If you’re looking to earn more income by closing small-balance commercial mortgages, you need a healthy pipeline. To cultivate the deals for your pipeline, you need to reach out directly to borrowers, but you also need great commercial mortgage referral sources.
Here’s how you can start to build up your commercial mortgage referral network:
Identify your sources:
In order to find good small-balance commercial mortgage leads, you need to know where to look. The best referral sources for these deals are right in your backyard. Connect with local bankers, CPAs, attorneys and realtors. They will likely all have clients who need commercial financing but are unable to obtain a bank loan.
Once you’ve determined the professionals in your community with whom you want to build a referral relationship, you need to reach out to them on a regular basis. It’s important to be consistent in your communication, but don’t overwhelm your sources. Give them a call or send them an email once or twice a month reminding them that you’re ready to be of service to them and their clients.
Explain how your services will benefit them:
In order to build successful referral relationships, you need to let your sources know how working with you will benefit not only their clients, but them. For example, say you’re looking to connect with a banker. They have a client who is a small business owner but can’t qualify for a loan with the bank. Market yourself as a relationship saver: The bank can refer you the deal, you’ll get it done, and they’ll still have a satisfied customer.
Building your referral network requires knowing who will be a good source for small-balance commercial mortgages, how to communicate with those sources, and successfully marketing your services to them. Following the above tips will help you to identify professionals in your area who will have clients in need of commercial financing, as well as assist you in building a relationship with them.