The commercial real estate market is doing well in 2015, and commercial mortgage brokers have plenty of borrowers to choose from. However, it’s important to remember that potential clients have plenty of choices as well, and it takes work to create and sustain a relationship with a small-balance commercial borrower. You need to convince borrowers that you are good at what you do, responsible and trustworthy. Here’s how you can build successful relationships with borrowers seeking commercial financing:
One of the most important things to focus on in the broker-borrower relationship is communication. You should maintain a consistent flow of information with all of your clients and be sure to update them at every stage of the commercial lending process. If your borrower contacts you, respond as soon as possible. Don’t make a client wait days for a return call or email.
Know your lenders’ programs
It’s crucial for brokers to be very familiar with each of their commercial mortgage lender’s programs. This knowledge will allow you to place a loan scenario with the right lender the first time. If your borrower has multiple options, be sure to explain each one thoroughly and help them arrive at the best decision.
Focus on results
Focusing on what each of your borrowers wants to achieve is very important to your success as a commercial mortgage broker, especially if they’ll need to turn to a non-traditional commercial lender. Keeping your borrowers focused on their goals will make it easier to sell non-conforming commercial mortgages.
It’s not unusual for small problems to occur throughout the process of securing your borrower a commercial mortgage. As a broker, you need to work with your clients and lenders in order to nip these problems in the bud as quickly as possible. If you prove yourself as a problem-solver, borrowers and lenders will trust you and the closing will go much more smoothly.
Keeping your clients satisfied is a major component of being a successful commercial mortgage broker. Keeping borrowers informed and focused on their goals is a great way to show them that you understand their situation and are committed to finding them a commercial mortgage solution. Make sure to fully explain your lenders’ programs and assume accountability for any problems in order to further gain everyone’s trust. In the end, closing more commercial mortgages comes down to making sure your borrowers know you are available, knowledgeable and trustworthy.