I’m going to show you the 2 reasons why most LOs don’t ask for referrals, and then How To Fix It… read on…
Most loan officers rarely, clearly and specifically, ask for referrals, or as some say it, “ask for the business”. (which is costing them a true fortune by not doing it)
There’s two reasons they don’t ask for referrals…
First, most people think that asking clients for more business is begging. And it makes them appear weak or that they can’t get business on your own.
(Most of the time, this is being taught by somebody that’s trying to sell something that you very likely don’t need, or by somebody that has never actually been a successful loan officer themself)
But here’s the thing…
Rather than looking at referrals as a favor, that Realtors, past clients, and friends do for you…
Understand that the ONLY reason people refer is because it makes THEM feel good about themselves!
They want to feel like an insider. They want to feel like a trusted advisor to their friends… and raise their status in the herd.
Remember this: Referrals are never about you. They’re about the person who is doing the referring.
And the second reason why most loan officers don’t ask for referrals is…
They don’t understand that all referrals happen as a result of a conversation.
And in order for that referral to take place, three things need to happen…
Number one. Your client has to notice the conversation is about whatever it is that you do. In our case, helping people with their mortgages, buying homes, and / or debt consolidation.
Number two. Your client needs to think about you.
And number three… they have to introduce you to the person they’re in conversation with.
Now, don’t get me wrong. Referrals do happen spontaneously all the time. The problem is, you don’t have control over what happens next.
Think about it. How often do you meet somebody and they say, “Oh yeah, I tell everybody about you…” or, “Hey, did Bob call you? He was looking for a mortgage and I told him to contact you…”
How often do these things happen to you but people never show up at your door?
The reality is, for every referral that you do get, there’s probably five or seven more that never happen…
And therefore, once you understand WHY referrals happen, and HOW they happen… then it becomes all about engineering situations where they can happen more often.
Look at it this way: At the end of the day, orchestrating referrals is all about creating opportunities where…
You make people feel good about themselves.
The more referrals they give you, the more they feel good about themselves.
It’s actually a byproduct that you happen to get more closings, thus more $$$.
A friend of mine, Dean Jackson, helped me out with this years ago, and I’m just paying it forward by sharing these words of wisdom to you now.
So go out there and help as many people feel good about themselves as you possibly can. It’s the right thing to do and it’s very, very profitable without having to buy yet another shiny whistle.
It’s your turn now ☺
If you want some help with scripting, let me know.
I got your back!
Oh, and can I count on you to forward this email to 3 of your friends that are also LO’s? <ppssst, I just asked for a referral from you ☺ >
Your homie,
Carl White
