If you want a long and successful career as a mortgage broker, one important step is to build a referral network.
What is a referral network?
A referral network is a group of individuals or organisations in related industries working together to promote one another’s skills and businesses.
A mortgage broker, for example, might build a referral network of accountants, financial planners, real estate agents and solicitors. When a person is interested in buying a property, a real estate agent can provide value by referring their client to a reputable mortgage broker, who could then refer the client to a solicitor to finalise the deal.
When to build a referral network?
You should start thinking about building a lead referral network as soon as you start your career as a mortgage broker, but it’s also something more established brokers should focus on.
The brokers with the best networks often allocate time to work on recruiting new referrers and to check in with existing ones.
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