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.

Outlines

00:00

📈 Enhancing Real Estate Partnerships

In this section, Frank Ray, the host of the Mortgage Loan Officer podcast and a representative of Mortgage Marketing Animals, discusses the importance of providing value to real estate agents to stand out and foster effective partnerships. He emphasizes the significance of offering something unique that makes real estate agents eager to work with mortgage loan officers. Frank shares his inspiration from the live Loan Officer Breakfast Club, a free coaching platform that offers valuable insights and has positively impacted many of its participants. He encourages joining the Loan Officer Breakfast Club and its Facebook group for networking and learning opportunities, highlighting the community's growth and engagement.

05:00

🔄 Navigating Professional Relationships

This paragraph delves into the challenges and strategies of building relationships with real estate agents. Frank narrates a scenario involving a loan officer named Lenny, who struggles to convert his consistent follow-ups with a real estate agent into business opportunities. Despite Lenny's persistent efforts and friendly interactions over 17 weeks, the anticipated referrals from the agent do not materialize, leading to Lenny questioning his approach. The discussion explores the balance between maintaining professional persistence and the risk of falling into a 'friend zone' without achieving business objectives. Frank underscores the importance of direct communication and seeking clarity on the potential for business collaboration.

10:01

🌟 Proposing Value Through Referrals

Frank introduces the concept of the Real-Time Referral Program, a strategic approach to generating mutual referrals between loan officers and real estate agents. He explains that the most significant value a loan officer can offer to an agent is a referral, not just leads. The program emphasizes a systematic method for loan officers to ask their clients for referrals throughout the mortgage process, thereby increasing the likelihood of reciprocating value to the real estate agent. Frank argues that this method not only strengthens professional relationships but also positions loan officers as valuable partners who contribute to the agent's success.

15:03

🚀 Leveraging the Real-Time Referral Program

In this final section, Frank elaborates on the benefits and workings of the Real-Time Referral Program. He advocates for a proactive, consistent approach to seeking referrals from clients, which in turn can be passed on to real estate agents, fostering a cycle of mutual benefit. Frank stresses the importance of this program as a key differentiator and a tangible value proposition for loan officers when engaging with real estate agents. He concludes by inviting listeners to explore more about Mortgage Marketing Animals and the various resources they offer, emphasizing the affordability and value of their services in enhancing mortgage loan officers' capabilities and business growth.

Keywords

💡real estate agent

The video focuses on building relationships with real estate agents in order to get buyer referrals. Real estate agents are valuable partners because they often interact with buyers first before they connect with a loan officer. The presenter stresses the importance of providing value to real estate agents, such as through the real-time referral program.

💡item of value

A key theme of the video is offering real estate agents an 'item of value' that distinguishes the loan officer and incentives the agent to send referrals. The presenter states this is what will make agents enthusiastically want to work together.

💡referral

Getting buyer referrals from real estate agents is the loan officer's ultimate goal emphasized throughout the video. Referrals indicate real business opportunities compared to less valuable internet leads.

💡real-time referral program

The video introduces a systematic approach called the real-time referral program for getting referrals from buyers and looping those back to the referring real estate agent. This represents real value for agents.

💡friend zone

The presenter suggests that overly casual rapport with agents can lead to landing in the 'friend zone' where asking directly for referrals becomes awkward. Maintaining professionalism is key.

💡career agent

The video recommends focusing efforts on established, productive 'career agents' rather than new or struggling agents. Career agents have viable buyer referrals to offer loan officers.

💡methodical

When describing the real-time referral program, the presenter stresses the importance of having a methodical system in place for continually asking buyers for referrals to pass back to the agent.

💡value

The concept of value comes up throughout when discussing incentives for agents. Value for agents means providing services, systems, and opportunities that benefit their business, not monetary kickbacks.

💡consistency

In the real-time referral program, regularly and consistently asking buyers for referrals is emphasized as critical for making it reliable and effective.

💡$132 a day

The presenter concludes by framing the cost for loan officers to work with his mortgage marketing company as only $132 a day. This emphasises value and affordability.

