No one can sell you better than one of your own customers.  That’s why your best source of referral business is your borrowers.  People who have selected you as their lender and experienced the great service you provide have the opportunity to tell their family, friends, neighbors, co-workers and anyone they know how good you are.  And they’ll gladly do this…if you ask them!

The best way to gain more referrals from your borrowers is with these five easy steps:

1. Ask for referrals at the initial application meeting.  Say something like: “I’m really going to enjoy working with you on your home loan.  It is my guess you know a lot of people.  If anyone you know mentions to you that they are also thinking about buying a home, I hope you’ll tell them about me.  I would really like to help your friends the way I’m helping you.”
2. Send an email during the process.  While the borrower’s loan is in process, send a short email reminding them of your request.  For example: “Just wanted to let you know your loan application is moving along and
   so far so good.  As you share your excitement about your new home, you may find others you know who are also in the market to buy.  Please pass along my name and number so I can help them too!”
3. Ask in a post-closing thank- you letter.  Directly after the closing (within days) send out a thank you letter saying how much you appreciate the borrower choosing you.  Include: “Please keep me in mind for any future
   home financing needs.  And again, please tell your family and friends about me.”
4. Activate a database contact effort.  Whether it’s a monthly post card or a quarterly newsletter, keep your name and
   number handy for the borrower to refer you.  Make sure all of your correspondence includes a line such as: “I really appreciate your referrals!” or something similar.
5. Call the borrower once a year.  During this “annual client check-up” you can find out if your borrower needs any further services from you.  You can also say: “Do you know anyone who’s talking about buying a house right now?”  Those originators that conduct annual client check-ups say they pick up leads and referrals all the time this way.

Is all of this work?  Yep.  Will it cost you a little extra time and money?  You bet.  But what if I told you that you could earn another $20,000 or $50,000 or more a year by following this plan.  Would you do it?  If the answer is yes, get started.

Power Selling
is a monthly publication of
Douglas Smith & Associates.

The editor of Power Selling is Douglas Smith.  Please direct any comments or input to 877.430.2329.
© Copyright 2009 DS&A.  Reproduction in whole or in part by any means without written permission of the
editor is prohibited.
http://www.dougsmithonline.com/

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