals generated by customers you have already
served. These people are happy with the service you provided, and in turn have told
friends or relatives about you. That way, when they are in the market for a mortgage,
you are their first phone call. These are great referrals because they rarely provide you
with any competition. When they arrive at your door, they are ready to work on their
mortgage and get going.
Because of that, customer referrals are usually strongly encouraged. The mortgage
professionals send out letter and may even offer incentives to the customer who sends
them a mortgage. The incentive can be monetary or some sort of product.
Family and Friends Referrals
They may not count for a lot of your business, but a mortgage professional should be
able to count on their friends and their family for referrals. When someone anyone in
your group of friends or family is in the market for a mortgage, you would likely be
the first one they call. Again, the competition is little but the quality is not always as
good as with a customer referral.
With a family or friend referral, you will end up getting everyone they know who ever
thought about a mortgage. The referrals may or may not even qualify for the
mortgages. However, in the mortgage business it is all about numbers so you take
Sometimes, your referrals come from advertising. For instance, many mortgage
professionals offer incentives to those who apply for a mortgage. The incentive may
be an award, money, a coupon, or anything else that could push someone over the
edge in terms of applying for a mortgage.
There are also internet referrals. Potential mortgage customers find online forms to fill
out for prequalification for a mortgage. When they fill out the form, the information is
fed to you so that you can then take that and turn it into your lead.
These referrals are pretty good because you are getting the prequalification
information up front. Before you even make a phone call you will likely already know
if the referral is worth your pursuit. With internet referrals you can even go all the
way to targeting certain sizes and types of mortgage. In a way, the internet referral is
the most reliable if not the most common to come across your desk.
Real Estate Mortgage Referrals
Then there are the referrals from real estate agents. These are referrals that come from
realtors helping people buy new homes. They already know that the people a re
interested and by the time they get to you it is just about getting them qualified. These
are great referrals because they are fairly well qualified and fed right to you.
These types of referrals are exactly why it is important to find ways to partner up with
real estate agents. There are a number of ways to do and a number of advantages to it.
Besides allowing you free access to a number of leads, it also allows you access to the
best customers in the mortgage industry: first timers.
When you are in the mortgage business, turning renters into buyers is the best way to
make money. When you partner up with the right real estate agent, you will get all of
the renters turned buyers you can handle. The key is simply to find a program that
will help you do just that. When you find such a program, your real estate mortgage
referrals can go up significantly which makes your income go up.
In the end, it doesn't matter what kind of referrals you get; referrals are the best leads
you get. Then, of those great leads, there are the best of the best which is the real
estate mortgage referral. With these, you can find yourself with renters turned buyers,
first timers, and many other customers that are ready to have you help them buy that