Getting started as a commercial mortgage broker when your background is strictly residential might seem like a challenge at first. In fact, it’s a simple way to expand your business if you know how to proceed.
Here’s what you need to do if you’re a broker new to the commercial mortgage market:
Familiarize yourself with the industry.
If you’re planning to close commercial mortgages, learning about the industry itself and the commercial borrowers you’ll serve is very important. Take the time to check out industry publications and websites. Join forums about commercial lending, take the time to view webinars about closing these mortgages and, if you have the time and ability, attend seminars and conferences to learn more from industry experts.
Get to know lenders.
Another crucial factor in your success as a commercial mortgage broker is building relationships with lenders. Not only are these lender partnerships necessary to closing loans, they’re also a great learning opportunity for brokers new to the commercial mortgage industry. Don’t be afraid to ask questions; lenders want to help brokers to close loans because it means more business for them, and they’ll always be willing to teach you about their products.
Have a marketing strategy ready.
In order to close commercial mortgages, you need to let prospective borrowers and referral sources know that you’re in the business. Make sure all of your marketing materials, both print and digital, reflect the fact that you are now in the commercial business. Everything from your website, your social media channels, your print ads, and even your business cards should state that you close commercial mortgages. Call up your current referral network and past clients and let them know you can help them with their commercial financing needs.
Closing commercial mortgages is a great way for brokers to earn more, and it’s easy to do once you understand how to get yourself started. Be sure to take the time to learn about the industry and take advantage of the experience and knowledge of commercial lenders. Once you’ve got the know-how to proceed, make sure all of your marketing lets both sources and borrowers know you’re a resource for commercial mortgages.