February 7, 2017 | By RGR Marketing Blog

Are You Finding Enough Success in the Mortgage Industry?

Obviously, your goal in the mortgage industry is to sell mortgages, but to sell a lot of mortgages, you need a constant stream of viable leads. And one of the best places to get those leads is through developing new business partners.

Just one new Realtor who can send you four or five loans a year can make a dramatic improvement when it comes to your bottom line. Now just imagine instead that you’ve got five of those Realtors in your pocket, along with CPAs, commercial bankers and other industry professionals who can help you grow your business.

The possibilities should already be coming into focus.

The truth is, if you locate a home buyer who needs a loan, that’s all you’ve got – just one home buyer. Sure, that home buyer might refer his friends to you if he has a good experience, but who knows when and if that buyer will ever have a friend who is looking to finance a new home purchase?

When you make a new partner out of another industry professional, you make a relationship that could lead to untold amounts of new business, not to mention the other various benefits having people in related industries on your side can bring. Here’s how to find and cultivate new partners when you’re in the mortgage business.

How to Develop New Business Partners for Your Mortgage Business

Today, the digital world makes it much easier to develop new business partners. Creating a presence for your mortgage business on sites like Facebook, LinkedIn, and even Instagram is a great way to get started. Create your profile/pages, then explore the networks to find people you would like to partner with, and start following them. Be sure to create useful content for your social media pages and website so that those partners will have an excuse to follow you back. You can also use sites like LinkedIn to reach out to a potentially useful or sympathetic business partner directly.

Another key way to develop business partners is to join member organizations in your industry like the Mortgage Bankers Association or the Community Mortgage Lenders of America. These organizations help you expand your reach and can provide useful perks that you can use in your business or pass on to your customers, like important trainings or reduced fees for working with certain businesses.

Whatever method you use to find potential new business partners, when it comes to actually turning them into new business partners, you need more than just a willingness to work with them. You need to show them that you add value to the relationship, too.

New business partners aren’t going to join forces with you just because you want them to; they have to see what’s in it for them. You can prove this value by providing them directly with some service that is useful to them, or more commonly, by connecting them to someone else who can be of use to them.

Cultivating New Mortgage Business Partners

Once you have found and developed your new business relationship, it’s important that you work hard to keep it thriving. If your business relationship becomes a one-way street, your great new partner will quickly catch on and dump you.

It doesn’t necessarily have to be a one for one, tit for tat situation, but you should always be thinking of ways to provide value for your business partners, especially the ones who are providing a lot of value for you.

No One Can Operate Successfully on Their Own

Today’s mortgage industry professionals cannot operate in a vacuum. While you’re trying to do everything yourself, your competitors are out there, grabbing every advantage they can get their hands on – and that includes useful business partners. So make sure you stay at the top of the game by finding, developing, and keeping useful new business partners whenever you can.

And if you’re ready to cultivate a new partner who can keep your sales team busy, it’s time to reach out and connect with RGR Marketing. Looking to buy high quality mortgage leads to maintain a full pipeline? Get in touch today – we’re ready to partner with you, with the best leads in the industry.

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