Many of us have heard of the old tried and true sales rule, “ABC – Always Be Closing”. For many years, and even to this day that strategy will work for many of those in our industry. As long as you are working the internet or leads lists, the old “ABC” strategy will provide results. However, if you are working referrals from professional referral partners, the old “ABC” strategy may cause issues with the client and the referral partner. You see, professional referrals are different from those other sources of opportunity. Professional referrals are a matter of trust and expertise! Trying to “close” a professional referral can feel an awful lot like pressure to the customer.
One of the things I have taught my clients about professional referrals is that they are very different than a lead; they are as different as night and day. You are referred by a professional to be a professional. To look at the specific situation and make a determination of what are the best options for that client so they can make an informed choice. I call it “The Lincoln Strategy” or “ABE”
Professionals deal in information, education, and options. Being a resource to those things for other professionals is the very reason other professionals want and need a mortgage professional in their lives; someone familiar with how to understand a specific situation and provide the best possible solutions to that client’s specific challenges.
The ability to educate and be a resource can help create opportunities and value to the customer and the referral partner. Important information like how rising interest rates are being pushed by a record setting stock market, the reduction on MBS purchases by the Federal Reserve, and a weaker dollar are a trend to be aware of, especially as the amount of MBS purchase reductions are due to go all the way to twenty billion dollars by October of this year!
Using video to share information like this, as well as other important strategies can be a very effective way to pass along information and provide value for your referral partners. Sharing video via email and text message, as well as through YouTube® and other social media outlets also allow for exposure and exponential reach of your expertise! These videos can also be combined with more than one strategy to present a series of opportunities and options for you and your referral partners to attract and service clients!
So use “The Lincoln Strategy” and Always Be Educating your clients, referral partners, and community by providing strategies, options, information, and execution. This exceptional value will attract the best of the best in your community and help you build a truly exceptional mortgage practice.
Questions or comments: Mike@IMTcoaching.com
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