Utilizing a core group of Realtors is a fantastic tool that will help you stay focused on your goals to increase Realtor referrals and establish consistent, higher production.  This “focal point” group will get the majority of your marketing attention as you seek to place yourself in a position of trusted advisor.  Developing solid relationships with Realtors is a time-consuming, somewhat difficult task, but can have enormous payoffs.

Most lenders today are seeking Realtor’s business.  Your goal is to find a way to set yourself apart from the competition.  To do this, you must accomplish three things; establish a personal relationship, prove your strength as a high-quality originator, and continually look for ways to help the Realtors business.   If you are using a shotgun approach and trying to reach all the Realtors in your area, you will fall short and possibly not market well to any of them.

Marketing to a core group of Realtors will help you focus your efforts where the potential payoff is highest.  It will be well worth it to take the time to develop a superstar group.  This means you select the agents best fit to your personality and selling style that are also consistent producers or have the potential to be strong producers.

I recommend between 10-20 Realtors to be on your list at any given time.  It may be tempting to put all the Realtors you know on this list, but be careful of spreading yourself too thin.  You want to consistently market and follow up with each of those on your list.  It is also important to remember that once they start sending referrals your way, you have to be able to manage the referrals and continue to market.  Just because you receive one or two referrals does not mean you can sit back and relax.  Those first few referrals are probably being sent as a test to see how well you will do. 

Deciding on which agents to target can be difficult.  Here are a few suggestions: 

• Your manager - he may be aware of Realtors in your area that would fit well with your personality. 
• Title officers or title company staff  - they know which agents are frustrated with the level of service their current lender provides and other agents that might not have a preferred lender.
• Friends/family – find out Realtors they know personally or have used in the past as this may open doors for you.  Call the agent and state that they were referred to you by your cousin/neighbor etc. and see if they are willing to meet for lunch or breakfast.
• Realtors you currently know or work with – ask if they would recommend any agents in their office that you could successfully target for future business.  Invite both to lunch.
• New Realtors – 80% may quit by year two – but you may find a superstar in that other 20%!  Even those that quit will still do a few transactions from their center of influence.

Your list is not set in stone – be flexible with the names placed on this list.  Over time, you will get a feel for prospects that are worth your time and effort and those that are not helping your business grow.   A Realtor may be the nicest person you know, but if they are unwilling or unable to send referrals your way, it is best to replace them with another name. 

An interesting thing may happen as you begin a strategic marketing program with your core group.  The Realtors that you consistently market to and service will be so impressed that they will start talking about you to others in their office.  You may even find Realtors not on your list calling you!  This will give you the opportunity to adjust or expand your list.

Once you have your core group then it is time to reach out on a consistent basis in a variety of ways.  Utilize email, phone, mail and in-person marketing strategies to stay top of mind with your group.  Offer information and resources so they come to regard you as an expert.  The goal with all your marketing should be to remind them of who you are and how you can help their business.

Over time you’ll find that this core group becomes the backbone of your business and their continual stream of referrals helps you to reach your goals.

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Jim Dobier  - Owner/General Manager     |2011-01-03 08:16:45 Well written article! Thank you!

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