When you’re selling yourself as a commercial mortgage broker, confidence in your abilities is crucial. However, this level of confidence can seem difficult to achieve, especially if you’re new to the business of closing commercial mortgage loans. It’s important to build up this confidence by building a solid foundation of knowledge and skills. Here’s how you can become a more self-assured commercial mortgage broker:
Learn About the Industry
To be confident in your knowledge about the commercial mortgage industry, you need to learn everything you can about the business. Without this knowledge, any confidence will be baseless and misleading to potential borrowers. Be sure to keep up with industry publications and websites to get the latest news.
Once you learn about the commercial mortgage business, it’s important to begin connection with industry professionals. Join networking groups both in-person and online so that you can discuss the commercial mortgage industry and strategy with like-minded professionals. This is also a great way to connect with attorneys, CPAs and real estate professionals who can become referral sources for your business.
Get to Know Lenders
As a broker just starting in the commercial mortgage industry, it’s crucial for you to develop relationships with commercial lenders. You’ll want to cultivate professional relationships with traditional commercial lenders as well as nonconforming lenders so that you can serve a wider client base.
Ask Your Borrowers
When in doubt, ask your potential borrowers what they expect and hope for in a commercial mortgage broker. At the end of the day, these business owners are the people who will keep you in business. Take their opinions seriously.
If you’re a residential broker getting involved with closing commercial mortgages for the first time, it can seem intimidating. However, developing confidence in yourself, as well as the knowledge and network to support that confidence, is all that stands between you and successfully closing these loans.