We know how important our brand and online strategies are when it comes to earning millennial business, but an equally important stream of millennial business is through referrals. While branding and marketing often have specific strategies loan officers can learn and employ, when it comes to earning referrals, things don’t always feel as clear. Sometimes it can seem like referral business is up to luck or chance. The good news for loan officers is that this isn’t true. They can play an active role in increasing their millennial referral business by focusing their effort in a few key places. Let’s take a look at what they can do:

Define Your Standards

You want to give a consistent, high-quality experience to every client you work with. Of course you’re going to help them get the right mortgage, but to earn their referrals, loan officers need to go beyond the status quo. They need to set high standards for their service and commit to adhering to them. When you’re clear ahead of time about what makes your high-quality client experience, you make it easier to put the systems in place to support that work.

Build Relationships

Another important way that loan officers can promote referral business is by focusing on relationships. Millennials want to refer their friends to someone they trust. When loan officers cultivate that trust through building genuine connections with their clients, they’re not just improving the client experience; they’re also improving their chances of earning a referral down the line.

Customize

How likely are you to recommend a cookie-cutter experience? Probably not very. We usually refer our friends and family to businesses that impress us. Customization is a sure-fire way to boost the quality of the experience you provide. By showing millennials that you’re tuning into their individual needs and are dedicated to understanding their unique situation, you’re showing them that they’re a priority. You’re showing them that your business model isn’t built on rushing clients through a machine-like process, but instead is rooted in a genuine desire to provide the best service possible.

Make it Easy

Loan officers shouldn’t hesitate to remind their millennial clients about how much they appreciate referrals. Just a simple mention of this can help you stick in their minds, especially the next time a friend mentions starting the search for a loan officer. From there, you want to make it as simple as possible for them to refer their contacts to you. Business cards are fine, but they’re not how most millennials operate. The most likely way they’ll share your info? Online. This is why it’s so important for loan officers to have a strong online presence that’s easy to find and full of great content. This way, all a past client needs to do is send a friend a link along with their rave review, and that person can get in touch.

Earning millennial referrals is largely about investing in the current millennial clients you have. By investing in these relationships, loan officers increase their chances of referrals down the line. How is your referral business doing among millennials? Are there any other strategies that have helped you succeed here? I’d love to hear your thoughts!