When you first get started as a commercial mortgage broker, finding leads might seem like a challenge. However, there are plenty of sources for commercial mortgage leads with whom you can build referral relationships. Here are the four most beneficial sources for commercial mortgage leads:
- CPAs: Your borrowers’ accountants are trusted, knowledgeable advisors, and understand their clients’ cash flow. CPAs are always looking for additional money sources, and as a commercial broker you’ll be able to help them find financing for their non-bankable clients.
- Realtors: As far as commercial mortgage leads go, realtors are a valuable resource. They know borrowers who need financing. Realtors have all had commercial deals fall through because the buyer couldn’t obtain a mortgage. Let them know that you can provide commercial mortgages for non-bankable clients and help with commercial closings.
- Bankers: Whether they need to find a non-bankable customer a loan, need a solution for a customer whose mortgage is ballooning or are simply looking to reduce risk in the bank’s portfolio, bankers are always looking for alternative lending sources. Let them know that you can help.
- Attorneys: Like accountants, attorneys are trusted advisors to their clients and are often involved in commercial closings. They regularly set up corporate entities, so they’ll have a good idea of their clients’ corporate finances and mortgage needs.
The financial professionals above can help you to build your business with commercial mortgage referrals. However, it’s also important to remember what you can do for them. Make sure you sell yourself as a valuable asset to your referral sources, and don’t forget to refer your clients to them when appropriate.
Be sure to read Thursday’s blog, which will discuss the first meeting musts all commercial brokers should take into account when building referral relationships