Commercial mortgage brokers are a great resource for borrowers. Brokers know the industry well and can help borrowers shop different lenders to find the commercial mortgages that best fit their needs. However, there’s a certain distrust and certain lack of understanding when it comes to mortgage brokers. So, how can you market yourself as a commercial broker and successfully earn the trust of potential borrowers?
- Educate your borrowers. Before your borrowers can fully understand the benefit of hiring you as a commercial mortgage broker, they need to learn a little bit about the commercial mortgage business. Teach them some basics about the industry and what they can expect going through the lending process. This education builds trust between you and your borrowers.
- Explain how you can help. Once your borrowers have a better understanding of the commercial mortgage industry, let them know how you can guide them more smoothly through the lending process. Be sure to explain that hiring a commercial broker will allow them to explore more options than they could on their own without taking up much of their valuable time.
- Always be honest. It’s very important to always be upfront with your borrowers. For example, if you know your borrowers can’t qualify for bank loans, don’t promise them bank rates. Let them know that you will get them the best commercial mortgage you can. A good rule of thumb is to under-promise and over-deliver.
In order to succeed as a commercial mortgage broker, you need to gain the trust of potential borrowers. To do so, it’s a great idea to teach your borrowers the basics of the industry, explain how your help will benefit them and be upfront about the lending process and what they should expect throughout the lending process. Helping your borrowers find the commercial mortgages they need will help you to establish credibility in your community as a commercial mortgage broker.