Here at QuickLinkt, we often get asked how businesses can successfully design and implement referral programs. So, we decided to start a series of blog posts that highlight how we’re seeing businesses be successful. First up – Mortgage Brokers.
Mortgage brokers and agents have been quick to adopt referral programs and implement an automated tracking solution. Looking at the industry, it’s no wonder that referrals are essential to any agent’s success: most new home buyers rely on friends and family to guide their home purchase process, trust is paramount when choosing a mortgage broker and since people work closely with their broker – they’re more likely to refer. Better yet, there’s lots of people looking for the best mortgage rates since 88% of US home buyers finance their purchase.
Here at QuickLinkt we’re seeing most brokerages let each lending agent run their own referral program. This allows agents to customize their terms, integrate with their social media profiles and personal websites, and communicate directly with clients. While brokers can choose whether or not to give rewards, we’re commonly seeing agents offer a Visa Gift Card to past clients for each successful referral. While the reward isn’t necessary,* it’s a nice way to say thank you and stay top-of-mind after the sale closes.
We’re also seeing agents use QuickLinkt to manage referrals from their professional network. For example, a real estate agent having an open house can send referrals to brokers using the QuickLinkt Smartphone App. This allows mortgage brokers to get a jump start on pre-approval, and real estate agents to quickly start searching for properties in the right price point. Each time the mortgage broker/agent updates the mortgage process (ie. conditional approval, pre-approved, etc.) the real estate agent is automatically notified, making it easy to keep contacts in the loop.
Mortgage brokers and agents are also realizing just how easy it is to drive referrals. We’ve heard from brokers that most of their clients are young, first-time buyers. These clients greatly appreciative a broker’s help – since getting a mortgage doesn’t come easily – and therefore are much more likely to refer. Better yet, because they’re digital natives they’re happy to send referrals through their Smartphone or a company’s Facebook page. They also have a large network of connections in the same demographic that will soon be looking to buy their first home, so they have plenty of potential referrals.
While each brokerage can use QuickLinkt to specify the referral program that’s right for them, these are just some of the ways we’re seeing mortgage brokers and agents be successful. And since it only takes 5 minutes to get started, mortgage brokers and agents can easily launch their program. What successful marketing tools have you seen for mortgage brokers?
*Remember to check if offering referral rewards is allowed in your jurisdiction