A commercial mortgage broker’s ability to earn a living depends on the strength of their pipeline. It’s important to continually seek new business in order to keep your commercial mortgage pipeline healthy and thriving. The more applications you receive from potential borrowers, the more mortgages you’ll close, which means more income.
Here’s how you can build your pipeline:
Sell your strengths.
When putting together marketing and advertising materials, it’s important to differentiate yourself from other commercial mortgage brokers and let borrowers know how your services can help them to secure financing. Whether you can get them the best possible rates, work with a variety of lenders or can get deals closed quickly, make sure to emphasize what sets you apart.
Educate your borrowers.
These days, consumers will do their research before deciding to work with a particular company or individual, so your credibility and expertise need to be on display in order to impress potential borrowers. One way to let borrowers know that you are a trusted source in the commercial mortgage industry is to educate them about important aspects of the business. Providing borrowers with crucial information about obtaining commercial financing is a great way to earn their respect as well as their business.
Reach out to your referral network.
While reaching borrowers directly is important, it’s also critical that brokers develop and maintain a strong referral network. You should reach out to the bankers, accountants, real estate agents and attorneys in your network regularly both to seek out new business and to remind these professionals what you can offer their clients.
Know your product.
Borrowers want to work with brokers who have a thorough knowledge of the industry and commercial mortgage products. Be sure that you know your lenders’ programs inside and out so that you can provide your borrower with a variety of financing options. Learn more in our previous post on how to position yourself as a commercial mortgage expert.
The more good deals you receive, the stronger your pipeline will become. First, it’s crucial to sell your skills to borrowers, as well as educate them about the lending process to earn their trust and their business. Second, make sure to consistently contact your referral network as well in order to connect with more borrowers. Finally, an in-depth knowledge of the products you offer will impress both borrowers and referral sources, leading to more business and additional income.