As a broker focused on closing small-balance commercial mortgages, it’s important for you to understand how to promote your services. You aren’t just selling a product; you’re selling your industry expertise and your ability to close commercial mortgages for borrowers.
Here are some steps you can take to strengthen your brand and increase your business:
Make the right connections.
As a broker who obtains commercial mortgages for non-bankable borrowers, you need to make the best possible connections to succeed. You should build relationships with referral sources in order to develop mortgage leads. You also need to work with the right lenders in order to close mortgages. The more connections you have in the industry, the more outlets you’ll have for your borrowers.
Market your services.
In order to draw in new referral sources and borrowers, you need to focus on marketing. Brokers have a wide variety of media available to them to market their services, from traditional print and radio ads to more cost-effective social media and email marketing. It’s important to develop a marketing plan that works for your company and reaches your target audience.
Focus on your strengths.
When you’re developing your marketing campaigns, it’s important to focus on your skills as a mortgage broker. Whether you’re particularly adept at negotiating rates and terms for your borrowers, can offer your borrowers access to a wide variety of commercial mortgage products, or specialize in a particular property type, make sure potential borrowers know what you can provide that sets you apart from the competition.
Display your expertise.
Another thing your marketing should focus on is your industry knowledge. At the end of the day, borrowers are coming to mortgage brokers because they need a broker’s expertise to find a commercial mortgage that fits their needs. Advertise your knowledge and explain how it will benefit the borrowers who choose to work with you.
A large part of your success as a commercial mortgage broker is building a network of referral sources and borrowers who are interested in doing business with you. After you’ve made the right connections, you should focus on marketing your services in a way that shows referral sources and borrowers your capabilities and industry knowledge. This will increase your credibility and professional image, leading to more closed loans and additional income.