For many non-bankable borrowers, finding a small-balance commercial mortgage on their own is a major challenge. This is where you come in; as a broker, you have the industry knowledge and skills to help borrowers obtain the commercial financing that they need. However, in order to obtain borrowers’ business and increase your own, you need to prove to borrowers that you’re a trustworthy professional and that your services will be beneficial.
Here’s how to sell your skills as a commercial mortgage broker:
Let them know you’re experienced.
Any borrower considering working with a broker is going to be interested in how much experience you have in the commercial mortgage industry and how that experience will benefit them. Discuss with potential borrowers how long you’ve been in business, and be sure to mention the strong connections you’ve built with commercial lenders throughout your years in the industry. If you’re newer to brokering commercial mortgages, discuss your experience in the residential industry and how that has translated to closing commercial mortgages for clients.
Use specific examples.
One of the most reassuring things you can tell a non-bankable borrower is that you have a good track record closing nonconforming commercial mortgages. Be sure to discuss commercial mortgage scenarios that you’ve closed in the past that are similar to your borrower’s, and detail the process you went through to make sure past borrowers were able to obtain funds.
Provide them with helpful information free of charge.
Another great way to earn the trust of potential borrowers is to give them useful information about the commercial mortgage industry or the lending process without expecting anything in return. People are more likely to do business with companies who are committed to helping them in some way, and providing borrowers with free information is a great way to prove your expertise and up your credibility.
Establishing a sense of trust is crucial to developing successful relationships with potential borrowers. In order to do so, you need to let borrowers know about your experience as a commercial mortgage broker, your ability to close loans and help them to navigate the industry and the process of obtaining a loan. Building this relationship will help you to close more commercial mortgages and earn additional income.