One of the best ways to expand your business as a mortgage broker is to begin working with borrowers with commercial real estate collateral who need to secure financing for their small business. These borrowers often have trouble obtaining a bank loan for a number of reasons, such as less-than-stellar credit, loan size and inability to verify their income through tax documents.
However, there are plenty of lenders who will finance these types of deals; brokers just need to learn how to develop leads. Here are some techniques you can use to seek out small business borrowers:
Create useful content.
In order to establish credibility as a commercial mortgage broker, you need to develop website and social media content that displays your knowledge of small business mortgages. Whether you create blog posts, videos or social media posts, it’s important to demonstrate your expertise in a way that encourages trust and teaches your audience something about the types of loans for which small business owners will be eligible.
Engage with your audience through social media.
It’s important to interact with potential borrowers through all of your digital channels. One of the best ways to seek out new leads is to join forums for small business owners. When you begin to engage with members, avoid the hard sell. Simply let them know that you are a financial professional and that if they have any basic questions about obtaining a mortgage for their small business, you’d be happy to answer them. Once you’ve proven yourself to be an asset, potential borrowers will be more likely to work with you.
Meet potential borrowers face-to-face when possible.
While your website and social media are great ways to develop relationships with potential borrowers, it’s important to meet with them in-person if possible. A great way to do this is to visit small businesses in your area or join your local Chamber of Commerce and explain the services you can offer. There are probably a number of potential borrowers with commercial real estate collateral seeking small business mortgages right in your backyard, so make sure to make an effort to meet them!
Small business owners are one of the most valuable, and yet overlooked, groups of potential borrowers in the commercial mortgage industry. Getting started in this under served niche is simple as long as you understand how to market your services to these borrowers. Once you’ve established yourself, it’s easy to increase your income by closing small business mortgages.