When we take relationships for granted, they are usually over before we realize what happened. Taking business relationships for granted can be expensive. Letโs look at a couple of true cases in which only the names have changed.
The Pima Mortgage company referred all of their clients to Monroe Title. This relationship lasted several years, and generated millions of dollars in revenue for Monroe Title. Then one day the phone rang and it was a different title company, asking if Pima Mortgage was accepting new referrals. They wanted to introduce the mortgage company to a real estate broker who needed a lender to refer their clients to.
Monroe Title had always provided great service, but they never introduced Pima Mortgage to a new source of business. This was a chink in the armor of an otherwise strong relationship. Pima Mortgage appreciated this new income stream, and within two weeks their referrals were going to the new title company.
Mark is the owner of a successful insurance agency. Many of Markโs clients need a good restoration company after a flood or fire. Mark met Lisa, the owner of a restoration company in their professional referral group. Mark started sending Lisa his business and they became good friends. The volume of business Mark sent was significant and he was her single best referral source. After a few years Lisa decided to leave the referral group, assuming her relationship with Mark was solid. One of Lisaโs competitors quickly joined and in a matter of weeks, Mark began to send his referrals to the new restoration company. Mark stated to the group that while Lisa was still his friend, she made the decision to leave the group. Since the group is where Mark got most of his business, he was going to support other members.
Never take your professional relationships for granted, no matter how long they have lasted or how close your friendship has become.
