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First-Meeting Musts for Building Referral Relationships

Commercial Mortgage
Posted on 
May 22, 2014

When it comes to building referral relationships as a commercial mortgage broker, first impressions are important. During your first meeting with any of your potential sources, you need to express an interest in their business and sell your services in the appropriate way to gain their trust and respect. Here are some tips for a successful first meeting:

  • Learn about them. When you first meet with a referral source, ask them about their firm. How long have they been in business? What’s their specialty? Your referral relationship needs to be a two-way street, so you need to get to know them in order to be successful.
  • Don’t begin by selling. It might be tempting to immediately begin selling yourself as a commercial mortgage broker, but this generally doesn’t work too well. Again, get to know the potential referral source first. Gaining an understanding of their business will give you a good idea of how to present your services in a way that will be appealing.
  • Let them know how you can help them. Once you’ve learned about them, you can discuss how your skills as a commercial mortgage broker would be a valuable asset to their business. Make sure to let them know that you can help them when their clients need alternative funding sources. Also, tell them that you might be able to return the favor and refer clients to them from time to time.
  • Don’t be all things to all people. While you might want to be each of your source’s one stop shop for all types of mortgages, it’s best to pick one niche and sell your skills there. You need to build up your relationship and prove yourself as a commercial mortgage broker before sources direct a lot of business your way.

Always remember that referral relationships are a two-way street, and that your sources are always going to want to know exactly what you can do for them. When you’re developing these business relationships, stay focused on your potential source and their needs. Learn about their businesses, don’t oversell yourself and let them know how your skills as a commercial mortgage broker will benefit them. If you follow the above tips, there’s a good chance your first meetings with potential sources will be successful.


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