Position yourself as a commercial mortgage expert.
Trust is a key factor in becoming a successful mortgage broker. Borrowers want to work with brokers who know the industry well and have a proven track record of closing loans. In order to earn the trust of potential borrowers, you need to present yourself as an industry expert. Here’s how to get started:
No one can become a nationwide mortgage expert overnight. However, becoming an expert in your town or county is an achievable first step. Get to know your local commercial mortgage market and the types of businesses in your area. Once you’ve mastered your area, you can begin to branch out.
Develop your niche.
As a commercial mortgage broker, it’s important to become an expert in a particular area of the industry. You need to decide what it is you do well. What types of commercial property are you the most knowledgeable about? Are you better at handling traditional commercial mortgages or are small-balance loans for non-bankable borrowers the best fit for you? Once you know your strengths, you can decide which niche will allow you to grow and succeed.
Build strong referral relationships.
Referrals are often crucial to a commercial broker’s success. A referral speaks to your authority as a broker, as well as your character. It’s a great idea to set aside a section of your website for referrals so that potential borrowers can see that you’re a trustworthy and knowledgeable resource.
Promote your expertise.
You can let potential borrowers know that you’re an expert on small commercial mortgages by using your website and social media. Writing blogs or articles about the industry to educate borrowers is a great way to develop credibility. Promoting your writing, as well as helpful articles and recent closings via social media sites is also a great way to establish your authority in the industry.
Making sure that borrowers know you’re a trustworthy commercial mortgage expert is crucial to your success as a commercial mortgage broker. By starting small and developing your niche, you can develop a foundation of knowledge that will serve your business and your clients well in the future. Building strong referral relationships and promoting your skills will further solidify your credibility, leading to more closings, additional income and a great reputation in the commercial mortgage business.