Unlocking the Power of Referrals: How 78% of Top Loan Originators Build Their Business
When it comes to success in the mortgage industry, referrals are the secret sauce. A staggering 78% of top-producing loan originators, those in the top 1% of the field, get the majority of their business from referrals. Not from social media, their database, consumer direct marketing, or buying leads—referrals are the key.
But here’s the thing: When we think about referrals, we often default to thinking about real estate agent referrals. While these are indeed a significant part of our business, they’re not the only source. If you want to build a thriving, referral-based business, you need to start thinking outside the box.
Thinking Beyond Real Estate Agents
When I was originating loans, my number one source of referrals wasn’t from a single real estate agent. It came from a BNI networking group. Now, BNI might not be everyone’s cup of tea, but it was a game-changer for me. The key takeaway here is that there are numerous networking groups and opportunities out there—you just need to find the ones that work for you.
Don’t limit yourself to just one avenue. Explore different opportunities to build relationships and get referrals. Maybe it's tapping into your sphere of influence, participating in community service, or getting involved with a non-profit organization. These activities not only allow you to give back but also help you connect with new people who could become valuable referral partners.
Building Relationships That Matter
At the end of the day, 78% of the business generated by top-producing loan officers comes from relationships and referrals. It’s not about chasing the latest marketing trend or pouring money into lead generation; it’s about building genuine, lasting relationships.
If you're serious about growing your business through referrals, focus on fostering strong, authentic connections. And remember, I’m here to help you along the way. If there’s anything I can do to support you in building a referral-based business, don’t hesitate to reach out. Together, we can unlock the power of referrals and take your business to the next level.