The Value of Your Sphere of Influence
Many a Loan Officer and Realtor will talk about their sphere of influence and the fact that most of their business comes from word-of-mouth. There is no question that word-of-mouth referrals and referral marketing are not only the highest form of praise and a compliment to your business, but also the potential hedge around your business if kept in high value and nurtured. Many who say they understand this don’t necessarily act upon the understanding of it’s value and importance to growth in the short and long term.
You may have acquired a client by any number of means
- Through a friend
- By a business associate
- While standing in line at the grocery store
- At the bank (good one!)
- Through your doctor
- From a lawyer
In any of these cases, the end result is that you now have a client who should bring people to you in the same way. To not see these past clients as ambassadors for you and your business is a huge mistake.
Sometimes it’s enough to get through a file successfully, but these folks truly look to you to get their loan funded, despite the reality of all the elements involved. You have enormous power to influence and a connection is formed with every person you work with.
RECOGNIZE this and treat your past clients like family, ESPECIALLY after the loan is closed. If their circumstance is such that they couldn’t get funded, never toss them aside as a loss. Depending on the circumstances, nurture them as they will appreciate your sincerity and will then refer people to you, as well as come back to you once their situation has improved.
Aside from family members and personal friends, your past clients are the basis of what your business represents for the life of your real estate finance career. Know the value of your sphere of influence.