Networking insights for the real world
January 2012 Monthly Referral Report
Tuesday, 31st January, 2012Posted by on
Each month from here on I will write a detailed report about the referrals I’ve received over the previous month. It ties in closely with the other advice that’s contained within the other posts on this site.
So why share this with you?
There are a couple of reasons:
To start with, it keeps me on track with doing the things I need to do on a daily basis. Publishing my results really forces me to practice what I preach and hold myself accountable for my performance.
Secondly, I do this to be transparent to you the reader. I’ve found that wonderful things happen to those who apply what they learn and I wanted to show you the ups and downs of putting into practice a systematic networking system.
Thanks again for coming by, and let’s get down to business.
January was an absolute bumper month for referrals. It is by far and away the biggest referral month I’ve had yet, and I don’t expect February to be as large. It’s taken almost 9 months to build the relationships that are now sending me transactions. The key take away is that my networking efforts are starting to turn into opportunities, which is exactly what I was hoping for!
It was a heavy referral month from my internal sources, but this make more sense as I spend time cultivating and working directly with them to find leads that I can help. The external referrals both came from the same source who had two different deals he was in the early stages of. I’m thinking that the external sources will be less frequent, but larger in size as the year progresses.
January 2012 summary
- Business (equipment), $95k, internal partner
- Commercial property, $3.5m, external partner
- Commercial property, $1.55m, external partner
- Business (line of credit), $250k, internal partner
- Apartment building, $1.7m, internal partner
- Apartment building (2), $4.6m, internal partner
- Business (line of credit), $200k, internal partner
- Apartment building, $785k, internal partner
- Commercial property (2), $1.35m, internal partner
Total dollar amount referred: $14,030,000
Source split: Internal 64%, External 36%
One note that I will make is that a referral in my line of work will often not directly lead to a funded transaction. So while the volume of deals that are referred to me may seem high, the percentage that close is but a fraction of that number (perhaps only 25% will make it to the end of the process). That’s still a good number as my yearly company mandated goal is $6.5m in closed loans. My personal goal for 2012 is $12.25m though!
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