Establishing Credibility as a Commercial Mortgage Broker

There are a number of factors that contribute to the success of a commercial mortgage broker, but earning the trust of borrowers and referral sources is one of the most important. People aren’t going to work with someone in whom they don’t have confidence, so it’s crucial to establish your skill and credibility early on.

Here are some great ways to connect with borrowers and sources and convey the value of your services:

Tell them about your experience.

Both borrowers and referral sources are going to be interested in your knowledge of the commercial mortgage industry, as well as your track record of successfully closing deals. If you’ve been operating in the commercial niche for a while, talk to them about how long you’ve been in business, as well as the partnerships you’ve built with a variety of commercial mortgage lenders. If you’re new to commercial mortgages, emphasize your years as a residential broker and how the skills required to close home mortgages apply in the commercial space as well.

Explain how your services will help them.

In order to build relationships with borrowers and referral sources, you need to sell yourself and your skills. Until they understand exactly how your services will benefit them, borrowers and referral sources will be unlikely to work with you. When speaking with borrowers, let them know how you can guide them more smoothly through the process of obtaining a commercial mortgage, and use example of mortgages you’ve closed that are similar to theirs. Likewise, when you begin connecting with a potential referral source, explain how your services have benefited other financial professionals whose clients have needed financing for a commercial property.

Respond promptly to questions and concerns.

Like anyone seeking a particular service, borrowers and referral sources want reliability and speed. So, when they have questions about the process or concerns about something, it’s important to listen to them and respond as quickly as possible. Knowing that you’re invested in closing deals and willing to work through any obstacles that arise will go a long way toward building the trust needed in these relationships.

In any industry, establishing credibility is crucial. Because commercial mortgage brokers work so closely with their borrowers and referral sources, it’s doubly important. Be ready to discuss your experience as a broker, explain the value of your services and back it up with examples, and communicate consistently with borrowers and sources. Once this trust is established, you’re likely to receive recommendations from past borrowers and repeat business from your referral sources, leading to more closed loans and increased income.