8 Dynamite Ways to Get More Mortgage Referral Sources

February 13, 2015

Referrals refer to those clients who have been advised to do business with the mortgage agent by a third party. A client may be referred to him or her by a financial planner, a Real Estate saleperson, an insurance agent, a past client, or whoever has come into contact with the mortgage agent in the past. This type of business tends to be the least difficult to complete, since the client is acting on the advice of someone who is typically a friend of his or hers. The relationship that client has with the mortgage referral sources prevents the usual apprehension that potential clients have with new sales people.

Tips for Obtaining Mortgage Referral Sources

  1. Do the people you deal with know you need referrals? Many people who know you will think you are so successful that you do not need any referrals. Ensure that they realize you need every one and treat them all with the professionalism they have grown to know and expect from you.
  2. Do your referrers know the quickest and easiest route to get their referral to you? Provide your referrers with a simple referral form that they can email or fax to you. It only needs some basic information, such as who the client is, their contact information and what they need.
  3. Thank-you letters: ensure that you always send a thank-you letter to your referral source, whether the referral turns into a client or not.
  4. Update your database with the referral information.
  5. Contact the potential customer as soon as possible.
  6. Guarantee confidentiality to all parties.
  7. Send a thank-you gift when the financing is completed.
  8. Invite your mortgage referral sources to company parties to show your appreciation

Mortgage brokering in Ontario is regulated by the Financial Services Commission of Ontario (FSCO) and requires a license.  To obtain a license you must first pass an accredited course.  The Real Estate and Mortgage Institute of Canada Inc. (REMIC) is accredited by FSCO to provide the course.  For more information please visit us at www.remic.ca/getlicensed or call us at 877-447-3642.

Bonus Tip! – Getting family and friends’ mortgages

Doing the mortgage of a family member or friend can be difficult for new and experienced agents alike. Family and friends tend not to want to let you see their credit, and may not be comfortable with the thought of you knowing their private business. But don’t worry, because you can still get their business! I suggest finding a highly successful agent or broker in your brokerage. Partner with him or her to do the mortgages for your family and friends. Now you can tell your family and friends that you’ve become a licensed agent and think that they should use your colleague to do their next mortgage!  Just be sure that your colleague pays you a nice referral fee.   

Check out our infographic below for additional tips:


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