Part II: I gave a lead to a real estate agent I am trying to get some business from. He closed the deal, but never sent me any business. He is friendly on the phone, but says he does not have anything for me. I can't understand what I did wrong here. Any ideas?
--Todd from New Mexico
Last week we pointed out that such leads can lead to new relationships with referral sources, but also serve to reward existing referral relationships. This week we will continue with the original objective – to use the referral to break in with a new agent. Typically, when a loan officer offers a referral but does not get anything in return, the biggest issues are likely two-fold. One, they have chosen the wrong agent to refer business to. Secondly, they have not made the terms of the referral clear.
Basically, if you choose the wrong agent, you have no chance of getting anything in return. I have to ask you this question – did you choose an agent you want to do business with, or an agent that wants to or is open to doing business with you? What types of agents might not be able to send you business? Perhaps they have no business to refer because they are not a productive agent. Perhaps there is relationship interference, which means that they are committed to doing business with someone else. Or they are unethical, which means they said that they are open and will return the favor, but they have no intention of doing so.
Even if the agent is productive and open, they still might not be the right agent to refer this business to. For example, are they in position to deliver great service to your referral? Perhaps this type of business does not align with their expertise. Or, perhaps they don't do business the way you do business, which means you two are not a good match. They might not be technologically savvy, while your business is built around technology. Looking at these possibilities, there are many reasons why the agent might be the wrong agent and you must do your due diligence research to make sure you put yourself in a position for success. Next week in the last segment, we will focus upon the business "deal" part of the equation.
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at firstname.lastname@example.org.