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January Resolution: Keeping your Commercial Mortgage Referral Network Strong

This is the first in a series of monthly blogs about resolutions commercial mortgage broker should make and keep to increase business in 2016.

A commercial mortgage broker is only as good as their referral sources. Bankers, lawyers, accountants and real estate agents play a large role in your success as a broker by referring clients who need commercial financing. Because of the importance of these sources, it’s important for commercial mortgage brokers to treat them with respect and work hard to maintain a strong relationship. This month, make a conscious effort to build up and strengthen your referral network with the following tips.

  • Communicate consistently.

    In order for your commercial mortgage referral sources to keep you in mind, you need to make sure you contact them on a regular basis. A good way to make sure you contact your sources consistently is to maintain a spreadsheet or database where you can take notes on each communication. Whether you choose face-to-face meet-ups, phone calls or emails, it’s important to remind your sources of the services you can offer and to sell your skills as a commercial mortgage broker. Additionally, if a source contacts you, be sure to respond to them in a timely manner.

  • Maintain a positive attitude.

    Make sure you always remain positive and proactive when interacting with referral sources. You have to convince your sources that you are an asset to them, and the best way to do that is to be friendly and helpful in all of your dealings with them. You need to communicate your desire to help your sources and their clients; otherwise they’re not going to be interested in working with you.

  • Manage your time wisely.

    A large part of keeping your referral network is simply making time each day to connect with your sources. It’s a good idea to set aside some time each day to do so at a time when you feel productive. Again, how you contact each source is up to you, but you need to make the time to do so.

  • Always be honest.

    When discussing the kinds of commercial mortgage deals that you can get for borrowers, it’s important to be honest with your referral sources. For instance, don’t tell sources that you can get their clients bank rates if you know that’s not possible. This only makes it more difficult to sell the deal, and it damages your sources’ confidence and trust in you as a broker.

It’s important to remember that in order to be a successful mortgage broker you need to make sure that your referral network is strong. This will allow you to maintain a steady flow of commercial mortgage referrals. This isn’t going to happen overnight; you need to work diligently in order to convince each source that your services are valuable. If you do put in the effort, you’ll see the results in increased referrals and income from additional closings.

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