How visibility leads to loan referrals
Online marketing is great. So are reverse mortgage leads if you can get them. However, there’s no substitute for being seen and known by local area professionals to drive more potential borrowers to you!
Visibility= Credibility. The more you’re seen the more people trust you. Familiarity makes those around us more receptive to hearing what we have to say, but most importantly it fosters trust and professional credibility. This familiarity instills confidence in area professionals to refer potential borrowers, as they feel more comfortable doing business with someone they know and recognize.
A wellspring of referrals. Well-connected professionals pride themselves on being a one-stop resource for their clients. They accomplish this by recommending services to a small network of trusted and known professionals in several fields. Who do they trust for reverse mortgages? Do they know who you are and what you do? More importantly, are you actively building relationships in your community by participating in community events, joining local groups, or volunteering?
What you’re building is a reputation by courting the attention of area professionals. To stand out you first must be known. Make yourself an indispensable asset for a fraction of their clients and you’ll be the hero they trust and respect.
One key in building these relationships is to emphasize the benefits they’ll reap by referring potential borrowers. it could be fewer frustrated clients, the ability to keep more money under management, or a means to make a home sale possible with a HECM-for-Purchase. Appealing to the professional’s self-interest is the best path. In his book The 48 Laws of Power, Robert Greene writes, “If you need to turn to an ally for help, do not bother to remind him of your past assistance or good needs. Instead, uncover something in your request or in your alliance with him, that will benefit him. He will respond enthusiastically when he sees something to be gained for himself.”
The latest digital marketing strategy or technological efficiency is no substitute for building a strong local presence. By building trust, receiving referrals, forming collaborations, gaining market insights, and accessing support and mentorship, you position your business for sustainable growth within your community. So, invest time and effort in networking events, community involvement, and fostering relationships with local professionals. After all, no one wants to be the invisible man or woman.
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1 Comment
During the third quarter of fiscal 2023, just 6.676 HECMs were endorsed. That is a annual rate of 26,304 endorsements. Where were those unseen originators during December 2022 through February 2023 when the case numbers related to these endorsements being assigned?
I have been reading recently that demand for reverse mortgages has never been higher. Yet 14 years ago HECM endorsements alone were over 114,000 (fiscal year 2009). That was following two fiscal years when HECM endorsements were over 100,000 in each year. So is the industry making realistic assessments of where it is at? (That is another discussion.) The hidden originator was no different in fiscal years 2007-2009 than now.
For the individual originator, Shannon’s advice is sound. Yet not all of the industry is afflicted by this habit and so the question remains as ALWAYS, how do we grow the industry?