Pipeline or Pipe Dream? Building a Referral-Based Business

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The road to a larger pipeline — more business, more referrals and more money — is paved with hard work. This includes being friendly, looking out for your clients’ best interests and not your own, marketing constantly and always asking for referrals.
Think about when you got into the mortgage business. What did you know then versus what you know now? What did you do to get business then versus what you do now? Surprisingly, many originators struggle to answer these questions.
Below is a simple roadmap that you can follow to build your business one step at a time. It makes no difference whether you are a 20-year veteran or just a beginner: To build a bigger pipeline, you have to start with a plan and develop your knowledge.
Learn the ropes
First, you need to learn what makes a good loan — that is, how to put one together and get it successfully through your system. So, read your company’s guidelines. Know if your client fits within the box of the type of lender or loan you can work with. The more loans you work on, the more you’ll learn what can or can’t be done, and the better you will get.
Second, always look for ways to really help your clients. They may not be able to get exactly what they want, but if you can find some type of financing that will get them from where they are to where they want to be you will have a client for life. That’s what you are after: Clients who rave about you and would refer you anytime to anyone.
Can you help everyone today? No, of course not. Sometimes the best answer you can give your clients is to stick with what they have, even if it’s just for now. Guide them through the basics and show them that, if they do X they can get Y, and then the end of the road often becomes visible. Build trust by listening, empathizing and caring about those who are entrusting you with something nearly as important to them as their very lives.
Watch, listen and learn
In many businesses there’s an old adage that says: “The harder you work, the more you make.” In the mortgage business, however, a better adage would be: “The more people you help, the more you make.” It’s not about the money; it’s about having heart and empathy. It’s about helping others.
The money comes with it, of course, but the goal of our industry is to help people. Help your clients get into that house of their dreams. Help them refinance to save money or pay for college or get through that divorce. Find their story and help them get to the end of their road, wherever that may be.
The biggest key to success in the mortgage business — and in many others– is to answer every phone call and try to help your clients, if at all possible. If a loan has merit, work it and don’t take “no” for an answer. If you care more about the end result for your client than counting the dollars of your commission, you will be successful in this business for a long time.
To get clients through the maze we call lending, you’ll need the help of a great support team, time-management skills, reliable database management and constant contact with your team, your clients and your third-party service providers. Once you come out on the other side of that maze, you’ll have bonded with your clients and become friends. In this business, the more friends you have, the more successful you will be. You can ask friends for referrals because friends help friends.
Build a referral-based business
A referral-based business is worth the time it takes to build. Would you rather buy a list of anonymous names, cold call your way through some old database and spend days knocking on doors, or would you rather stay in touch with people you’ve helped and try to help their friends?
This may sound easy, but most people don’t keep good track of their clients. Why? Because it takes time, effort and work. If building a referral-based business were easy, everyone would do it. Along the way, you will fail, but failure leads to learning, and learning leads to success. You can become an expert in any field as long as you learn from your failures.
At the end of the road, you can open your e-mail in the mornings and already have clients waiting for you — referrals from past clients asking you to help them. That is how referral-based business works.
Turning your pipe dream into your pipeline takes knowledge of what you can and cannot do, good communication skills (watch, listen and learn), and the ability to turn clients into friends and friends into referrals. So, put together a good team, devise a plan and learn how to market yourself; soon you’ll be on the road to the pipeline of your dreams.

By: Karen Cimera, www.scotsmanguide.com

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Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

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