Highlights

The loan officer breakfast club provides free coaching and high value to loan officers

Focusing on career-minded real estate agents who already have business can be an efficient use of time

Consistently following up and asking agents directly for business is key to avoiding the friend zone

Having a systematic process for asking buyers for referrals is critical for getting referral business

The real-time referral program provides value to agents by reciprocating referrals

Buyers often find real estate agents first since they start by looking at homes

Asking buyers for referrals during the transaction is most effective

Most agents don't ask for referrals throughout the process so this provides value

The real-time referral program can help loan officers partner with productive agents

The real-time referral program is part of the mortgage marketing animals system

Mortgage marketing animals provides support, strategy and culture for $323/day

The real-time referral program resonates with career-minded agents

Executing the real-time referral program systematically is critical

The program helps move away from buying Zillow leads

Go to daily success plan to learn more about mortgage marketing animals

Transcripts

the item of value yeah that's the big

one I want to get with real estate

agents good real estate agents but I

need like a item of value something sets

me apart makes me different unique

unusual

special makes them think yeah I want to

work with that guy or gal for sure

that's what we're going to talk about

here today on the mortgage loan officer

podcast so let's go ahead and get

started here I'm your host Frank Ray

happy to be here and we're brought to

you by the mortgage marketing animals I

was inspired to do this podcast today

because on our live loan officer

Breakfast Club uh program that we have

if you're not doing that I really

recommend you do um it's every Monday

through Thursday 8:30 a.m. to 9:00 am.

eastern time it's a live 30 minute Zoom

call absolutely free and we go over a

lot of great stuff it's free coaching

it's what it is it's amazing the people

that join us

there you know tell us all the time how

much value they get out of it and how to

change their lives we hear it literally

every day I I not kidding I had a guy

call me just the other weekend about a

week ago it was on a Saturday called me

just he just wanted to say hey Frank

just want let you know that I super

appreciate everything you're doing and

just thanks that's it I was like wow

that was really kind of you that was it

so it's really really cool go to Lone

officer breakfast club.com to register

and uh and you can join there too it'll

send you the the ongoing Zoom links for

every Monday through Thursday 8:30 a.m.

