In 2022, 34% of my business came from Financial Planners.
Even though Realtors are our #1 referral source, it’s important to diversify your referral network…
And there are only so many Realtors you can rely on.
Introducing your Circle of Influence (COI).
It’s a group or network of individuals who have significant
influence over their audience or community, outside of Realtors.
Specifically for Loan Officers, I’m referencing Financial Advisors, Family Law Attorneys, Estate Planners, Entrepreneurs, etc…
And they’re such an excellent referral group for you to cultivate unrepresented buyers to refer out to your best Realtors…
…not to mention, it breaks the monotony of pursuing Realtors all the time.
You can meet these professionals if you start looking for them by simply asking your family, friends and clients.
Or you can “cold” meet them at business events, chamber of commerces, or professional networking groups (i.e. BNI).
The key, however, is how you crush your first 1:1 meeting with these new potential referral partners.
Keep in mind that most people have ZERO skills with networking professionally.
But not you after reading this.
Once you’ve set the initial 30-60 minute meeting with your new potential influencer (preferably on Zoom first), use my framework to guide you:
Here it is (I’ve included a download link of this at the end):
- PRE-CALL Stalksome text
- Google Search
- LinkedIn (See his/her connections)
- Prepare your "Ask" (be purposeful)
- ACTUAL CALLsome text
- "Time Box" after exchanging some initial pleasantries:some text
- "It's a pleasure to meet you, and I'm excited for our time together. Are you good until [time]?"
- *Always state time zones, it's professional and shows you are connected nationally.
- TRIANGLE OF TRUSTsome text
- “A "triangle of trust" is a concept that quickly establishes trust in interpersonal relationships, so reference the original connector or introducer:some text
- “How do you know [the person that introduced you to the influencer]?
- “How did you hear about [the event you met at]?
- DISCOVERY AND QUALIFIER QUESTIONSsome text
- Ask the following questions sequentially and conversationally, and write down the answers on the back of this page, or type them out in your CRM contemporaneously, but be sure to inform your prospect that you are actively taking notes (especially if on a Zoom) as a sign of respect.some text
- “Tell me a little bit about you personally.” (Where do you live?” “Where did you grow up?”, etc)
- “Nice! Tell me a bit about your business...”
- “What’s your focus?”
- “Describe an ideal client...”
- “What typically happens during your first client meeting...”
- “Who and/or where do you generate most of your business from?”
- “How many clients and prospective clients do you meet with on a weekly basis?”
- “Tell me a bit about your circle of influence, what type of professionals refers you the most business or has the best potential to refer you to the most business?”
- “Tell me a bit about the last client you referred out. What type of business professional was the introduction made to?”
- “How specifically can I help you right now besides looking for opportunities to connect you with your prospects and referral partners?"
- ASK FOR WHAT YOU WANTsome text
- Life does not reward the vague. In most cases, the other person will ask you questions about how to help you, but in rare cases, they might not. Regardless, here’s how to ask for what you want:some text
- “I’ve enjoyed learning about you [name], do you mind if I share a little bit about my business?
- “I specialize in...”
- “My ideal client is....”
- “My ideal referral partner is...”
- “When you recognize someone in your network needs residential real estate advice or services, such as a Realtor or Lender, who do you recommend? some text
- Reference my “Stop referring me with two other lenders!” email a few weeks back.
- TO SCHEDULE OR NOT TO SCHEDULE? THAT IS THE QUESTION:some text
- If you don’t see a great opportunity to collaborate with this person:some text
- “[Name], it was great speaking with you, I took a lot of great notes and will send a LinkedIn connection to you so we can stay visible to each other. I will absolutely keep you in mind for introductions to your ideal client and/or influencer. Let’s keep in touch.”
- If you do feel this person will be a great connection:some text
- “[Name], I’m very happy to connect with you today and know we can do great things together based on our initial conversation today. I want to learn more about you and would be up to meeting in person, would you be up for that? Cool! Let me throw out a couple of dates and times to you and tell me what works for you to have coffee or lunch..."
- POST PHONE CALL:some text
- Connect on LinkedIn (and/or Facebook and Instagram)
- Send Gratitude Message
- Thank the Introducer (if applicable)
- Initiate Forever Follow Up
A simple process, but not an easy effort. It IS a start on your new journey to become a professional COI networker, though.
And if you follow this framework every time (and tweak as needed), your COI will expand.
You got this, just cross the starting line.
Here are your action steps for today:
- Go out there and start taking names of who could potentially be in your Circle of Influence.
- Start scheduling those qualifying phone calls with your curated list.
- Download the above framework HERE and always have it handy during those calls.
Whenever you’re ready, here’s how I can help you!
- Book a call to speak with one of our advisors about joining the Growth Only Community.
- Join our Facebook group for Top Producing Modern Loan Officers.
- Connect with me on social!
