In order to earn extra income by closing commercial loans, you first need to generate commercial mortgage leads. While this might sound intimidating if you’re a residential broker just entering the commercial industry, lead generation doesn’t have to be complicated. Here are some helpful tips to get you started:
Own your niche(s).
Whether you’re interested in large or small-balance loans, bankable or non-bankable borrowers, you should choose a specific niche within the industry and stick with it. Learn everything you can about your niche; borrowers and lenders appreciate experts. If you own a large company specializing in multiple types of commercial mortgages, make sure you hire people who understand each niche.
Know your borrowers.
In order to generate leads, you have to get to know your borrowers. You need to understand the types of borrowers with whom you want to work and you have to learn about their needs. It’s also important to prepare your borrowers once you get to know their situations. Everyone wants low bank rates, but not everyone qualifies, so tell your clients that you’ll get them the best possible mortgage for which they are able to qualify.
Market your skills.
When looking to draw in new business, it’s important to market your skills. It’s important to have a digital presence, including a website and any appropriate social media channels. You can also utilize more traditional methods of marketing, such as print, radio or TV ads, networking groups or “pounding the pavement.”
Keep track of your leads.
Once you’ve started bringing in new mortgage leads, it’s important to keep track and follow up on them. Invest in a good lead management system so that no one gets lost in the shuffle.
Know your lenders.
As you’re developing quality leads, you also need to develop relationships with commercial lenders. Get to know these lenders and what they expect from you when you submit a loan scenario. Don’t order any appraisals or costly documentation until you know a client has been approved and that that’s what the lender expects of you.
When you’re just starting out as a commercial broker, generating new business is very important. Establishing a niche and getting to know your borrowers are key factors in generating successful commercial mortgage leads. Be sure to market appropriately to potential customers and sources, and be sure to keep track of any leads you secure. Lead generation doesn’t have to be complex, but you do need to put in plenty of effort in order to bring in fresh business and close more loans.