In order to close more small commercial mortgages, brokers need to have a diverse referral network. If you’re just starting out as a commercial broker, it can be difficult to know how to make these necessary connections. We’ve previously discussed the best sources for commercial mortgage leads. Now, here’s how to get your foot in the door and close more commercial deals:
Here’s how to get your foot in the door with Commercial Mortgage Referral Sources:
When you’re interested in working with a CPA as a referral source, be sure to let them know the benefits of a business relationship. Let them know you have additional financing solutions for their clients, even those who aren’t bankable. Ask them to grab a cup of coffee with you and discuss your new product.
Research active commercial and mixed-use listings to find realtors who could use your help. Pitch your small-balance niche, and let them know that they’ll close more deals if they refer non-bankable clients to you.
Start with your local bank and ask the branch manager to introduce you to the commercial loan officer. You’ll learn about the bank’s appetite for commercial loans, and you’ll get an idea of what they can’t finance. Let them know that you can help their turndowns and work-outs secure the commercial mortgages they need.
Begin with attorneys who have helped with your past closings. Let them know that you appreciated their services, and that you can help their non-bankable clients obtain commercial loans.
When discussing your product with these referral sources, you should always let them know what you can do for them. Don’t sell yourself; sell the advantages that your services will provide them. The relationships you build with other industry professionals will determine a lot of your success as a commercial broker, so be sure to make a good impression and establish your credibility.