By Doren Aldana
Are you doing coffee meetings with Realtors but getting little to no referrals?
In this blog post, I’ll show you how to stop wasting your time with coffee appointments and start attracting top-producing Realtors as exclusive partners… even if they say they “already have a lender”.
The 6 Common Pitfalls of Coffee Meetings
In the fast-paced world of mortgage marketing in a crazy purchase market, coffee meetings have become a popular way to connect with Realtors. However, not all coffee meetings are created equal. If you find yourself experiencing any of the following symptoms, it may be time to reevaluate the value of your coffee meetings:
1. Ghosting and Flakiness: One of the most frustrating aspects of coffee meetings is when Realtors ghost you, cancel at the last minute, or promise to reschedule but never follow through. This lack of reliability can waste your time and leave you feeling unappreciated.
2. Lack of Referrals: Despite having what you consider to be successful meetings, if you’re not receiving referrals or tangible benefits from these interactions, it may be a sign that your coffee meetings are not as productive as you thought. Building a network should lead to mutual referrals and business opportunities, so if this isn’t happening, it’s time to reassess your strategy.
3. Empty Promises: Have you had Realtors make grand promises that don’t deliver? Empty promises can be a red flag that your coffee meetings are not leading to meaningful connections or collaborations. It’s important to surround yourself with reliable and trustworthy contacts who follow through on their commitments.
4. Superficial Connections: If your contacts only see you as one of the many business cards they collect and rarely engage with you beyond the initial meeting, it’s a clear sign that your coffee meetings may not be creating deep, meaningful connections. Building strong relationships takes time and effort, so prioritize quality over quantity in your networking endeavors.
5. Competitor Poaching: It can be disheartening to finally establish a promising partnership through coffee meetings, only to have your newfound ally poached by a competitor. This demonstrates that the alliances formed during these meetings may not always be as secure or as loyal as you had hoped.
6. Emotional Toll: If your coffee meetings leave you feeling exhausted, frustrated, or on the brink of burnout, it’s a sign we need to upgrade your strategy. Networking should be energizing and inspiring, not draining. If your coffee meetings are taking a toll on your well-being, it might be time to reassess your approach.
5 Signs You You’re Doing It The Hard Way
Coffee meetings are a classic avenue for mortgage pros to cultivate referral partners, but not all interactions yield fruitful results. Recognizing the signs that indicate you may be wasting your time with ineffective approaches can help you maximize the value of your networking efforts. Here are five signs you’re doing it the hard way:
1. Data Dumping Instead of Engaging: Are you guilty of the ‘showing up and throwing up’ syndrome? Bombarding your coffee meeting partners with a barrage of information about how amazing you are and why they should send business your way is a surefire way to turn them off. Instead of focusing solely on self-promotion, aim to engage in meaningful conversations, ask quality questions, listen actively, and show genuine interest in building a two-way relationship.
2. Lack of a Unique Value Proposition: In a sea of competitors, standing out as the go-to mortgage professional requires a strong and compelling unique value proposition. If you are perceived as just another Average Joe LO (Loan Officer) or replaceable commodity, it’s time to rethink how you differentiate yourself and communicate your unique strengths and offerings effectively.
3. Fluffing Feathers and Selling: Building authentic relationships through coffee meetings is about establishing trust, credibility, and mutual respect – not about fluffing feathers, kissing butts, or resorting to hard-selling tactics. The more you focus on building genuine connections and providing value, the more likely you are to attract referrals and foster long-lasting partnerships.
4. Chasing Instead of Attracting: Are you constantly feeling like you’re chasing Realtors while they run away from you? Shifting your mindset from chasing to attracting can yield more sustainable and meaningful results. Focus on the emphasizing the exclusive value you offer. If they don’t take it, you’ll offer it to their competitors. You’ll cool either way. Notice the difference.
5. Lack of Engagement and Connection: Successful Realtor attraction is not just about exchanging business cards or collecting contacts; it’s about forging genuine partnerships and building trust on a deeper level. If your coffee meetings feel transactional or lack authentic engagement, it’s time to refocus your efforts on building meaningful relationships that go beyond superficial interactions.
