Closing small-balance commercial loans and using the Internet to sell goods and services might not seem like the most comparable industries, but commercial mortgage brokers can learn a lot from Amazon.com. Jeff Bezos’ Internet retail behemoth is one of the largest companies in the country and it’s been through many ups and downs throughout its history. Here are some things commercial mortgage brokers can glean from the tech giant:
Perseverance is crucial.
For the first ten years of its life, Amazon did not make a profit. Through hard work and changes to their business model, Amazon became a flourishing company that is just about profitable. As a broker, there will be some obstacles you need to overcome to drive in commercial mortgage leads and to close loans. However, if you’re persistent, your chances of success will increase.
When Jeff Bezos started Amazon, his main goal was to sell books and other tangible products. Today, Amazon makes most of its money from cloud servers through Amazon Web Services. Like Amazon, you need to be able to spot trends in the commercial mortgage industry and adapt accordingly in order to achieve your goals for your brokering business.
Promote yourself and deliver.
While Amazon is one of the most recognized companies in the world, it’s no stranger to failure. Recently, the company promoted a special event called Prime Day, and if you were paying any attention to social media that day, you’re aware that many people felt it left something to be desired. When you market your skills and services as a commercial mortgage broker, be sure that you can deliver on that promise.
The commercial mortgage industry rewards brokers who are persistent, adaptable and able to deliver great service. So, brokers would be wise to study companies like Amazon who need the same skills to survive in the competitive market of Internet services. By working on the above skills, you will improve as a commercial mortgage broker and will be able to drive in new business.