Building a Credit Repair Referral Network
You have your ducks in a row. You did your homework. You have a Facebook page, a website, a phone system, a CRM, credit card processing and all the necessities of running a modern service business. Why hasn’t someone showed up with a wheelbarrow full of money?
You need customers to make all that technology pay for itself.Here is one strategy I suggest to gain customers.
Start and grow a real estate referral network.
A referral network is only as good as the contributions of the members. You are the founding member of your referral network. You will need to bring something to the table to attract good referral partners. What do have to bring to the table? Knowledge, but most importantly you have the ability to bring qualified prospects to your referral partners. This is what your partners will really want because this is where the rubber hits the road and they get paid.
A real estate based referral network will consist of loan officers and real estate agents. Here is how to get it started.
Look around your local area and identify a few real estate agents/brokers and loan officers and go and visit them. Here is an example of what to say when you call for an appointment: Hello, this is (first name last name), I am working with some clients that want to buy a house in this area and I was wondering if I can meet with you Tuesday afternoon at 3:00 for about 15 minutes to go over their qualifications to see if they are ready to start looking for a house.
Do the same with at least two real estate agents and two loan officers. These visits have three purposes.
1. So you can be educated by local professionals as to their requirements for the clients that they want to serve. You will be their bird dog. Find out what kind of clients they want.
2. So you can meet and get to know potential referral partners. Work with people you like and people that like you.
3. To trade referrals. Give something, get something.
The leads that you get from your referral network will be the best leads because they will call you and say “so and so” referred me, They will have an expectation of a higher level of service – do not disappoint them! You will close 90% of these leads.
How can you get these referral partners to send you business? Give them business. Find customers for them. How? I thought you would never ask. It’s simple, log on to http://leads.mortgageleads.net and click where it says search. Then click where it says county search. Select your state, then your county and then click list.
You will then see a list that looks like this: (click for larger image)
Hi (NAME), this is (first name last name) I am responding to your online mortgage application that you submitted on (date). How are you today?(If the lead is old)- Were you able to get approved for a home mortgage loan yet? (if no) Why not?
(NAME) Let me go through your information I have here and fill in a few blanks to get started OK?
So you are looking to buy a house in the (CITY) area right?
Do you already have a house in mind?
Are you working with a real estate agent? (if not) (NAME) I work with lenders and real estate agents in (CITY) and I will help you get approved.
What is the purchase price or price range you are looking at? (Rule of thumb: Should be less than 3 to 4 times annual income.)
What is your annual income? Does that include a co borrower?
Have you saved at least 5% to put down? (FHA requires 3.5% and you will have some closing costs).
Do you know your credit score? (Most lenders want 640 or better)
Why is it so low?
What negative items do you have on your report?
(NAME) Your qualifications seem to be in order the only thing is that we have to get some of those items removed from your credit report. Do you want to know how it works? (sell your credit repair program).