Properly Managing Your Referral Network

Referrals from past customers and networking partners are the lifeblood of a successful loan officer. If you are a newly licensed loan officer or a seasoned pro, growing your sphere of influence through your past customer data base and networking are the keys to sustained success.

Continual contact with your past customer database though email, mail, and phone calls will help make you the go-to person for questions regarding mortgage products. Creating an environment where past customers contact you regarding their friends and families mortgage questions or concerns will lead to an ever-increasing number of referrals. Monthly newsletters, timely updates about the market, and holiday campaigns are just a few ways to stay in-touch.

To create an effective networking system, you can join or create your own team of like-minded professionals that will help you grow and sustain your business. There are numerous local networking groups that will help you in your networking endeavors. The following list are just a few groups that will help you network and expand your sphere of influence.

Am Spirit - Am Spirit is an organization that is specific to generating referral business for local small businesses. They usually only allow one member per business type. Please visit AmSpirit.com for additional information.

BNI - This organization offers networking groups throughout the United States. Please visit BNI.com for additional information.

Chamber of Commerce - Use the internet to search your local Chamber of Commerce website for upcoming networking events. The events are usually scheduled for various times and last less than 2 hours.

Local Real Estate Association - Get involved in your local Board of Realtors event. They likely have an affiliates division and always need help in fundraising and sponsorships at events.

City Boards and Committees - Contact your city hall and find out if there are any committees you can be appointed to or get involved in. Ask if there are sponsorship opportunities for fundraisers or city events. This will help get your name out to the public and establish relationships with city officials, builders, or business owners that may help you promote your business.

Networking is built on long-lasting relationships that require mutual trust and respect. You both need to believe that you are knowledgeable and professional in your area of expertise and that your team members will handle all clients promptly and professionally. Networking requires a win-win approach where both parties benefit from the relationship. Loyalty is a 2-way street, understand your commitment to your networking partner should be to grow their business and in-turn your business should flourish from their referrals. In-essence, you are creating a sales force to promote each other's business.

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