To really succeed in the commercial mortgage industry, brokers need to differentiate themselves from their competition. Borrowers and referral sources have a lot of choices when it comes to doing business with mortgage brokers. You need to be able to explain why they should choose you, and a solid marketing plan and approach can help.
Here are some tips to help you develop marketing that will make you stand out as a commercial broker:
Nurture existing relationships.
This point applies to both borrowers for whom you’ve secured financing in the past and your network of referral sources. Maintaining these relationships is often as easy as sending regular emails about relevant services or products, or placing the occasional call to catch up with them. It doesn’t take much time or effort to reach out to past borrowers or your current referral network from time to time, and in doing so you increase your chances that they’ll call you when they need commercial financing or when one of their clients does.
Build new connections through networking.
While it’s important for mortgage brokers to focus some of their marketing efforts on the borrowers and referral sources with whom they’ve already done business, it’s also crucial to continue developing new relationships to keep the deals coming. A great way to do this is through networking events or networking groups on various social media sites. Do your best to attend mortgage tradeshows, networking events for local business and Chamber of Commerce meetings in your area. Meeting potential borrowers and referral sources in person goes a long way to establishing a business relationship. Additionally, you can supplement this effort by joining networking groups on sites like LinkedIn.
Utilize your website and social media.
It’s important for mortgage brokers to have a digital presence in order to be taken seriously by most borrowers and referral sources. Make sure that your website is user-friendly and easy to navigate. Include plenty of information about your products, as well as information about your company. A contact form and a detailed application form should also be on your website, and most site-building platforms will have templates you can use for these. Additionally, try to be active on various social media platforms. Share information about the mortgage industry, helpful tips about the process of obtaining a commercial mortgage and relevant news.
Talk to your lender about marketing materials.
Many commercial mortgage lenders rely on brokers, so they often have marketing pieces they can provide to help you sell your services to potential borrowers or referral sources. Talk to the lenders with whom you work and see what they’re able to offer you to better sell their products.
The commercial mortgage industry is a competitive space, so it’s important for brokers to create a marketing strategy that allows them to stand out. Make sure to focus on both nurturing your existing relationships with both borrowers and referral sources while working to develop new leads and partnerships. Use any available technology, such as your website, email and social media to stay in touch with borrowers and sources, and to keep them informed about your services and products. Lastly, reach out to your lenders to see how they can help. These approaches to marketing will allow you to differentiate yourself from your competition and to secure new business.