If you’ve recently decided to become a commercial mortgage broker, the thought of developing business in the commercial market might seem like a challenge at first. However, putting in the effort to learn about the commercial mortgage industry and networking is a good way to transition more smoothly into the business of brokering small commercial mortgages. Here’s what to do:
- Educate yourself. When you’re first starting out as a commercial mortgage broker, it’s important to get to know the market. Read trade publications, blogs and news articles on the subject. Attend any seminars or webinars that you can. Once you get familiar with the commercial mortgage market, you’ll be much better equipped to begin making connections and closing loans.
- Use your current network. Reach out to past borrowers who own their own businesses or investment properties and let them know you can help them obtain commercial financing. You should also contact your current referral sources and let them know that you can get their non-bankable clients the commercial mortgages they need.
- Embrace social media. When making new connections in the commercial mortgage industry, social media sites are valuable tools. Sites like Facebook, Twitter and LinkedIn make it easy to connect and interact with potential borrowers, referral sources and commercial mortgage lenders.
- Attend industry events. You can also build business connections by attending networking events in the commercial mortgage industry. Do a quick Internet search to see if there are any seminars or trade shows in your area.
- Keep in touch. After making new connections, make sure you stay in touch. You can schedule visits with your new connections or you can take advantage of video conferencing sites.
Developing new business connections is important for commercial mortgage brokers who are just getting started in the industry. Committing to learning about commercial mortgages and taking networking seriously will help you to make a smooth and successful transition into the commercial mortgage business.