We all know how important first impressions can be, and this is especially true for commercial mortgage brokers seeking to develop referral sources. Whether you’ve scheduled an introductory call or are meeting a potential source in person, it’s important to express an interest in them, their business, and their clients, and to explain how your services will benefit them.
Here’s how you can develop referral relationships that will lead to more closed small-balance commercial mortgages:
Don’t start selling immediately.
While it might be tempting to begin selling your services as soon as you begin the call or sit down with a potential source, it’s best to hold off. In these situations, most people will be resistant to an immediate sales pitch. Instead of talking about you and your services right off the bat, get to know them. This will allow you to determine the best way to present your services.
Learn about their business.
When you first call or meet with a referral source, ask them about their company or firm. What’s their specialty? How many employees and clients do they have? How long have they been in business? Every relationship with a referral source needs to be a two-way street to be successful, so getting to know them and their business is very important.
Explain how your services can help them and their clients.
Once you’ve gotten a better sense of their business, it’s time to discuss how your services as a commercial mortgage broker will benefit them and their clients. For example, if you’re sitting down with a banker who can’t provide a loan to a client looking to finance a commercial property, explain how referring that client to you will allow them to preserve that business banking relationship. You should also indicate that you’ll be able to return the favor and refer clients to them when possible.
Don’t be all things to all people.
While you might want to be each source’s first call no matter what type of commercial mortgage their client is seeking, it’s important to establish your niche or niches so that the right business is coming your way. When you discuss the services you offer, make it clear what kind of commercial mortgage borrowers they should send you.
Every referral relationship starts somewhere, and it’s important for commercial mortgage brokers to make a good first impression. Remember not to sell your services as soon as you begin the conversation, but rather convey an interest in them and their clients. Once you get to know them, focus on how your services will benefit them. A good first call or meeting can lead to a great partnership and more closed small-balance commercial mortgages.