In my recent survey of the top challenges facing mortgage managers in 2022, getting LOs to prospect for Realtor referral sources was a primary concern. Building mutually beneficial relationships with referral sources is mandatory if LOs want to reach year-end volume goals.
But, establishing referral relationships and convincing a Realtor to partner with you takes time and effort. There is simply no way to fast-track this process.
While the internet and social media platforms have made it easier to connect with prospects, technology has also made it more difficult to create trusting sales relationships online.
Now, don’t get me wrong. Digital tools are an excellent way for LOs to build brand awareness and raise visibility in their local market. But, the reality is referral relationships are still developed offline and not online.
“With the rise of social media and digital channels, a lot of sales professionals have become too passive in the way that they sell. They confuse social marketing and branding with prospecting and selling,” Tony J. Hughes, author of Combo Prospecting: The Powerful One-Two Punch that Fills Your Pipeline and Wins Sales, said. He added, “People are drowning in emails and getting spammed inside social platforms so picking up the phone is incredibly powerful.”
In my opinion, LOs must take the next step and physically go out into the field if they want to form quality relationships with targeted real estate agents. Phone calls followed by face-to-face meetings can change the game when it comes to winning referral business.