Properly managed, your referral network can be your greatest asset. However, your referral partners are only as valuable as the relationships you maintain. Here are five common referral partner management mistakes to avoid in referral partner management.
1. Using the Wrong Partners
Not all referral partners are created equal. If youâ€™re not connecting to the â€œrightâ€ partners, you can miss out on referral opportunities that can build your business.
Focus on referral partners that align with your unique niche. If your lending practice offers programs for new home buyers, you might want to partner with local realtors. But if your specialty is refinancing, it might make more sense to partner with financial planners.
2. Not Communicating Your Unique Value Proposition
What makes your brand unique? Why might referral partners want to work with you? One of the most common mistakes lenders make is assuming that partners understand their business model. The more you can carve out a unique niche, the more local partners will want to work with you.
You might consider designing educational materials to communicate your vision and values to prospective partners. That way, youâ€™ll be better equipped to tell your story and invite others to partner with you.
3. Lacking a Clear Way to Submit Leads
Forging a relationship with a referral partner is great. But to maximize the value of this relationship, you need a clear way to submit borrower referrals.
Email is great, but that places the responsibility on your partners. Lenders can simplify the process with a customer relationship management platform. The best mortgage CRMs offer a partner portal that partners can access through a mobile app.ï¿½
Having an app empowers your partners to drop referrals into your borrower pipeline as they receive them. That can be perfect when your partners meet potential clients on the road or at a networking event.
4. Failing to Regularly Communicate
No relationship is truly permanent. Donâ€™t just assume that todayâ€™s partners will be there tomorrow.
Instead, make it a point to regularly communicate with your referral partners. Some CRM platforms offer referral partner management tools to make staying in touch with your partners easier. Facilitating communication will help you avoid friction in the partnership and keep the relationship positive.
5. Not Tracking Your Success Rate
How valuable is your referral network? The only way to answer this question is through hard data. A mortgage CRMâ€™s referral partner management tools can help you track the number of partners you have and the number of referrals they submit.
You can track this data to determine how valuable each referral partner is. Tracking data also lets you determine the best practices for your unique business and adjust your partner relationships accordingly.
Your Best Referral Partner Management Tools
A mortgage CRM enables you to manage your relationship with your customers and referral partners. The BNTouch platform offers a partner portal and other features for managing your partners and borrower pipeline. To see these features for yourself, contact BNTouch for a demo.