to 9:00 a.m. eastern time anyway want to

think we do on loone officer breakfast

clubs we have something we call

christen's christen's Corner where our

marketing animal uh um one of our

marketing animal uh superheroes over

there Kristen Simpson goes through the

lone officer Breakfast Club Facebook

group there's another thing you should

you should probably join the lone

officer Breakfast Club Facebook group

it's free there's like 18,000 of us in

there right now um well by the way on

the live calls at breakfast club on the

zoom itself we'll have about 400 or so

and then we'll have about another 150

watching on our couple of our Facebook

groups that we stream to it's about 500

about 5 600 people a day average that

would just be average a lot more um that

are on Breakfast Club and uh in in the

Facebook group for breakfast club we

have over 18,000 Originators that signed

up there have joined there when you join

there we have to get an nmls number and

make sure you're actually a loan officer

so it's all loan officers that are in

there and at any rate uh superhero

Kristen goes through the Facebook group

quite often and just looks to see what

people are talking about in there A lot

of times people ask questions and hey

this happened or that happened how would

you handle this how would you H handle

that she came across a post where a

gentleman named

Lenny uh said that hey I've got this

real estate agent who is a you know he's

what we call a qualified agent in

marketing animals in other words he does

plenty of buyer business so he's worthy

of reaching out to and trying to to

build a relationship with because he has

business right we we believe in working

with agents that have business um

nothing wrong with newbies and struggle

bunnies that are trying to make it in

the in the industry totally get that but

uh we found that if we can focus our

energies on agents that are already you

know the career-minded agents or the

career agents that have already kind of

went through that struggle bunny process

and come out the other end as being a

you know producing agent you know it's

just kind of a timesaver to work with

those agents and they're absolutely

accessible and you can absolutely you

know get their business there's a way to

do that but that's what we're going to

talk about today so well kind of is but

so anyway he said he had this agent that

he was working with who was very kind to

him had a meeting with him and he was in

his 12-week follow-up process where you

know the way we do it is we do follow

after we have a meeting with a with a

producing agent that went well uh we

follow up once a week for 12 weeks check

in you know and see if we can help him

with anything and he said this

particular agent he had followed up for

17 weeks more than 12 because he always

answered and he was always kind and you

know and and so Lenny's question was and

he did note in there he says you

know something to the effect of he was

kind of falling into the friend zone a

little bit and really wasn't maybe

really asking for the business so

pointedly as he should so but he was

asking for suggestions what should I do

should I continue to follow

up you know should I not um or should I

just or should I be more direct in

asking for the business and you know

very genuine good question to to ask

about the

situation so uh and there was a lot of

responses you know and there were you

know both directions you know people

were saying yeah continue to follow up

be more direct and others were saying

nah move on find somebody else who's

gonna fit better with you or whatever um

so oh I forgot to tell you too and in

Lenny's post he said he did make a call

on I think it was week 17 and it was

like one of the first times it ever went

to voicemail but on that voicemail he

says Hey I just don't think maybe we're

a good fit so I wish you all the best

and you know maybe our paths will cross

down the road something like that then

he was having remorse over that you know

like should I have done that what should

I do here so at any rate where I wanted

to go with this is is here uh a couple

things I

think you know in my and this is just my

opinion so you know whatever it's worth

it ain't worth nothing right but uh I I

think that you know I think Lenny might

have found himself a little bit in that

friend zone you know where he might not

have been uh really just you know we

teach at the end of that phone call and

that update you know that Monday touch

base call you know you're saying hey is

there anybody I can help you with this

week right is there any pre-approvals I

can help you with this week anybody

working with if they say no we're we're

bold enough to say that's no problem man

hey can do me a favor can I count on you

for the next one and you know if you do

this for Mar several weeks in a row at

some point you know a real estate agent

if you're you know touching Basse and

you're checking in and making sure

everything you know seeing how their

weekend went that kind of thing and

asking for the business and if you ask

for it in this particular way you know

at some point when they have the the the

chance to refer somebody out they're

going to think of you they're GNA say

you know I have promised Frank you know

so I do have this person I need to get

pre-approved I'm going to call Frank it

it happens it does so so you know I

think maybe um Lenny in this case might

have found himself a little bit in the

friend zone because he was having

conversations and it can get a little

you know sometimes we might think well

maybe I might feel weird about always

asking him for the business you know now

we're kind of Pals right so we're just

having pal

conversations so I think that may have

been happening but what I and oh and the

other point too in his in his post was

is that he did you know over that 17

weeks he was keeping track of this uh

agent through you know whatever Source

MMI or whatever and noticing that he was

closing buyer transactions and and with

what loan officer and so he knew it was

happening he knew there was business out

there and he was getting he it just

wasn't coming to Lenny and so I think

one of the one of the best ways that we

can help with this is is by

understanding exactly what we call our

real-time referral program is and making

sure that we properly communicate what

it is how it works um and so that the

real estate agent can understand ah H

