Ask The Expert: When Promised Referrals Don’t Materialize
Rachel from Missouri asks: "I have had several meetings with real estate agents, and they all promised me business, but they never refer anyone. I am following

Rachel from Missouri asks: “I have had several meetings with real estate agents, and they all promised me business, but they never refer anyone. I am following up with them diligently by email and by phone. Do you know what could be the problem?” 

Dave Hershman

Dave: It is always difficult for me to analyze a particular situation without knowing more about the meetings… what was said and who are the actors involved? For example, I don’t know how you met these agents. Are they personal referrals or cold calls?

However, since you asked me what “could” be the problem, I will set out a few possibilities.

  • The agent has no business to refer. I don’t know if you are researching the agents ahead of time to make sure you don’t waste your time with those who are not doing any business. This research is obviously extremely critical.
  • They are telling you one thing, but mean another thing. It is easier for them to say, “sure I will send you something” as opposed to “I would never send you a deal.” People don’t like to deliver bad news and if that statement satisfies you, then they are off the hook. If they can get rid of you that easily, they will try that route.
  • Your follow up is not good “enough.” Perhaps the timing is not right. Even though you say that you are following up diligently, there may be something wrong with the follow-up script, timing or system. Every situation is different in this regard, and that is one of the challenges of sales.

Regardless of the reason, I can give some advice regarding meetings with realtors–the right way to set up a meeting and what to say. Let’s move to the best ways to get a positive response.

First, how are you setting up the meetings? Are these cold calls in which the agents have agreed to meet with you? Or are these agents who are meeting with you because of a personal referral from someone you both know or for another reason?

What is an example of another reason an agent might agree to meet with you? Let’s say they were the listing agent on a deal in which you financed the buyer. Perhaps you did such a great job of keeping the listing agent informed, they agreed to meet with you. You can see how this situation, or a personal referral, is likely to put you in a position where the agent is more likely to seriously consider your proposals. Positioning is a key to this process and I will write more about this in an upcoming column.

Dave Hershman is Senior VP of Sales of Weichert Financial and the top author in the mortgage industry. Dave has published seven books, as well as hundreds of articles and is the founder of the OriginationPro Marketing System and Mortgage School – the online choice for expert mortgage learning and marketing content. His site is www.OriginationPro.com and he can be reached at dave@hershmangroup.com.


Source: themortgageleader.com