Question

The key to networking relationship development is to be a communicative, approachable, and open- minded person without prejudices, that is keen to exchange information with other individuals. Additionally, it is always helpful to set some goals that you want to achieve by business networking efforts.

Identify and describe some networking goals a new mortgage broker might have. (Identify relevant business contexts for networking and relationship development).

Answer 1

For a mortgage broker, business networking groups are a great source of word-of-mouth referrals as this would give comfort to the person opting for the services. Members of such group act on the best interest for the other group members and actively promote each other as it keeps the group working as an effective marketing mechanism. Some of the business networking groups have structured approach to lead sharing to ensure fair game for all members.

There are number of groups and business events that can give a mortgage broker access to potential leads, as well as potential referral sources and lenders.

Some of the networking goals that a mortgage broker would achieve by business networking efforts:

1. Business expansion and generation of steady flow of income stream

Mortgage brokers should set to expand their network of potential borrowers and referral sources by joining local chamber of commerce. This would enable them to interact with business owners, financial professionals etc. who would in turn assist finding clients for business expansion.

2. Finding better business opportunities:

Networking through social media would provide opportunity to meet potential client be it small business owners, or professionals. This would always beneficial for broker to keep looking new potential networking partners.

3. Service through sales:

A mortgage broker needs to demonstrate his/her capacity to provide excellent service by guiding client and solving their problems. This would require transparent persuasion, such as demonstrating that they need a specific product and how they can benefit from it. This would demonstrate how broker is benefitting its client with the services offered.

4. Problem solving skills:

A broker should inculcate problem solving skill. By committing to do the extra in order to find the right solution for customer’s problems, broker can establish its reputation in the industry. A strong reputation founded on trust and reliability, will be impressed through dedication by working in client’s best interests. This is a important goal for mortgage brokers, who depends on client referrals to grow their business.

5. Emotional intelligence

A broker must be able to relate to its client vision, or assist them to create a vision for them that will engage them in an emotional way. Brokers’ ability to relate and empathies would make them distinctive in their league.

6. Effective communication

Communication is key to make client properly understand the benefits of services offered by broker. Broker should outline the advantages and dis-advantages appropriately for clients’ benefit. In order to better communicate, broker must have profound knowledge of the industry, products and services.