BNI: My First Referral That Became A Client

By
Real Estate Sales Representative with Tara Colquitt, The Credit Woman, LLC

Well, a seed I have sown has finally shown some financial life. 

BNI (Business Network International) is a referral based network organization. There are a couple of blogs about it in the Rain if you would like more information or Google it. Great concept. 

I joined in February and have received a few referrals, but Tuesday was my first client. And it wasn't an easy sale.

The scenario: Client was in the middle of a refi of his pool hall. Mid-score 638. Everything was fine until an old and PAID utility bill appeared on his report. Concurrently, the criteria for his loan changed from a minimum of 640 to 680. The loan is dead. 

I was referred to him by one of my mortgage contacts. I reviewed his report, explained what my product can do and he seemed ready to start. Just needed to think about it. Next day I called and he had spoken to another mortgage broker who promised he could raise his scores in 48 hours. Okay. Go for it. It wasn't going to cost him a thing. Just time. And honestly, I don't know everything. Maybe it would work.

Well, you know the end of the story. I called the client 72 hours later. Left a message. Weekend. Called Monday. Left a message. Tuesday. Client called me twice. Missed the first call and picked up the second before I had retrieved my messages. Yeah, the broker totally changed his story saying there were issues with the LTV. The client was definitely ready and willing to bow to the inevitable. There isn't any magical way to dispute items on your credit report. It takes time. There isn't a guarantee since the disputes are based on law, but I can warranty through my company that we will do our job (110% refund if we don't).

He will be calling me back with a couple of referrals.

BNI works. Being honest, ethical and professional works. Do your best and don't badger the client: That works too.
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Groups:
Early Risers.
Nothing but the Positive
BNI Networking Group
Tags:
tara colquitt
credit
credit restoration
credit repair
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Ambassador
1,706,597
George Souto
Your Connecticut Mortgage Expert
George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut
Tara I look forward to your call.  The best number to contact me on is my Cell Phone (860) 573-1308.  I will be in a meeting up until 10:30 AM tomorrow, but you can reach me any time after that or the rest of the week.
May 04, 2008 08:30 PM
Rainer
23,098
Mark Reusch
A Major Inspection Service & Consulting
I am so glad for you. BNI is a great group I joined mine 2 years ago. I did a research of my own on it's worth to me and just a little FYI on this a lot of people say a group like that is not worth all the time I would have to spend working it. Well I ran my numbers and they are low estimates and I know some memebrs make a lot more money per referral than I do as my business fees are lower than some of the people in my group such as attorneys etc. but my dolars earned per hour spent on BNI broke down to $75.00 per hour. I can accept that as a good ROI. Couldn't most of us?
May 07, 2008 09:34 PM
Rainmaker
270,395
Ross Quintana
Spokane Washington Real Estate - 509-362-1966
TQ Real Estate Coaching

Spokane Washington Real Estate Expert Yeah making that first real connection is key when it comes to leads. Thanks for the post and the association.

May 16, 2008 04:40 PM
Rainmaker
334,081
Debbie Malone
From Lynchburg To The Lake (434) 546-0369
RE/MAX 1st Olympic

Tara, I've only been in BNI since September but I've closed on one deal, have a listing I'm expecting an offer on tomorrow and have two clients I'm working with- all from BNI referrals. When you figure the cost for joining for two years is about the same as two Sunday ads, WELL worth it! Thanks for sharing your success story.

May 16, 2008 10:21 PM
Rainer
7,478
aaa aaaaa

Tara, I have been a loan officer for the last 6 year and i was a realtor for 3 years before that. I recently saw the program money merge account by United first financial and i felt very opassionate by what they do and i joined them as an agent. They help home owners to pay off their mortgage in a fraction of time and in turn we make excellent commission helping them. In this market when it is getting difficult to do mortgages, this is an excellent way to go back to our past clients and help them them pay off the mortgage and in turn get paid. this is a multi level marketing company. please visit my website for details www.rafeeqahmed.com thanks

October 30, 2008 12:50 AM
Anonymous
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Rainer
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Tara Colquitt

Credit Counselor
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Additional Information

I will be writing about credit and the changes in the industry. Also, since I have extensive experience in real estate as an investor, I may write about this topic also.