there's a benefit here uh to working

with Frank or Lenny or you who who was

listening uh because they have this

really cool real-time referral program

and I understand how it works and it

makes total sense to me so yeah there's

a benefit for me to you know not a

monetary benefit or anything like that

but uh so it's not a respa thing it's

just the benefit is real simple is just

that you know in the realtime referral

program we have a way of making sure

that we follow up with with any buyers

that we're working with and we and we

genuinely have a very methodical way of

asking them if they know anybody that we

can help right and by asking

appropriately and consistency

consistently we wind up picking

referrals up from you know a referral

that we receive from an agent so an

agent referred us somebody we appreciate

it we thank them there's no money

anywhere we and then when we get that

referral we we do business with them

we're asking that referral on a

consistent method in a consistent

methodical way if they know anybody that

we can help and when we find someone if

that that that buyer says yeah I do

actually have someone my friend or my

cousin my brother my work associate or

whatever and when we pick up that

referral now we're in a position to

reciprocate and let that agent know hey

remember these people you referred to me

well they've referred me and you this

other person so here's this other

person's name and number and the reason

that that came about is because we on

our end as the

originator were you know have a system

in in which we F and which we follow

consistently and methodically where we

actually ask for it you know throughout

the whole process throughout the whole

process and we find that it you know

typically results in getting getting a

referral out of you know we're working

with a referral with a with a deal we we

do our due diligence to try and get one

out of them to refer back to our agent

partner um and even if we don't you know

and they wind up in the past client

database well then we continue to do so

with them as well when they're in the

past client database but they're always

connected to that referral partner in

our minds so that when we do get a

referral from them we can hand them back

so that's the real-time referral program

so so in my opinion um and I don't know

if Lenny had a grasp on the real-time

referral program or clearly conveyed it

to the referral partner and how it

worked or anything like that but I would

say when it comes to you know having an

item of value I just don't think there's

anything more valuable to a real estate

agent than a referral right not a lead

not a bot lead we can all do that all

day long and Chase internet leads which

I'm not a fan of but when it comes

to when it comes to um handing someone

over to a real estate agent a referred

person uh there's nothing better than

that you guys know that I mean that's

how I don't we all feel that way when

when a real estate agent calls us up and

says hey I have this person I've already

spoke spoken to them their wherever they

came from maybe they referral from

somebody else or whatever the case may

be but their the legitimate conversation

that I had with a person who wants to

work with me and wants to get

pre-approved I would like to refer them

to you to see if you can help them with

the loan we always would much prefer

that over anything else and it goes the

same way with them as well right 100%

they would much rather have a referral

who wouldn't right but in order for us

to get referrals we have to ask for them

and we have to have a methodical

systematic way of doing it we have to

make sure that we do it in a consistent

way and that's what our realtime

referral program is all about at

mortgage marketing animals doesn't cost

any money nobody's paying anybody

anything nobody's charging anybody

anything there's no monetary value

there's no presence or gifts or anything

like that it's just you know what it is

it's just doing good business and it's

just being uh it's just being a wise

salesperson and making sure we ask if

there's a referral that we can help

somebody you know if if anybody knows

anybody that we can help them with um so

that you know we we wind up getting a

referral that we can reciprocate back to

our agent it's just the same thing they

do for us there's nothing wrong with

that that's perfectly legal for for real

estate agent to refer a deal to a loan

officer what's illegal is that loan

officer giving him a bottle of whiskey

or you know paying giving some sort of

monetary you know whatever for that and

uh but you know having the kindness to

refer um a buyer or seller back to a

real estate agent is certainly okay um

so at any rate yeah I I just wanted to U

make sure that all of you guys knew that

there is such a thing as the real-time

referral program and and there is a

systematic methodical way to make sure

that you're doing it properly and and it

does work it works very very well and

it's when you can present this to a

referral partner it makes all the

difference in the world this is the this

is a great value item when you get that

this is real famous reaction from you

know a real estate

agent when you're loan officer seeing if

you can meet with them or get to know

them you know maybe start to you know

enter into a a relationship with them

where they might be able to refer you

some

people oftentimes you'll get the old

well I tell you what I'll send you a um

a referral when you send me a

pre-approved buyer first right you send

me a pre-approved person first very

classic response

right um and I tell you man if we're

going to be really honest between us and

the real estate agent which is the way

that I break it down with them I said if

we're going to be really honest I think

it I think we all understand that you

know when buyers are making their intent

known that they want to buy a home they

start looking at homes first they they

just do they you know even if they're

talking to a friend hey I think I'm

going to buy a home right they've

probably already searching for homes

okay they've already been scouring for

you know the excitement is in the home

not in the

loan and so what winds up happening is

is because they're excited about the

home uh they just tend to not all the

time but a vast majority of the time

home buers wind up in the lap of the

real estate agent before they wind up in

the lap of the loan officer it's just

