Mortgage brokers looking to break into the commercial business should focus on developing relationships with borrowers and referral sources in order to drive leads. If you want business, you must prove that you’re a competent and knowledgeable broker. By concentrating on building connections with both borrowers and referral sources, you’ll build the sense of trust necessary to grow your business and close deals.
Here’s how you can get started:
Provide useful information.
Whether it’s through the blog on your company website, an email blast or a phone call, it’s important to give your borrower information that will help them to understand the type of commercial mortgage for which they qualify, and what they need to do to get it. Give them industry insights, tips on making sure the lending process goes smoothly, and an overall sense of what they can expect.
Engage with them.
If a borrower calls you, emails you or connects with you through social media, talk to them and answer any questions they have. Make sure to answer them in a timely manner.
Keep it simple.
Avoid industry jargon wherever possible and give your borrower information about commercial mortgages in the most basic terms.
Contact them regularly.
To build a relationship with a referral source, it’s important to reach out to them on consistent basis. Send emails and call regularly to check in with them and remind them that you can help clients in need of commercial financing.
Focus on problem-solving.
If you want financial professionals like CPAs, bankers or realtors to send you deals, you need to let them know how they benefit from your services. Whether it’s preserving a relationship with a client or saving a sale, make sure you explain what’s in it for them if they refer their clients to you.
Your success in the commercial mortgage industry is all about developing connections to keep your pipeline full. Whether you’re trying to build a relationship with a borrower or a referral source, it’s important to make sure they understand how your services will benefit them. If you can do that, you’ll be able to close more commercial mortgages and earn more income.