One of a commercial mortgage broker’s most important resources is their referral network. Without trusted financial professionals referring deals, it can be difficult for mortgage brokers to find borrowers. So, in order to succeed you need to build and maintain a strong network of referral sources.
Here’s what you need to know to get started:
Know your lead sources.
In order to generate commercial mortgage leads, you need to know where to find them. Reach out to accountants, lawyers, real estate agents and bankers in your area and let them know that you can get their non-bankable borrowers the financing they require. These sources all have clients who can’t qualify for traditional financing, so selling your skills as a resource for them is a good strategy.
Make communication a priority.
Touching base with your growing referral network is a crucial part of keeping it strong. Contact your sources on a regular basis, but be careful not to become overbearing. A call or an email every couple of weeks is a good starting point, and make sure to ask them what they want out of your partnership and how you can help them. If they contact you, be sure to reply in a timely manner.
Be upfront about what you can offer.
In order to maintain strong relationships with your referral sources, being frank about the mortgages you can get their clients is very important. For example, don’t promise bank rates and terms if you know a borrower won’t qualify. Being open about the mortgages for which certain borrowers can qualify will make it easier to sell these deals, and will affirm your sources’ confidence in you as a trustworthy and competent business partner.
Understand your lenders’ programs.
Throughout the lending process, both borrowers and referral sources are likely to have some questions, so it’s important for brokers to understand all of their lenders’ programs. If you can’t explain the products a lender can offer, referral sources are likely to take their business and their clients elsewhere.
A referral network is an important asset for any commercial mortgage broker. You need to provide your sources with information that lets them know that you’re an experienced professional and that your services will benefit them and their clients. Letting lead sources know that you’re a good resource for your clients and that your services are valuable is a great way to build and maintain your network and close more loans.