Breaking into the commercial mortgage market may seem difficult at first, but you’ve already acquired many of the necessary skills and contacts needed to succeed as a residential broker. Brokering commercial mortgage deals is a great way to expand your business and earn more income. There are just a few simple things to take care of before you get started in the commercial mortgage market:
- Get to know commercial lenders.
Talk with the lenders you already work with, and see if they handle small commercial loans. If they don’t, they can probably recommend lenders who do. You can also search the internet or sites like LinkedIn for commercial lenders in your area. Let them know that you’re a commercial broker and are interested in doing business with them.
- Let your contacts know you’re in the business.
Make sure to speak with your current referral sources to let them know that you can handle their clients’ small commercial mortgage needs. Chances are the attorneys, bankers, accountants and other industry professionals in your network will be glad to have an additional source of financing for their customers.
- Market yourself as a commercial broker.
It’s important to add the word “commercial” to all of your marketing materials. Make sure that your business cards, stationary, website and social media channels all state that you handle commercial loans.
If you’re a residential mortgage broker and you’re not handling the small commercial mortgages that come across your desk, you’re losing out on a potential stream of income. Getting started as a commercial broker is easy, you simply need to contact commercial lenders you’d like to work with, let your network know you’ve expanded your product offerings, and market yourself appropriately. Following the above tips will help you to get involved in the commercial industry and to close more loans.