Back to All Blog Posts

Seeking Referrals from Former Small-Balance Commercial Borrowers

Commercial Mortgage
Posted on 
October 16, 2014

It’s simple: satisfied customers often lead to more business. This is just as true for commercial mortgage brokers as it is for any other small business owner. While traditional and digital marketing are important when seeking out new borrowers, the good word of a former client can be incredibly helpful.

Here’s what you can do to make sure your customers have only good things to say about you.

Educate your borrowers

When working with new clients, it’s important to educate them about the commercial mortgage industry and what it means for their unique situations. Providing your borrowers with relevant information about the industry will lend you credibility and will help your borrowers to understand what they need to do in order to secure a loan.

Provide excellent customer service

Treating your borrowers well is a great way to gain their good opinion. Always return calls and emails promptly, and keep them informed of the progress throughout the commercial mortgage process.

Handle obstacles professionally

Throughout the lending process, it’s not unusual for small issues to emerge. It’s important that you handle these problems quickly and efficiently for your borrowers.

Keep records of the loans you have closed

Does a former client have a balloon payment coming due?  When does their prepayment penalty phase expire?  How are interest rates trending?  These may signal a good time for you to reach out to your clients and see if it makes sense for them to refinance.

Keep in touch with your borrowers

Once your borrower’s loan has closed, follow up with them occasionally to see how the loan is helping them and how their business is doing. Ask them to keep you in mind if any small business owners they know need a small-balance commercial mortgage.

In order to build your reputation as a competent and successful mortgage broker, you need customers who are pleased with your service. It’s very important to treat each of your clients well and to do the best you can to help them obtain the loan they need. If you follow the above tips, you’re well on your way to satisfied borrowers who will be very happy to give you a great reference.


You might also be interested in