When making the transition from residential mortgage broker to commercial mortgage broker, education is crucial. In order to succeed as a broker in the small commercial mortgage industry, you need to get to know the business. This might seem difficult at first, but if you know where to look for the information, you’ll learn the basics of commercial lending in no time.
- Read up on the commercial mortgage industry. When you’re first getting started, it’s important to read articles and blogs concerning the commercial mortgage business. There are a number of websites and trade magazines that focus specifically on the commercial mortgage industry, and can give you a lot of information about the business.
- Attend educational seminars or webinars. Once you get a handle on the basics of the industry, you should look into training for commercial mortgage brokers. There are some companies who offer seminars or webinars dedicated to educating commercial mortgage brokers.
- Connect with industry professionals. Experienced commercial mortgage brokers are a wonderful resource for brokers who are new to the industry. Joining a networking group or a LinkedIn group for commercial mortgage brokers allows you to discuss the business with experienced professionals and to learn from them. There might also be lenders in these groups who can give you some insight into what small commercial lenders expect from their brokers.
- Attend trade shows and other networking events. If you can manage it, attending trade shows and other industry networking events is a great way to interact with industry professionals and to learn more about the commercial mortgage business. It’s also a great way to get your name out there so that you can start working with small commercial lenders.
If you’re a residential mortgage broker looking to work in the commercial mortgage industry, it’s important to educate yourself. The above tips will help you to learn about the business and will give you the knowledge and credibility to succeed.