The Correct Mindset For Approaching Referral Partners

03/10/24 • 26 min

Almost all mortgage brokers approach referral partners wrong.
Meeting for coffees and lunches... promising the world, the best rates, the best service, to help with even the trickiest deals... offering a share of commissions to win them over... to be “given a chance” to prove themselves.
Like a needy kid sucking up to their parents, begging for an ice cream. It’s not a good interaction. It’s annoying and cringe-worthy. No wonder most parents say “No” to the ice cream.
Most referral partners say “No” to brokers. You probably don’t even realise it’s a “No” because they won’t directly say it. Instead they will meet up, play along, string you along, make excuses and not follow through, sending no referrals. Sound familiar?
In this episode of Mortgage Broker Acceleration, you’ll learn why this is a mindset and positioning problem, including the wrong and right mindset to approach (and win) referral partners. Essentially you have to do the exact opposite of what you’re currently doing.
Accelerate Faster

You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!

You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!

Previous Episode

Referral Partner "Friendzone": How To Avoid Or Escape

If you have referral partners but they are not sending you direct referrals every single week... then sorry to say you have been “friendzoned”.
This is bad. You are not here to make friends.
You are a broker and in business to make money by helping people and writing loans. To achieve this you need people to talk to, people to help, people who need a loan.
If your so-called referral partners aren’t sending you referrals every week... then you are literally wasting your time, energy and money.
The reality is if you are currently in this situation, it’s 100% your fault. The good news is you 100% have the ability to fix it.
In this episode of Mortgage Broker Acceleration, you’ll learn how to escape the referral partner “friendzone”... and even better... avoid it from the start. If you want to know how to forge fun and fruitful referral relationships, this is for you.
Accelerate Faster

You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!

Next Episode

Should I Share Commissions With Partners?

Should you share commissions with your referral partners?
The short answer is... it depends.
More importantly, and the thing most brokers get wrong, is that the default starting position... should always be a hard and fast “No”.
Unfortunately, most brokers default to offering a share of commission in order to win partnerships, which is a big mistake, and leads to an array of future problems.
In this episode of Mortgage Broker Acceleration, you’ll learn the important things to consider when it comes to sharing commissions; when to do it, when not to do it, how to do it, and how to deal with partners who ask.
Accelerate Faster

You can visit Broker Ideas Group to learn more about us, access special events and download useful resources designed exclusively for mortgage brokers.
Want to work with James, Ash and the BIG team to grow your mortgage business faster? Our Growth Coach team can help you. Let's talk!