Tips for How to Grow Your Business With Referrals From Real Estate Agents

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January 21, 2016 | By RGR Marketing Blog

Using Real Estate Referrals Is a Great Way to Grow Your Business

Earning business from the top real estate agents in your area is a fantastic way to grow you mortgage broker business. You may know this already and you may not. You may be thinking something like, “Sure – that makes sense. But how do you get those referrals?”

Establishing relationships with the best real estate brokers in your area may not be easy. But, it will definitely prove to be worthwhile. There are some standard sales techniques that you can use to help develop these relationships, overcoming common objections along the way.

No Is the First Step Toward Yes

The old saying that the work of sales begins with the first “no” is very apt in describing what it’s like to attempt to create new relationships in an established or saturated real estate market. It may seem like all the best brokers already have deep relationships with a handful of brokers, and that all the work is being funneled away from you.

But you must remember that every “no” is an opportunity. Learning to see objections as opportunities to continue the discussion, to find a way to work with an agent, is the key.

It may seem counter-intuitive, but a “no” is the best answer you could hope to hear when beginning a discussion with a prospective referring partner. “No” gives you the opportunity to respond, to earn their trust and their business – just by persevering.

Most prospective clients or referring partners are all too happy to tell you yes if they are indifferent, if only to extricate themselves from an uncomfortable meeting. An objection is simply an opportunity to continue the discussion in the hopes of excavating a need that your real estate partner may not even realize they have, and then to provide them with the answer to that problem.

Refocus your way of thinking to see that objections are stumbling blocks you must overcome on your journey toward success.

Yes Usually Means “Probably Not”

Again, it may seem counterintuitive, but think about all the times you’ve offered your services to a prospective partner, had them say something like, “Great, I’m sure we can find a way to work together,” only to never hear from them again.

People often say yes, when they mean “I’m not really interested.” Conversely, if they say no, or better yet, if they offer you a reason why they can’t work with you at the moment, they’ve given you a challenge. Overcome the challenge, and their business is as good as yours.

Identify the Need

Yes, in real estate it’s pretty easy to identify the general need that your prospective real estate agent partner has. They have a buyer and a home and they need a mortgage. It’s as simple as that. But, unless all the mortgage brokers recently packed up and left town, you may need to provide them with some sort of incentive for doing business with you over the other brokers that they normally work with.

This is where doing your homework comes in. You need to not only investigate the real estate agent you’re hoping to set up as a referral partner, but also the brokers they’re currently working with. During your research, remember that you’re looking for a solution that you can offer the real estate agent – and a solution that solves a problem they may not even realize they have.

[Photo via: Nwpeterborough]

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Using Real Estate Referrals Is a Great Way to Grow Your Business

No Is the First Step Toward Yes

Yes Usually Means “Probably Not”

Identify the Need

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No Is the First Step Toward Yes

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Identify the Need

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