When you’re just getting started as a commercial mortgage broker, it can be difficult to know where to find leads for small commercial mortgages. However, once you know where to look, finding business in the commercial mortgage industry becomes a lot less complicated. Here are 5 ways to find free commercial mortgage leads:
- Banks: There are a lot of banks, both large and small, that are not interested in funding small commercial mortgages. These loans are generally seen as too risky or non-profitable. However, most banks are invested in maintaining good relationships with their customers. When you speak with commercial bankers, let them know that you can be a valuable resource for their turndowns and work-outs by providing an alternative funding source.
- Accountants: Right now, accountants are working on your potential borrowers’ tax returns. They’re aware of their clients’ financial issues, and will know who will need to work with nontraditional sources to obtain a small commercial mortgage. Of course, accountants won’t have time to meet during tax season. Our advice? Send them a tasty snack with a note requesting a meeting in early May after they’re back from vacation.
- Realtors: A commercial mortgage can be difficult to attain, and many realtors can tell you about a sale they lost because a borrower couldn’t get the financing they needed. Let these realtors know that you can provide alternative sources for small commercial mortgages.
- Your current book of business: Some of the clients you helped obtain a home mortgage also own a small business. Go through the 1003s you have on file, and let these borrowers know that you can help them acquire a small commercial mortgage should they need it.
- Your current network: As a residential broker, you’ve already developed a network of industry professionals. Let them know that you’re now in the commercial mortgage business and that you can help their clients obtain the financing they need.
When you speak with the above professionals, make sure to let them know that you can add value to their business by finding small commercial mortgages for their clients. If you can build referral relationships with these sources, you’ll have plenty of business, and that’s the key to creating long-term sources of free commercial mortgage leads.