Create a bulletproof referral based business and tactics that still dominant in brokering today with Lloyd Thomas
This week we have Lloyd Thomas the director of business and product development at Direct Property Network based in New South Wales and broking for over 19 years. He’s consistently settling over $100Mil.
In this episode, we look at how to create an attraction business and discuss the strategies to create a referral-based business. By the need of this episode you’re going to feel rejuvenated knowing relationship broking still dominants.
Can we have a snapshot of you and your business?
We’re based in Cronulla and have been around for just over 20 years. We sit down with people and do a strategy looking at their situation to help them through their journey. We consider ourselves lifestyle focused.
How’d you get into the industry?
My background is in the building industry and then my wife I started a business in marketing, then my business partner called me and he said I should give mortgage brokering a go. I felt like I was born to do this and still have a passion for it.
Is this what’s made you successful?
Yes, you’ve got to enjoy what you do. I genuinely get excited about what I do and my favourite part is sitting down with clients and giving them options.
How do you put the customer first as a broker?
By making sure they get the exact product they need. People don’t want to change most of the time, so when you get them into something they like it’s not hard to go back and help them negotiate a better rate. We’re not about just every two or three years moving them to a different bank.
70% of all clients you see are referred to you, how do you do this?
I train my clients into referring me, so I teach them what to do, and tell them examples of how to refer me.
Could we have an example of how you implement this?
When I sit down with them, we have a referral program. I give them an example and say to them, you’re going to be excited after your finance is complete so if you talk to someone tell them that Lloyd will ring you, I ask them to send me their details so I can make sure they get the same service they receive. It’s like anything, there’s an 80 – 20 rule you’ll have 20% of your clients referring 80% of the people.
This 20% of people I make a priority, for example, last night I took one of my clients out for dinner who refers me a lot of business.
Other than keeping in touch do you have any Christmas or Easter programs you have clients on to keep in contact?
We’ve got a great marketing team and use social media, but I don’t think it beats the personal touch. Face to face is key!
What did you wish you knew when you entered the industry?
The most important thing is to look after your top clients, treat them like gold! These people have helped flourish our business with referrals.
The main takeaway points from this episode are:
- Build long-term relationships, focus on what’s right for the client both now and in the future, putting your needs last.
- Spend time training your clients on how to refer.
- Categorise your clients and spend time with the top 20% who refer you the most business.