Building profitable referral networks

Get the inside track on building the referral network that could be your difference maker as a mortgage broker.

A thriving career as a mortgage broker hinges on various factors, with one crucial step being establishing a robust referral network. Referral networks are collaborative ecosystems comprising individuals and organisations from related industries, working to promote each other's skills and businesses. For a mortgage broker, your network could include accountants, financial planners, real estate agents, and lawyers. These networks allow for seamless client referrals, ultimately benefiting all parties involved.

When should I build a referral network?

Building a referral network should be on your radar from the outset of your career as a mortgage broker. However, it's equally important for established brokers to continually nurture their networks. The most successful brokers dedicate time to recruit new referrers while maintaining strong relationships with existing ones.

How should I start my referral relationship?

When you are securing potential referrers, there are several considerations to start your referral relationships off on the right foot:

• Establish trust: Clients and referrers need to have faith in your services because taking out a mortgage is one of the biggest financial commitments most people make.
• Demonstrate your value: Highlight what sets you apart from your competitors and what value you can offer as a referral partner.
• Transparent communication: Temember that communication is the cornerstone of any successful relationship and a referral network is no different!

What do referral partners look for?

While some referral partners may require specific expertise to complement their businesses, generally referral partners are typically looking for: 

• Trustworthiness: If a partner is handing over their client, they need to trust you will treat them well and get them a great deal. 
• Proof: After the referral, there is no better way to prove your value than a happy customer. Share that positive review with the referrer and it won’t be the last lead you receive. 
• Efficient systems: Referrers want it to be easy to make a referral and be kept up to date with how the referral is progressing.
• Add value: Be clear about how the partnership can add value to the referrer’s business and complement their sales process. 
• Reciprocating referrals: Can you provide referral in return for receiving them? This exchange will help prove that you’re serious about this being a mutually beneficial partnership.

Looking for more insights on how to build your referral network?

It’s no exaggeration to say the quality and depth of your referral network could be the difference between success and failure in the industry. Create waves in a sea of brokers by downloading our guide to building profitable referral networks.