Today, I want to talk about a crucial strategy in our business: keeping the bench full. Think about a football team. They can’t rely solely on their starters; they need a deep bench of skilled players ready to step in at any moment. The same principle applies to our referral partners.
Even if you have a solid group of 10, 15, or even 20 great referral partners, you can’t get complacent. Here’s why:
- Uncertainty: Referral partners might move to a different state, retire, or change their focus. Their circumstances can change, affecting your pipeline.
- Business Variability: Some partners may dwindle in their business over time, becoming less aggressive and successful than they once were. This can directly impact your volume of referrals.
- Relationship Dynamics: Relationships can evolve. A partner might decide they no longer want to work with you for various reasons.
To ensure your pipeline stays robust and healthy, you must continuously bring new referral partners into the mix. In our coaching program, we do this by consistently prospecting for new partners using a systematic approach.
Keeping the Bench Full:
- Qualified Agents Lists: We start by creating and updating lists of qualified agents. For us, a qualified agent is one who has closed at least eight buy-side transactions in the past 12 months. These lists are crucial for targeting agents who are actively producing business.
- Consistent Calling: With our lists in hand, we make regular calls to set up appointments with these agents. The goal is to introduce ourselves and start building a relationship.
- FROG Method: During these appointments, we use the FROG method—Family, Recreation, Occupation, and Goals. This approach helps us get to know the agents personally and professionally, laying the foundation for a strong partnership.
- 12-Week Follow-Up: After the initial meeting, we stay in touch with these agents over a 12-week period. This consistent follow-up helps us build trust and begin to generate business from these new partners.
By following this disciplined approach, we ensure that we are always adding new players to our bench and keeping our pipeline full. This proactive strategy prevents us from becoming complacent and ensures long-term success.
PS: To learn more about how we can help you grow your business, visit DailySuccessPlan.com. Don’t forget to join our free live Zoom coaching calls every Monday to Friday from 8:30 AM to 9:00 AM ET at LoanOfficerBreakfastClub.com. Also, register for our upcoming Loan Officer Boot Camp on July 18-19, 2024, by visiting MastermindRetreats.com.