Tips to multiply your referral partner network and strategies to implement success with Jeremy Fisher
This week we have Jeremy Fisher, managing director at 1st Street Financial, based in New South Wales and Australia’s most awarded broker. Consistently writing over $300Mil year in year out. With his company’s loan book in excess of $4.5Bil he would be Australia’s most successful broker.
In this episode, we look at how to build your referral partner network and discuss strategies to help implement success. By the end of this episode, you’re going to feel unstoppable and ready to take your business to the next level.
Tell us about how you create strategic partnerships?
This is so important to me. I’ve always believed that by relying on just one or two referral partners isn’t a good way to move forward, so I always ensure we have a few different partners.
Piggybacking off reputable brands you’re dealing with is a great way to do it. We have referral partnerships with Vodafone, Aristocrat, large well-known brands out there marketing our business, it doesn’t need to be just solicitors etc.
What’s key to maintaining a successful relationship with them?
It comes back to us. We have to invest time into them like offering seminars and benefits. It’s about providing value to them, spending time in their meetings and letting them know what’s happening in the mortgage market.
A lot of brokers think referral relationships are all about commission splits, what do you think?
I thought the same, but from the beginning, I had very few commission incentivised referrals. When you start to realise the value you can provide them, they’re not putting their hand out anymore. Anytime you go for commission it’s a very short-term relationship, it’s a two-way street and that turns it into money and not about the value of the service anymore.
Do you ask for the referral from your partners?
No, I invest my time and let them know I’m there. I’m consistent with what I do and offer and I rely on that to generate some business from there.
A lot of brokers treat their referral partners as more of a relationship, do you catch up with them like that or is it only business?
Well, if you’ve had a relationship with someone for quite some time it’s more social but I try to keep it more professional. It doesn’t need to be over a beer but you need to maintain a relationship with them one way or another.
How has patience, persistence and playing the long game helped you?
Well, I accepted from the start that it would be a slow road. In the first few years, it was hard, and I always tell those interested in joining – this industry isn’t about making a quick buck overnight it’s a long game. You’re building a business off the back of customer referrals which is just a numbers game.
What are three things Top Brokers do day in, day out?
Persistence and patience, work your butt off, don’t become too busy stay in control through consistency of processes.
The main takeaway points from this episode are:
- The best referral partners are the ones who see value in your proposition rather than your commission split
- Invest time in your referral partners, be consistent in your delivery with value and don’t have any expectations of return.
- Always play the long game and never the short game in all aspects of your business.