How to Get Agents with the Real Time Referral Program

Summary

In this episode of the Mortgage Loan Officer Podcast, host Frank Ray, sponsored by Mortgage Marketing Animals, discusses the importance of offering unique value to real estate agents to stand out and secure more business. Frank shares insights from the Loan Officer Breakfast Club, emphasizing the power of the real-time referral program as a key differentiator. He highlights the program's methodical approach to generating referrals by consistently asking clients for leads throughout the loan process, offering a significant advantage in partnering with agents. Frank encourages listeners to join the Loan Officer Breakfast Club for free coaching and to explore Mortgage Marketing Animals' resources for as low as $13.22 a day, promising a wealth of support, strategy, and a vibrant community.

Takeaways

• 😊 The speaker hosts a free 30-minute daily Zoom call for loan officers to receive coaching and connect with each other
• 📝 He recommends focusing marketing efforts on established, career-minded real estate agents who have ongoing business
• 🚦 It's important for loan officers to avoid falling into the "friend zone" with agents and consistently ask for referrals
• 💡 Having a systematic process for asking buyers for referrals (the real-time referral program) is very valuable for agents
• 🤝 The referral program facilitates reciprocity - loan officers can refer buyers back to the agent who initially referred them
• 🎯 Buyers often find real estate agents first when looking to purchase, so agents appreciate reciprocity
• 📋 Consistently asking buyers for referrals throughout the process via the referral program can yield results
• ☝️ Presenting the real-time referral program as an item of value helps build relationships with agents
• 💰 The speaker's mortgage marketing program costs $323/day, which can easily generate referral business
• 🤔 The referral program resonates most with established agents who don't rely on internet leads

Q & A

What is the Lone Officer Breakfast Club and what value does it provide?

The Lone Officer Breakfast Club is a free 30 minute Zoom call held Monday-Thursday from 8:30-9am ET. It provides free coaching and strategy for loan officers, with around 500 people participating daily on average.

What is a 'qualified agent' when it comes to real estate agents?

A 'qualified agent' refers to an agent that does plenty of buyer business, is career-minded, and has moved past the 'struggle bunny' stage. They are worthy of outreach efforts to build a relationship.

What is the 'friend zone' and how can loan officers avoid it with agents?

The 'friend zone' refers to just having friendly chit-chat with an agent without directly asking for business. To avoid it, loan officers should clearly convey their value proposition like the real-time referral program.

What is the real-time referral program?

The real-time referral program is a systematic process where the loan officer asks buyers they are working with if they can refer others through the process. This generates referrals to send back to the referring real estate agent.

Why do most buyers connect with real estate agents before loan officers?

Buyers tend to find real estate agents first because they start by browsing homes online out of excitement. Connecting with an agent to learn more is an easy next step.

What is the best time to ask clients for referrals?

The best time is while they are in the process of buying/selling. This is when their real estate radar is heightened and they are having related conversations with others.

Why don't most real estate agents ask their clients for referrals systematically?

Most real estate agents don't have a methodical process for this. 99% will just ask at the end of a transaction instead of continually through the buying/selling process.

How can becoming part of Mortgage Marketing Animals benefit loan officers?

For $323/day loan officers gain access to support, strategies, and programs like the real-time referral system. This can greatly increase referral business.

What types of real estate agents respond best to the real-time referral program?

The most responsive agents are typically career-focused agents actively doing deals. The credibility of the systematic follow-up process appeals to professionals.

Why is it important to properly execute the real-time referral program?

Committing to methodical and consistent follow-up is key so agents gain confidence placing their buyer referrals. Reliability strengthens the mutually beneficial relationship.