Brokers interested in increasing their income are probably aware that brokering commercial mortgages is a great opportunity. However, if you’re not familiar with the industry, you might not know how to get started driving in and closing these deals. Here’s how brokers who typically close residential mortgages can get into commercial mortgage lending:
Connect with direct lenders who close commercial mortgages.
Once you’ve made the decision to begin closing commercial mortgages, you need to develop partnerships with commercial lenders. Working with experienced direct lenders is your best bet as they’ll have proven track records of closing loans and will be able to help you navigate a new niche with confidence.
Talk to past clients who own commercial real estate.
Before using your website, email blasts and social media to seek out new borrowers, you should contact borrowers for whom you’ve secure residential financing who own commercial property. Go through your old files, give those past clients a call and let them know that a name they already trust can also get them the commercial mortgages they need.
Touch base with your referral network.
A great source for commercial mortgage leads is your existing network of referral sources. The CPAs, realtors, bankers and attorneys who have clients in need of a home mortgage will also have clients seeking commercial financing. Whether it’s via phone, email or a face-to-face meeting, make sure you contact these sources and let them know you’re now active in the commercial mortgage niche.
Market yourself as a commercial mortgage broker.
This one’s fairly simple: You need to advertise the fact that you close commercial mortgages. Add this information to your website, your emails, your social media channels and any print or other advertising. If people don’t know you’re brokering commercial mortgages, they won’t seek out your services.
If you want to begin closing commercial mortgages, the above steps will get you moving in the right direction. Once you have dependable lenders to work with, let clients and referral sources know that you’ve added new products and begin to market your services as a commercial mortgage broker, you’ll begin driving in leads, closing more deals and earning more money.