Often, brokers will put too much emphasis on one area of their business, while forgetting to plant seeds by forging relationships in other areas or segments.
A prime example is Realtor referrals. While they can be a wonderful source of business, if you rely on only a few Realtor relationships to send you business every month, you may be in for a disappointment. If the purchase market turns and sales drop, or they start doing more listings on the buy-side, you would need to look to alternatives to grow your business.
When starting a new relationship with a Realtor, you want to build a strong personal foundation for a lasting rapport, which means not focusing on the immediate need, calling daily to ask where your leads are. During the ‘courting’ process, it is beneficial to show them you are busy and successful with or without their referrals.
By building the proper lead structure, you should effectively only require one to two deals a month from each segment of your referral business, so as to take the pressure and stress off of yourself and your referral partners. For example, if two of your five solid Realtor relationships are slow one month, you should still have three other Realtors sending deals your way to meet your needs in that particular segment. The same concept can be applied to your personal network, including social media.
Many new mortgage professionals will say they don’t find social media to be an effective tool for lead generation. It is my belief that the problem lies in the approach. Social media is not a one-time, quick fix for mortgage leads; and a month’s worth of tweets and posts will likely not affect your business. In order to be successful, social media has to be part of your daily routine, consistently updating your social sites with news and education over an extended period of time.
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