Residential mortgage brokers are always looking for new ways to increase revenue. There’s a simple way to make more cash this year – adding small commercial mortgages to the products you offer! Borrowers looking for small commercial mortgage financing are an underserved market, and brokers willing to help these customers find loans stand to make more money. Here are some tips for residential brokers looking to begin working with small commercial mortgages:
· Market yourself as a commercial broker. The first thing you need to do is let others know that you’re in the business of commercial mortgages. It’s as simple as adding the word “commercial” to your business cards, email signature, answering machine and any ads that you place in print or online. Make sure you have a helpful website that is compatible with mobile devices and a presence on social media sites as well.
· Get to know small commercial mortgage lenders. Since most banks turn down small commercial mortgages, it’s important to get acquainted with smaller private lenders. Small commercial mortgages are a niche market, but there are lenders who will be willing to provide the financing your borrowers need. Call some small commercial mortgage lenders in your area. Ask them to meet up with you for coffee or lunch, and let them know that you’d like to work with them.
· Make connections with referral sources. A good referral network is a valuable asset to any small commercial mortgage broker. Get to know realtors, lawyers, bankers and accountants in your area; these professionals are bound to have some clients looking for small commercial mortgages.
· Go directly to small business owners. It’s also important to market yourself to potential borrowers. Head to the commercial district in your neighborhood and introduce yourself to the small business owners or hand out fliers. Let them know that you can help them should they ever need a small commercial mortgage.
Residential brokers looking to make some extra money should consider working with borrowers who need to obtain financing for small commercial buildings. It’s a niche market with plenty of business to be had, and it’s fairly easy to get started. This year, make it your resolution to increase revenue by adding small commercial mortgage loans to your product offerings.