If you’re a commercial broker turning away borrowers looking for hard money loans, you’re losing money. There are commercial borrowers struggling to find financing in this recovering economy, and for some, a short-term loan will be the best option. However, if you want to add commercial hard money mortgages to your product offerings, you need to market yourself appropriately.
How to market yourself as a commercial hard money broker:
Let people know you’re in the business.
If you’ve decided to add commercial hard money to your product offerings, you need to let potential borrowers and referral sources know. It can be as complex as devising a marketing campaign that promotes your new product through print and digital means or as simple as adding the words “hard money” to your business card, website and email signature. Also, be sure to let your current referral network know that you can find financing for their clients with hard money needs.
Utilize digital marketing.
Social media sites and email blasts are a great way to connect with potential customers and sources. Remember that in social media posts and emails, content is very important. Make sure to include interesting and informative content that will engage your followers.
Educate your potential borrowers and sources.
If you embrace digital marketing as we suggested above, educating potential borrowers and sources is a great way to develop content for emails and social media posts. You can post relevant articles about the industry to your social media pages, explain the benefits of commercial hard money in your email blasts, and answer any common questions you receive.
Closing commercial hard money loans is a great way to earn additional income, but you need to market your services in order to gain this business. Be sure to let your current network know you’re in the hard money industry and update your marketing materials. Embrace digital marketing and educating your clients as this will give you added edge and credibility within the market. Following the above tips will help you to get involved in the commercial hard money industry and to close more loans.