Luck has very little to do with succeeding as a commercial mortgage broker. The brokers who do well in the small-balance commercial mortgage business do so because they’re versatile, intelligent and determined. These traits allow brokers to develop the skills to succeed in this niche as well as the industry as a whole. Here are the skills you’ll need to thrive as a small-balance commercial broker.
The ability to adapt:
The mortgage industry is always changing, so it’s important for brokers to be flexible. Brokers need to be able to understand the way the industry is trending and to use that information to their advantage. Whether that means noticing a particular commercial property type seems to be doing well or that a large number of loans are coming due in a given year, it’s important for brokers to pay attention to the industry and adapt accordingly.
The desire to learn:
Because the commercial mortgage industry is ever-changing, brokers also need to constantly educate themselves about new developments. The more informed you are about the commercial mortgage industry, the better you’ll be able to serve your borrowers. Read more in our previous post on how to position yourself as a commercial mortgage expert.
The right network:
Without trustworthy and reliable referral sources and lenders, a broker’s hard work might be in vain. Finding the right network of sources and lenders will allow you to place different types of commercial mortgages and serve the needs of many different borrowers.
Lenders in the small-balance commercial mortgage industry will always appreciate an honest and upfront broker. Because you’re often working with non-bankable borrowers in this niche, it’s important to provide as much information to the lenders as you can and not to withhold any potential issues. Likewise, it’s important to be honest with your borrowers about the loans for which they’ll be eligible.
Success in the mortgage industry does take time and effort, but it’s straightforward. Adaptable and honest brokers who are willing to educate themselves and seek out the best sources and lenders are generally going to flourish in the small-balance commercial mortgage niche. These brokers will be able to use their skills to expand their business and earn more income.