There are plenty of ways for commercial mortgage brokers to advertise their services, but one of the most effective ways to gain new clients is through satisfied past and current clients. Whether it’s through online reviews or word-of-mouth recommendations, many small business owners trust the opinions of their peers.
So, it’s important for you to build up a good reputation among the borrowers you serve. Here are some ways you can do that:
Be upfront about the type of commercial mortgage for which your borrower will qualify.
One of the best ways to build trust and rapport with your borrowers is to be candid about the rate and terms for which they’ll likely qualify. If your borrower’s financial situation will keep them from receiving a bank rate and terms, tell them so right away. They might not like hearing it at first, but if you’re honest with them, they’re more likely to work with you to obtain financing from an alternative commercial lender.
Explain the process of obtaining financing.
Most small business owners and commercial property investors seek out brokers because they’re unsure of how to obtain the funds they need. A great way to establish your credibility as a broker is to explain the lending process to your borrower. Knowing what to expect and seeing that you have the experience to help them will give your borrower peace of mind and confidence in your ability to get the deal done.
Answer their questions.
It’s pretty much a guarantee that your borrower will have many questions throughout the lending process. This is another good opportunity for you to demonstrate your skills as a broker. Make sure that you answer their questions thoroughly and in a way that’s simple for them to understand.
Keep them informed and respond to them in a timely manner.
Communicating effectively with your borrower is an important part of building a good relationship with them. Send them regular updates on their commercial mortgage request as you receive them, and respond to any calls or emails as soon as possible.
It’s crucial not to underestimate the importance of your reputation among your past and present clients, and they effect that their recommendations could have for your business as a commercial mortgage broker. Make sure to be upfront with every borrower about what they can expect, explain the process and answer their questions, and communicate with them often. It might not seem like much, but these simple steps will help you to build a good reputation, which could lead to more deals closed and more income earned.