Do you want to elevate your relationships with your referral sources?  Here are ten thoughts and ideas that will take your referral sources to the position of “Power Partners”.  Here we go:
Know the vision of the partner.

Each referral source should know the vision of the other partner.  Without a clear idea of a vision, there is no direction to take action and help each other.  Having a vision that works together provides excitement and something to look forward to.  It allows goals to be raised and added-value to each other.  Knowing each other’s vision helps filter decisions that will be made in the future.

Create a business plan with your partners.
By having a plan with your power partners, you will increase your level of success. By discussing each other’s business plan, you will then be able to strategize how you can help each other in fulfilling the plan.  An added benefit is that there will most likely have less miscues working together for greater success. 

Know each other’s strategic partners.
Each referral source should know the strategic partners that are currently part of the partner’s referral sources.  Having this knowledge will help build additional referral sources for you. An 
Additional benefit is having this knowledge will help you leverage your relationship with your power partners. 
Understand the roles of each partner.
Successful partnerships understand the roles that they play in each transaction.  When a relationship is first established, it is most important to go over these roles and how they will be preformed.  For example, my number one Realtor and I have worked together going on our 19th year together.  When we first started to work together, we met at a minimum of once a week.  This assured us full understanding about our roles including our own.

If the power partners have a team, it is also important to understand the roles and responsibilities of each team member. That goes for your team also.  For example, when I form a relationship with a builder, I introduce my processor, underwriter, closer and appraiser to them. We go through what each of the team players responsibilities are and how we perform them.  We also look to see where we can elevate the services that we provide as we look at ourselves as the extension of the builder in this case.
Learn to refer business.

Power partners need to master the art of referring each other to potential clients.  By mastering the art of referring one another, more control will be put in place on each transaction.  By knowing what each other’s roles, it is easier for the referral source to explain what the partner’s responsibilities are in each transaction. 
Cross-selling the partnership.

Conversion percentages will increase when cross-selling each of the partners occurs.  Cross-selling one another throughout the transaction are important because it reflects the partnership between the referral sources.  To have success in cross-selling, it’s important that each of the partners know what is being said about each other.  Nothing could be worse than one of the partners making promises that the other partner cannot or will be willing to accommodate. 

Schedule power partnership meetings regularly.
Regularly scheduled meeting will strengthen the partnership relationship and hold each other accountable.  At these meetings the partners can review the business plan and the vision.  They can also discuss lead generation, lead management and how each other are playing their roles. Regularly scheduled meetings will allow the partnership to grow more profitably and bring forth more ideas that will create greater success.

Analyze all leads and opportunities.
Before I play my role in the partnership, I must consult with the partner on how to handle the lead or opportunity before diving into my role.  By taking the time to discuss with my partner before an action is taken will allow less embarrassment with the potential client.  Remember the old saying when we assume.

Partnerships pull their weight equally.
For a partnership to be successful, each of the partners must pull their weight and be proactive.  When one of the partners doesn’t follow through, it makes everyone fumble the rest of the way.  Nothing can be worse in a partnership when one is proactive and the other over promises and under delivers. 

Partners need to be profitable.
For the partnership to work, each of the partners must be profitable.  Profit should never be one-sided.  Strong partnerships never ask the other partner to compromise their profitability.  Additionally, strong partnerships can separate their friendship from their business.  I mentioned earlier about the Realtor that I’ve worked together now for nineteen years. When we work, we stick to business. When we get together socially, work is not brought up.

Final Thought
Go through your list of referral sources and determine where you are lacking in these ten essential elements.  Make an appointment with your referral sources and see how you create a powerful partnership with them. Believe it or not, they will look forward to elevating their relationship with you as it will benefit them as well. 

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