Above all, they want to know how a broker will complement their business.
While some referral partners – for example Agri Consultants – may require specific expertise, generally referral partners are looking for:
- A trusted partner: 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.
- Simple systems & processes: Referrers want it to be easy to make a referral, and they want to be kept up to date with how the referral is progressing.
- Adding value: Be clear about how the partnership can add value to the referrer’s business and complement their sales process.
- Reciprocating referrals: Can you give a referral to receive a referral? If you can cross-promote a trusted partner to your network, it proves to that referrer you’re serious about this being a mutually beneficial partnership.
Choosing a referral partner
Different referral partners can add different value to your business, depending on your particular area of expertise.
For example, the value of a potential referrer will be different for residential and commercial mortgage brokers, or those who specialise in agribusiness.
Real estate agents and builders are a natural fit for a residential broker’s referral network, as the processes each follow for a property transaction rely on one another. Mutual referrals from real estate agents and builders can mean more business for everyone and a happy client receiving the best value.
Financial services can also provide value to a broker. An accountant or financial advisor has regular meetings with their clients and, where possible, tries to save them money. If a client is considering changing lenders, an accountant or financial advisor who can refer to a trusted broker will find value for their client while providing value for your business.
Conducting a referrer background check
Just as referrers are likely to do their homework on your business before agreeing to a partnership, you should also do your due diligence on potential new referrers.
Wanting to find out professions to target as new referrals for your business?
Then why not download our comprehensive referral guide! It will give you all the inside knowledge to build profitable referral networks that could make a real difference for your business.