Every once in awhile I stand back to evaluate. What are my main referral sources? Who could be new referral sources? And how can I get them to become referral sources? A few posts ago, I started to refer to Reverse Mortgages and how that will soon become a pillar of my business. Today, was my regular road day to Canaan, Vermont, and to Colebrook, New Hampshire. This trip is during a fairly slow period in the mortgage business around our area. So, I decided to Follow the Other Hand today.
The first thing I did was to stop into some town clerk offices. They hear the brunt of the complaints around tax time. Especially from senior citizens being taxed out of their homes. So, I decided to mention the Reverse Mortgage to the town clerks and promised some brochures on my next trip. The fear is that the one stable thing in seniors' lives--their home--is in danger of disappearing out of necessity, rather than out of desire. And if the town clerks know of a local option, why not use it?
Now, you might think that Realtors would be disinterested. But most know someone in that situation and if they can keep someone in a home by referring rather than listing, then they might receive even more referrals as a result. The ones I spoke to today certainly fell into that camp.
Of course, our rivals, the Bankers can be some of the best referral sources. Many small banks do not want to offer the Reverse Mortgage because of the servicing aspect or perhaps the stigma of the early ones with 10 year terms. But, they certainly would prefer to refer their customers to someone they know and trust. [My first application was from a banker. And most of my leads are from bankers.] And for those portfolio loans, you certainly want to have a referral source. And if the bankers get an occasional referral from you, then you will be high on the list of referrals from them.
My road trip also included a visit to an insurance agent in Colebrook. Certainly at renewal time, they hear from seniors unable to keep up with premium increases. What better way for them to retain a client than to let them know of a way they can keep their home? The insurance agents aren't just people who delay in sending you binders for closing, you know. And, usually, the delays are not caused by them. Isn't retaining an existing client easier than developing a new one? If it is for you, it is for the insurance agent.
So, there you have it. 4 new referral sources. And there are plenty more. Just think of when you drop off your tax paperwork to your accountant...