As the highly volatile market starts to steady out in 2023, it is clear that we have moved into a purchase market. Lenders who want to survive this fluctuation need to look to referral partners as a symbiotic relationship in this competitive landscape. What makes a great referral partner, and how can Total Expert help bridge the gap so you can work efficiently all through 2023? Let’s dig into those questions.
The Makings of a Great Referral Partner
Like any great loan officer, your potential referral partner – realtor, financial advisor, home builder, etc. – is likely a salesperson at heart. This means they’re open to a pitch. In such a competitive market, showing a potential partner your value is number one, but standing out can be difficult. Now is the time to tap on your leadership to help build credibility when pitching. Being willing to bend over backward and provide support however you can – before a deal is on the table – will have referral partners reaching out when they do have an opportunity.
In a market like this, a referral partner needs up-to-date intelligence that is distilled tactically by an expert – their loan officer partner. Looking beyond what the markets are saying today and outlining options for the future will ensure your partnership is working proactively. Your referral partner will be loyal as long as you can provide meaning to the market.
At the end of the day, a great referral partner is a student of the market – not the headlines. Now is the time to be a little scrappy. Loan officers who work on relationship-building now will see it paying dividends throughout 2023. Showing you care more about market education and being an asset versus simply an order taker is key to building a great foundation for a long-term partnership.
Filling in the Gaps
Standing out and making connections with referral partners in such a crowded landscape is difficult to do on your own. Having the right tools and technology on hand, such as Total Expert, will help fill in the gaps to make your hard work go the distance. Using tech to work more efficiently will, in turn, free up time to create a seamless and enjoyable experience for both their customers and your referral partners – a win-win across the board.
Access to professional marketing tools and support is essential to recruiting new referral partners and customers. Covering all channels –including print, social, and “in-the-field” – reinforces your presence in the community. Total Expert’s option to easily co-brand materials once you have secured a referral partner is a strategic way to align your partnership publicly.
Because you can’t be monitoring market fluctuations all day, having technology that can deliver crucial customer insights will highlight the value you provide to your referral partner. Total Expert can help flag timely customer data so you and your referral partner can strategize on how to best serve past customers. Loan officers who educate both referral partners and customers will stand out in the competitive purchase market through 2023 and beyond. For more strategies and insight into winning the buyers’ market in 2023, watch Total Expert’s Reinforcing Referral Partnerships webinar.
