While there’s less competition for brokers in the small-balance commercial mortgage market than in residential, it’s crucial that you set yourself apart from other brokers in the industry. In order to generate leads and attract new business, it’s important for you to demonstrate your skills so that you stand out.
Here’s how you can let potential borrowers know that you’re a broker who can get their deals done:
Focus on customer service.
As a broker, it’s crucial for you to provide excellent customer service to your current and potential borrowers. Engage with them and answer their questions. If they’re a current borrower, make sure to keep in consistent contact with them and let them know about the progress of their loan request. Return all calls and emails in a timely manner. Be willing and able to help them work through any obstacles in the lending process. Simply letting borrowers know that you’re a resource will go a long way.
Demonstrate your industry knowledge.
Commercial property owners choose to work with commercial mortgage brokers because they are experts in their field. As a broker, you’re their guide through the small-balance commercial mortgage industry. It’s important to demonstrate your expertise not only through your marketing campaigns and educational resources, but throughout the lending process. Borrowers will be more likely to work with you – and to recommend you to others – if you demonstrate that you are a knowledgeable and trustworthy broker.
Show that you can place borrowers’ loans.
When a commercial property owner chooses to work with a broker, it’s important that that broker has demonstrated an ability to place loans. You should build relationships with a variety of lenders so that you have multiple outlets for your borrowers. Consumers like choices, and borrowers seeking small-balance commercial mortgages are no different.
Your ability to set yourself apart from your competition will play a large part in your success as a commercial mortgage broker. Remember to provide great customer service to both current and potential borrowers, provide them with a variety of lending options and take every opportunity to prove yourself as an expert in the industry. The more you stand out, the more commercial mortgage loans you’ll close.