A commercial mortgage broker’s success is often largely dependent on their ability to cultivate referral sources. Attorneys, accountants, real estate agents and bankers are all valuable sources for commercial mortgage leads, so it’s important to be able to convince them of the benefits of your services.
Here’s how you can get started:
It’s important to speak with your referral sources on a consistent basis. Whether that means weekly emails, monthly phone calls or the occasional face-to-face meeting, brokers need to take staying in touch seriously. Make sure to keep track of your interactions with referral sources so that subsequent conversations are valuable to both of you. If a source contacts you, be sure to return their call or email as soon as possible.
Bring a positive attitude to the table.
A friendly and helpful approach can go a long way toward building trust and convincing referral sources that you’re an asset as a commercial mortgage broker. You need to convey that you are willing to help both your sources and their clients in order to develop credibility and strengthen your referral network.
Demonstrate your expertise.
The reason sources like accountants, lawyers and real estate agents work with commercial mortgage brokers is because they have the knowledge to get their clients the financing they need. Be ready to answer any questions your sources have, and direct them to any resources you have, such as blogs, educational videos or webinars, to prove that you understand the industry and various lenders’ programs.
Focus on results.
In order to convince sources that you’re an asset to them, you need to draw their attention to your successes. Provide them with examples of small-balance commercial deals you’ve closed, and explain how your services will benefit both them and their clients.
Developing and maintaining relationships with referral sources is a major part of lead generation and success for commercial mortgage brokers. By communicating often, being positive and helpful, demonstrating your industry knowledge and focusing on the deals you’ve closed, brokers can display their skills and strengths, leading to more referral sources and more closed loans.