Word-of-mouth recommendations are powerful, so it’s important to provide a great experience to the commercial mortgage borrowers with whom you work. Here’s how you can impress them:
Guide your borrowers through the process.
Small business owners, particularly those who are non-bankable, seek out brokers for their expertise in closing commercial mortgages, so it’s important that you explain each stage of the lending process as simply and clearly as possible. Whether they’ve got questions about the rate, the terms, or the cost of an appraisal, you need to provide your borrowers with easy-to-understand answers. These borrowers are relying on your knowledge to secure the financing they need, and delivering great results could lead to future recommendations of your services.
Handle any challenges quickly and professionally.
It’s not unusual for small issues to emerge when working to close a small-balance commercial mortgage for a non-bankable borrower. The most important thing is that you work with your borrowers and the lender to handle any potential problems as fast as possible. An efficient resolution will impress your borrowers.
Provide excellent customer service.
Throughout the commercial lending process, it’s important to provide your borrowers with the best possible service. Return their phone calls and respond to their emails promptly. Answer all of their questions to the best of your ability. Keep them informed of the progress of the deal throughout the process. All borrowers want to work with respectful and professional brokers, and great customer service will go a long way toward impressing them.
Communicate with past borrowers.
Once your borrower’s commercial mortgage has closed, you should touch base with them occasionally to see how their business is doing. Ask them to keep you in mind for any of their future commercial mortgage needs and to mention your services to other small business owners they know.
Good marketing is crucial to any commercial mortgage broker’s success, but nothing can replace the recommendation of satisfied borrowers. Using your knowledge and experience to guide borrowers through the commercial mortgage process and providing them with great customer service and solutions is the best way to ensure that they’re pleased with the end result and will use you for future projects and tell other small business owners about your services.