Mortgage professionals and Realtors® have a real need to work together to improve opportunities for themselves and each other. Notice I used the word “opportunities” and not the word “leads” or “referrals”. I think too much time is spent looking for referrals and not near enough time spent getting in front of opportunities that can then work into becoming a lead or a referral. In the world of success made simple, we have to always look to make things as simple as possible while tracking toward the result we all want, closed transactions.
We have many conversations about the relationship between mortgage professionals and Realtors®, today I wanted to share a strategy that has been working really well for mortgage professionals to improve their relationships with Realtors®, as well as establish new introductions and potentially new relationships. I call this program “Breakfast with Benefits®”. It is a very simple strategy that can quickly help loan originators provide their current Realtor® relationships with real value and open the door to new relationships.
The basic premise is for the loan originator to work in conjunction with either a Title Company representative or local closing attorney to provide a monthly informational breakfast for specific invited Realtors®. Notice the word “invited”. This isn’t meant to be a huge gathering. This is meant to be a small group of ten or twelve invited guests to share breakfast and provide that group with specific valuable information by a professional guest like and underwriter, appraiser, attorney, home inspector, or insurance professional. Any related professional that can provide information and answer questions will work just fine.
In working with my clients, we have found that a smaller group works better and helps keep it controllable. Setting it up as a breakfast gets it done first thing in the morning so people don’t get wrapped up in their day and then miss the event. Breakfast is often less expensive than lunch or dinner so you reduce costs. Many restaurants would welcome a group like this and may provide a special location and price for you if you do it on a regular basis. Besides, even at $10 a person it is still a cost effective way for you and your Title rep or attorney to meet and speak to a good number of people and establish yourselves as experts.
Getting started is pretty straightforward:
• Find a Title rep or closing attorney to partner with.
• Create a list of days to have the breakfasts. Avoid holidays and other events.
• Find the location to have it, you may select multiple locations and rotate them so it makes it easier for people to attend from different parts of your area.
• Create a list of targeted attendees. Each of you can select five or six to invite at a time. Don’t invite all the same people each time.
• Only schedule one per month per location or area.
• Create a list of experts to speak and get them scheduled so you can promote it.
• At the first breakfast, ask the agents for other topics they would like covered.
• As you notice increased interest, ask that person to invite a “friend” to come with them and introduce them to the group.
• Be sure you RSVP and confirm so you are sure you have people coming.
• This is a nice breakfast meeting with a short 10-minute presentation by an expert and then let it to flow into questions and general conversation.
Building and maintaining quality relationships is the cornerstone of a successful mortgage practice. You can’t just hope your way into a steady referral based business; you have to work with all of your referral partners to help each other generate new opportunities. Working with you Title Company and/or closing attorneys to select the people you want to build a relationship with helps both of you provide value to those you know, and get in front of some you don’t!
“Breakfast with Benefits®” is a simple way to start the day by providing value and opportunities for those you currently work with, and to open the door to people you would like to work with in the future.