How One Client Turned Into 72 Closed Transactions

By
Real Estate Mortgage Broker with Cognicorp Mortgage Banking Advisory
We always hear about building a 100% referral based business. While I don't think very many can claim 100% of their business is referral based, I know numerous superstar mortgage and real estate professionals who's business is in fact at least 90 to 95% referral.

The Best Time To Get A Referral

What do people talk about with their friends when they're buying a new car? About new cars! Better yet, what do people talk about when they are buying a new house or refinancing a mortgage? That's right...houses and mortgages.

More importantly, when they talk about mortgages, are your customers talking about YOU?

Your goal as a salesperson is to maximize your referral business. To do that, you MUST make the process systematic and so easy that every client working with you will recommend their both family and friends exclusively TO YOU.

Yet, most mortgage and real estate professionals don't live on referrals - WHY NOT?

I've found they are either embarrassed or they get so busy with the transaction details during the mortgage process they never get around to asking!

How I Turned One Transaction Into 72 Closed Loans

Yes, you read that correctly...72 closed loans.

It all started with taking the application and consistently asking for referrals throughout the loan process and loan management period after the loan closed. In fact, from the time I took the loan application and the loan closed, my client referred six other family, friends and neighbors (they all closed). Long story short, within the next four years I closed 72 loans that stemmed from the original six referrals provided me by my client....talking about a referral tree with a lot of branches!

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Tags:
marketing general
marketing past clients
mortgage origination
personal improvement
sales skills
sales tools
time management

Comments 51 New Comment

Anonymous
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Rainmaker
181,973
Irina Netchaev
Pasadena CA Real Estate
Pasadena Views Real Estate Team, Inc.

Congratulations!  That's quite a referral tree.  Most of my business is by referral and I strive for that with each and every client.  My goal is to provide an experience so AWESOME that the clients will refer their friends, family and coworkers to me.

Good going!!!

June 02, 2007 05:48 PM
Rainer
47,758
Tony Gallegos
Cognicorp Mortgage Banking Advisory

J.R. - You are serving a perfect niche in that while they may need a band-aid loan today, once you council your borrowers during the loan management phase, you can follow-up and place them in a prime loan later. A perfect niche that can grow many branches.

Matthew - Fantastic, another smart marketer with a well defined niche...thanks for reading!

Doreen - Hope you find value in future posts

Kevin - Happy you found value

Joan - Very true...

Jennifer - I wonder if you tied all the referrals back, what your referral tree would look like?

Ryan - It absolutely hit the head on the nail. While it can seem awkward (at first) asking for referrals, it's still a MUCH easier, enjoyable and more profitable way of getting business.

Carolin - Thanks so much....appreciated.

Robert - You are very welcome...glad you found it interesting.

Maurice - That's AWESOME Maurice!!!!!

Irina - Sounds like you are a networking and referral based business person. It's the only way to go.

June 02, 2007 06:24 PM
Rainer
128,714
David A. Podgursky
PA
Boynton Beach & Lake Worth Florida Real Estate Broker Associ

that's a great example of how it is supposed to be done!

 

June 03, 2007 10:37 AM
Rainer
47,758
Tony Gallegos
Cognicorp Mortgage Banking Advisory
David - Thanks and you are so right!
June 03, 2007 12:22 PM
Rainer
1,185
Corry Green
*Private* due to Top 5 National Lender Status
Great Post!
October 25, 2007 01:28 PM
Anonymous
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Rainer
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Tony Gallegos

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