5 Tips to Find the Best Referral Business for You
The right tool can help you do any job more efficiently. If a referral business is an essential tool in providing a steady stream of leads to your mortgage company, it’s important to choose that company wisely. But how? What’s the proper way to assess your options? Consider these five tips to help you find the best fit for your situation.
1. Do Basic Company Research
Start by reviewing all available information on a prospective referral business. Everything from their Better Business Bureau rating to social media output to customer review sites will give you insight on how the company does business and whether they produce generally satisfied customers.
Compare what you find to the company’s website or advertising information. Do their claims match their results? Beware such red flags as unusually low prices or unsustainable claims (like guaranteed closure on all leads).
2. Examine Details on Leads and Techniques
Once a lead provider passes the initial criteria, it’s time for an in-depth evaluation of what you are paying for – quality leads. Where do their leads come from? How unique are the leads? Will they allow you to target leads effectively using specialized filters, or will you have to pick promising leads out of a flood of useless information? Do they offer a return policy, and are the terms reasonable?
3. Assess Value
Nobody wants to spend more money than required for any product or service, but make sure you evaluate lead referral services on a value basis rather than cost. For example, if you require exclusivity of leads, how much extra are you being charged for the privilege? Refer back to your basic company research to see if other customers found that the quality of leads merited the extra expense.
One good way to gauge potential value is to be direct – ask the referral business how they expect to provide value to your company. Their answer will not only give you insight into how they measure value, it can also assist with our final piece of advice.
4. Let’s Do It Live!
Does the business offer live transfer mortgage leads? You want to talk to your potential customer when they’re ready to conduct business. The bad news is that your competition wants them then, too. But if the mortgage lead has been live transferred to you, he’s not talking to your competitors. The deal is yours to close.
5. Focus on a Match for Your Business
It’s relatively easy to identify a mismatch in price level or risk/reward – if you can’t afford a premium service, there’s no point in focusing on a company whose expertise lies in that area.
However, you need to feel comfortable that your referral company completely understands your needs and requirements. Communicate your expectations fully. If the feedback you receive gives you pause, trust your instincts and look elsewhere.
Take the time to research several companies for comparison and make an informed choice, because working with a poor referral business is like panning for gold with your hands. You still may get lucky and find a nugget every now and then, but it will take more work and your overall odds of success are greatly diminished. Call (310) 209-8600 to see why so many businesses rely on LeadPoint.