the way it is because people aren't you

know people it's easy when you're

thinking about buying a home you start

looking at homes right and if you start

looking at homes you can easily go oh I

want more information on that next thing

you know they're talking to a real

estate agent the real estate agent has

them in their hands right it's just the

nature of the Beast right people don't

think well we be looking for home I'm

not going to look at only homes until I

know what I can buy they just it just

doesn't work that way you start looking

at homes now you start seeing well

what's out there how much are they let

me get my you know and that's when they

wind up you know winding up in the hands

of a real estate agent first so my angle

on it has always been here's the deal I

mean these buyers they they just tend to

find their way to you first right they

find their way to you first it's just

how it

is and you do a lot of work and a lot of

marketing and make a lot of effort to be

that one that they find first right and

so you're doing your job and finding

that interested person that's what you

do and you're great at it and that's why

they wind up in your lap

right but what I do is on the back end

if if if you're so kind as to refer

someone to me to get them pre-approved

right what I do on the back end once I

have them in my system is is I'm very

dedicated to methodically and

consistently and

professionally

unobtrusively asking them for a referral

throughout the entire process from the

very first phone call to the very last

right I have a method it's called my

realtime referral program where I'm

continually seeing if they know anybody

that needs you know is looking to buy

sell buy or sell or refinance right

that's what I do so I do that job for

the both of us Mr or Mrs Realtors like

you know I'm doing that part because if

you ask a real estate agent hey you know

as well as I do the best time to ask

somebody if they know anybody else who's

looking to buy or sell is while they're

in the process of buying or selling

because theyve got their all things real

estate radar blaring and they're talking

to everybody about it they're having

convers ation with everybody about it so

they know that they totally understand

that and if you ask them when's the best

time to ask for the business from a from

a client while they're in the process of

buying or selling or after they would

always say well the best time is while

they're in the process because they're

thinking about it they're talking to

other people and that's where they're

going to find other people right but

most real estate agents won't do it I

would say 99% 99 out of 100 it's just a

guess I'm pulling that right out of the

air but I'll bet you 99 out of 100 real

estate agents do not ask through the

process they don't they wait till the

very end and even then half the time

they miss that right so if they know

they've got you in their pocket and if

they know that you've made the

commitment to make sure you ask through

the entire process then they know okay

I've got a real team member here these

buyers are going to wind up in my lap

but I know when they get over to Frank

right that if there's a chance of us

finding another referral in there Frank

will probably find it and then we'll be

working on something else so it becomes

a real team thing it becomes you know a

real honest

item of value a real honest item of

value so I would just say if this

interests you or and if you get it if

you if the lights went on for you you go

oh this makes so much sense but if you

want to learn more like what is that

process what is that methodic systematic

process right of this real-time referral

program then you just you just got to go

to daily suuccess plan.com and schedule

a time with the team uh it's daily

success plan.com just go there put in a

little info push the schedule button

somebody give you a call get you on the

calendar and we'll walk you through it

we'll walk you through it and everything

else that we offer at marketing animals

you know mortgage marketing animals has

so much to offer this is just one little

sliver of it do you know mortgage

marketing animals only cost $323 a day

$323 a

day I know the old cliche you can't if

you stop having star Starbucks I'm not

going to tell you stop having Starbucks

because I love my Starbucks right don't

stop having your Starbucks but it does

make the point it's like it's pretty

inexpensive and it's money that we

liberally spend on many many other

things every other day that do nothing

for us as far as generating referral

business um so for only $132 a day you

become part of a great team an

incredible culture um a a wealth of

support and strategy and just gosh it's

so good and the realtime referral part

program is certainly part of all of this

and so I would just say go to Daily

Success plan.com when you can if you're

driving in the car try to remember that

daily suuccess

plan.com get home jump on the computer

grab a time at the main office learn

what we got going on and join us $13.22

a day ain't nothing but what you get out

of it remarkable amazing so I'll let you

go today uh that's all I wanted to talk

about I just want to make sure you knew

that it was there it's available it's a

wonderful wonderful value item and by

the way this helps for you know those

whole you're going to buy my Zillow

leads with me you know it moves us out

of that world right it really does um it

puts us into a different place and hey

this might not be bright for every agent

but I tell you what in my experience the

career agents that got business going on

who don't spend any money on zel Le

because they don't need

to those agents this the realtime

referral program this fits them

this makes sense to them they're like I

like that let's do that and you can meet

these agents get to know them and start

to get business from them then you got

to make sure you execute the plan right

you got to make sure you do you can't

fail them on that um so anyway go to

daily suuccess plan.com daily suuccess

plan.com we'll take care of you there

and join us at loan officer breakfast

club.com as well and I'll get out of

here I'll shut my mouth and let you guys

get back to what you're doing you have a

great one and I'll catch up with you

here next week on the mortgage loan

officer podcast brought to you by the

mortgage marketing animals we'll see you

later

bye-bye