Blog Post #6 THE TOP 5 COMPLAINTS WHEN IT COMES TO REFERRALS

Let’s segue now, straight into the Core7 Referral System.  So this system is created specifically for Core7 professionals and how they work together in a systematic, predictable and accountable partnership.  

 Now I know from our conversation that the system was created over a long period of time through trial and error by taking the best strategies that you learned from this process and by working with the other Core7 professionals over the past 20 years or so in business and generating hundreds and hundreds of referrals for all of the Core7 partners.

 So Mark, as you and I get rolling to discuss more about the Core7 system, we’re inevitably going to go over some of the same points three or four times.  The reason for that is we really want people to walk away with a full understanding of how these groups are managed and organized.  

 So, let’s take a deep dive into this.  You’ve been traveling the country asking Core7 professionals about the top complaints they have regarding referrals.  Can you give us the top 5 or so that you hear. 

 REFERRAL COMPLAINT #1

MM: The number one complaint was that referrals were given at the wrong time in the process.

 JB:  Can you give us a specific example?

 MM:  Sure Justin.  Absolutely. An example of that is when a Real Estate Agent refers a client to be Pre-Approved and the customer already has an accepted offer on the property, instead of referring it before so the customer can get Pre-Approved and understand all of their options.  

 JB:  It’s kind of like going on a trip and then looking to book the hotel when you get there.  That’s not really the best plan.

 MM:  Exactly.  

 JB:  So, what’s the second complaint?

 REFERRAL COMPLAINT #2

MM:  The second complaint is that the referrals were given with poor scripting and not a very strong endorsement.  For example, they’ll say “Give this guy a call and see what his rates are” instead of a strong endorsement like “Mark is going to call you.  I’ve worked with him for a long time, and he does a great job for all of his clients.  He’ll really be a valuable resource for you.  

 REFERRAL COMPLAINT #3

 The third complaint we heard was the giving out of multiple cards, therefore creating a bidding war on price instead of value.  By putting a focus on price alone, it creates indecision and gives the client an idea that it is really not important who they use.  They can use anybody and should only focus on the price.    

 JB:  That’s like saying it really doesn’t matter who you choose, and you know what?  To me, I don’t think it matters either.  So let’s talk about the fourth complaint.  

 REFERRAL COMPLAINT #4

MM:  Complaint number four is that clients are being referred by the wrong professional.  Now, what I mean by this, for example, is the Real Estate Attorney or the Real Estate Agent making the referral to the Estate Planning Attorney for a will.  The natural person who should be referring this is the Financial Advisor.  The reason is that it makes sense to know which assets need to be protected and passed on, what the investments are before the Estate Plan is actually created.    

 JB:  Yeah, that makes total sense because no one would ever say not to refer, but there are better referral points that should have more focus.  

  REFERRAL COMPLAINT #5

 MM:  The most popular complaint, and the one that the system is really based around, was the lack of accountability when it came to referrals from their business partners. Almost every professional desired more accountability and a more systematic process with their partners. 

JB:  There’s a lot of frustration when you have a great meeting and a referral doesn’t come your way.  Core7 is clear on the timing and accountability of referrals. This also speaks to complaint number four.  You are very clear on how it is coming in.