3 Strategies to Grow Your Referral Network

According to a Loan Officer Hub originator survey, 92% of participants said that the most reliable way to expand your referral network is to “provide value.” And indeed, at the heart of every referral relationship is a strong desire to help your target audience succeed – whether that’s advising a repeat customer on refinancing a home loan or partnering with a real estate agent to capture leads.

Following are 3 additional strategies to cultivate referral relationships:

Research referral sources. Look for potential partners who have a similar target audience as yours. For example, if you specialize in serving first-time minority home buyers, seek out real estate agents who are also interested in that particular sub-group.

Expand your sphere of influence. For most LOs, real estate agents make up the majority of their referral sources. However, it could be mutually beneficial to reach out to other related groups such as financial advisors, insurance agents and title companies.

Collaborate on events. Consider partnering with referral sources on community or online events that can raise your brand awareness and generate leads while providing valuable information about the home-buying process to prospects.

For more great insights on how to boost referral business, check out this infographic from Loan Officer Hub: 5 Proven Habits for Building Referral Partnerships.