Back to All Blog Posts

7 Keys to Successful Mortgage Referral Relationships

Commercial Mortgage
Posted on 
October 24, 2013

Mortgage brokers have plenty of places to look when interested in beginning a relationship with referral sources. There are many lawyers, accountants, real estate agents and other professionals who have clients looking to obtain financing. However, it’s important to remember that it takes work to create and sustain a relationship with a referral source. You need to convince potential sources that you are good at what you do, responsible and trustworthy. Here are some tips to help build successful mortgage referral relationships:

  • Communication: Maintaining a consistent flow of communication with your sources is very important. Stay in touch with them, but don’t be overbearing. A good way to keep track of your sources is to build a database and take notes on each call. Brokers should also note that if a source contacts you, you should get back to that person in a timely manner. Don’t make a source wait days for a return phone call.
  • Honesty & integrity: It’s important to be honest with referral sources about the kinds of deals that you can get for their clients. For instance, don’t tell sources that you can get their clients bank rates if you know that’s not possible. All that does it make it harder to sell the deal, and it reduces your sources’ confidence and trust in you as a broker.
  • The right attitude: Brokers should be positive and proactive in their dealings with referral sources. You need to convince your sources that you are an asset to them, and the best way to do that is to be friendly and helpful when interacting with them. You need to possess a desire to help your sources and their clients, or they’re not going to be interested in working with you.
  • Time management: When working to maintain referral sources, you need to allot a portion of each day to making calls to check in with them. Make these calls during the time of day you feel most productive to ensure that it gets done.
  • Knowledge of programs: As a broker, you need to have a thorough knowledge of your lenders’ programs so that you can explain them to your sources and their clients. They will have questions for you, and if you can’t answer them, they’re not going to have much confidence in you. You also need to know the loan programs so that you’ll know which lenders will be a good fit for each of your sources and their clients.
  • Focus on results: Focusing on what a source’s client wants to achieve is key when working to get them the loan they need, especially if they won’t be eligible for bank financing. When potential borrowers take issue with things like a higher rate, keep their eyes on the prize. Are they purchasing a building to expand their business? Remodeling an existing structure? Paying off a balloon or back taxes? Keep your sources’ clients focused on their goal and it will be easier to sell the loan.
  • Assume accountability: There are certainly some hiccups that can occur throughout the lending process. As a broker, it is your responsibility to work with your sources, lenders and clients to resolve any issues that arise. If you prove yourself as a problem-solver, your sources will be more likely to direct their clients your way in the future.

It’s important to remember that in order to be a successful mortgage broker, you must maintain successful relationships with referral sources in order to maintain a steady flow of mortgage referrals. This isn’t going to happen overnight; you need to work diligently in order to convince each source that your services are valuable.


You might also be interested in