Make Friends First,
Make Business
Second
This was a motto I learned a long time ago. We meet new people everyday, but
do they ever get a sense of who we are? People connect with personalities, like
minds stick together.
Competitive pricing aside, people do business with those they like and trust.
Here is where I would say friendship equates to trust, most often. We pass many
potential contacts throughout the day but most often fail to make the
connection, which may provide our next loan source. Here’s an example.
There’s a small diner around the corner from my office where I have lunch at
least twice a week. I say “hello” everyday to the same guy who seats me. From
many an overheard conversation I concluded he owned the place. I had probably
been going there for over a year before I introduced myself. We had a quick
conversation about the road construction near both our businesses and I quickly
introduced myself and shook his hand. (His name was Dennis). I told him I had
recently opened a mortgage company around the corner and, of course, he told me
about the relative he has in the mortgage business, as well as a brief history
of his diner experience. The conversation ended and I had lunch.
After our initial acquaintance, every time I went there for lunch I made it a
point to strike up a conversation with Dennis. A friend he was not, but we were
casually polite. Most importantly, we knew of each other’s professional
business. Wouldn’t you guess, about six months later Dennis pulled me aside. He
was in the process of buying an investment property, but was having
difficulties with his loan process. We spoke briefly; I gave him some helpful
information and told him to call me if he had any other questions. The
information I gave him led him to ask his then loan officer some questions.
Dennis received unsatisfactory answers. I closed his loan about three weeks
later, which ultimately solidified our friendship. I make friends with almost
90% of the customers for which I do business; establishing that personal
relationship makes all the difference.
Dennis now refers his employees to me and allows me to do all of his placemat
marketing. Our friendship produces approximately ten loans per year. Dennis
trusts me and is confident that others he refers to me will feel the same.
Don’t be afraid to take the time to really get to know each one of your
clients. Talk to them about their interests and families and allow them to know
you who you are too!
Small business owners are a great source of potential business. They have an
enormous sphere of influence over their employees as well as their customers
and vendors. Always be sure to understand your customers’ business and be able
to relate your services to them.
Besides the crucial and many times overlooked aspect of friendship, the next
key to growing a successful network is a well-managed and organized database.
After you have made friends and earned trust you need to keep your name in
front of people if you can’t do it in person. A monthly newsletter has done
wonders for me. Besides the basic mortgage information you supply, it gives you
another chance to have people better know who you are. A tidbit of information
regarding yourself, family and possibly others in your network really helps to
strengthen your network. A customer service directory is also a great way to
give back to your customers. I’ve done loans for plumbers, electricians, pool
companies, attorneys, interior decorators, dog sitters and many others
professions. I list all prior clients on this directory who are interested in
advertising their services. People find that the one thing they have in common
is me.
Anyone can tell you to meet realtors, talk to attorneys and go to trade shows,
but the truth of the matter is, none of that works without a solid personal
relationship as the foundation. All these sales tools are more than effective
in forming opportunities to enhance your network. However, a solid and broad
network is built on personal relationships.
Utilize the great marketing ideas to make new contacts, but learn the art of
making friends first, business second.
— Jim Barry
President, Artisan Mortgage Company, Inc.
