If you are a private lender, there are certain things you do that set you apart from people in other niches. One of the most important things private lenders do more than most other types of business owners is tons of networking. The most successful private lenders have that one aspect in common, they spend a lot of time networking.
Being part of a vast network of referral partners allows top lenders to maximize their opportunities and generate more business. But beyond that, top private lenders know that they need to do something different in order to stand out and differentiate themselves from the competition. Planning events with potential referral partners is one of the biggest keys to making that happen.
Of course, the most successful private lenders will tell you that this is not a simple task. Networking and setting up events offering opportunities to create new referrals don't just happen. It takes work. To help increase the odds of you as a lender becoming top-notch, the Rules of Thumb blog from MoneyThumb would like to offer the following 8 helpful tips you can use as a lender to plan an event with a referral partner.
- Invite your referral partner to meet for lunch--Referral partners could be real estate agents, financial planners, homeowners insurance agents – anyone who has a relationship with potential homeowners.
- Brainstorm ideas for a jointly hosted social event--Here are a few ideas:
- – Hold an open house
- – Show a movie at a local theater
- – Get moving at a gym
- – Rent out a bowling alley
- – Organize games at a volleyball court
- – Host a tasting session at a wine bar
- - Sample beer at a local brewery
- Approach Venue Owners--Explore potential costs for half-or full-day rentals. Venue owners will likely see your event as an opportunity to expose their businesses to new customers. Position your event as a win-win situation to help negotiate costs.
- Strategize with referral partners--Agree that you and your referral partner will each invite x number of people to the event, such as past clients, friends, or prospects.
- Invite local businesses--Entice local businesses with complementary or related interests to attend your event and showcase their services. For example, if you rent a yoga studio for the day, consider inviting a massage therapist or acupuncturist to set up a booth. The businesses will gain exposure, and the attendees at your event will gain knowledge of local products and services. At a minimum, offer “goodie bags” with coupons, samples, giveaways, etc.
- Require registration for the event--Capturing contact information like mailing addresses, phone numbers, and email addresses are important for future follow-ups. Be prepared to have attendees complete Release of Liability forms if your event is physical in nature.
- Plan a carnival-like setup with booths--Private lenders can showcase upcoming first-time homebuyer education opportunities or information on various loan programs. Real estate agent partners can showcase access to MLS and talk about homes for sale in the area. Local businesses can give away samples or hold drawings for free goods and services. These are all options if the venue permits it. The bottom line of this idea is to make the event fun and memorable, with branding geared toward potential homeowners.
- Provide each host with an attendee registration list--Allowing hosts access to attendee registration lists containing email addresses provides value to them for future marketing opportunities.
By using the above networking tips from successful lenders to create more referral business, you reach the status of the best.
If you are a lender who is looking to reach the next level in your business by taking advantage of the technology we offer at MoneyThumb, be sure to check out PDF Insights for Lenders. You can request a live demo by following this link.
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