Referral sources that provide commercial mortgage leads are crucial to any broker’s success in the industry. If you’re new to the small-balance commercial mortgage niche, building a network that will keep your pipeline healthy might seem a bit daunting at first, but it’s simple. You just need to know who the best sources will be, how to market your services to them and be ready to communicate consistently.
Here’s how you can build a great commercial mortgage leads network:
Know your sources.
First, brokers needs to be aware of which financial services professionals are the best referral sources for small-balance commercial mortgages. Bankers, CPAs, attorneys and realtors are generally the best people to ask about borrowers seeking commercial financing. These professionals will know who cannot qualify for a bank loan and all have a vested interest in helping these individuals to find a funding source.
Tailor your marketing.
Once you’ve determined the professionals with whom you’ll be seeking to build partnerships, it’s time to develop a plan to market your services as a commercial mortgage broker. You can use a variety of traditional and digital tools to advertise your business to referral sources, but the most important thing to remember is to sell your skills and explain how those skills will benefit your commercial mortgage sources.
Follow up regularly.
Make sure that you routinely connect with the professionals in your referral network. Whether you send them an email, give them a call or meet them in person, it’s important to do so consistently. If a source contacts you first, be sure to return their call or reply to their email in a timely manner. Again, remember to focus on how your services will benefit them and always ask how you can help them.
Developing a solid commercial mortgage leads network is the best way for brokers to achieve success. If you’re willing to put the effort into building and maintaining a referral network, you can expect to close more commercial mortgages and earn more income.