For commercial mortgage brokers, the relationships you build with referral sources will play a critical role in your success. So, of course, first impressions when you meet potential sources are very important.
You need to express an interest in your sources’ businesses to gain their trust and begin developing a mutually beneficial partnership.Here’s how you can do that:
Learn about their company.
When you meet with a potential referral source, you should begin by asking them about their firm. Ask about how long they’ve been in business and what their specialties or areas of expertise are. Each referral relationship needs to be a two-way street; you can’t expect realtors, accountants and attorneys to send you potential borrowers without taking the time to get to know them and their businesses.
Don’t start the conversation by selling.
While it might be tempting to immediately selling your skills as a commercial mortgage broker, it’s important to refrain from doing so. Again, get to know potential referral sources before you begin pitching your services. Gaining an understanding of their business and their clients will give you a better sense of how to present your services in a way that will be appealing to each source.
Explain how your services will benefit them.
After you’ve gotten to know a potential referral source and their business, you can begin discussing how your skills as a commercial mortgage broker would be an asset to their business. Make sure to explain your products, and if you work with non-bankable borrowers, be sure to mention that you can help their clients who need alternative commercial financing. Additionally, you should let them know that you can return the favor from time to time and refer potential clients to them.
Don’t be all things to all people.
Being every source’s one-stop shop for commercial mortgages might seem tempting, but it’s best to pick one or two niches in which to specialize and sell those skills. You need to build up your relationship with each source before they send you lots of business, and establishing yourself as an expert in a particular niche is a great way for you to be able to do that.
It’s important to remember that referral relationships are a two-way street and that you need to make an effort to get to know and understand your referral sources and their businesses. When you’re developing these relationships, make sure not to start selling yourself immediately, but rather get to know the potential source, explain how your services will benefit them and focus on selling your expertise in a niche or two. This will allow you to begin building successful referral partnerships, close more deals and increase your income.