As published in Scotsman Guide's Residential Edition, July 2006.
If you're among the savvy residential mortgage brokers who have decided to diversify their business by adding small-balance commercial products, congratulations on a wise choice. After finding the right lender programs, it's time to get the word outand begin sourcing deals.
There are many steps you can take to leverage your existing client base and marketing efforts for commercial opportunities. By developing a clear brand, reaching out to past residential clients, creating a network and marketing, you can see your commercial business grow.
Make it clear
First, develop your brand to include small-balance commercial options. Include commercial-mortgage messaging in your marketing and advertising materials. For example, business cards, voice mail, e-mail signatures, on-hold messages, collateral and advertising in any medium should announce that you now offer commercial mortgages.
Add informative content to your Web site that commercial prospects will find valuable. These can include the benefits of owning or refinancing commercial property; how the process works; what type of documentation is necessary; and/or appraisal information. Create fliers or similar handouts for distribution at events, or give them directly to commercial-property-owners, Realtors and other referral sources.
Finally, if you've decided to specialize in a particular commercial niche, be sure to tout the program features, property types, loan limits or borrower profiles specific to your offerings.
Use what you've got
Here's an important point not to be missed: The borrowers you know and with whom you do business -- from small-business owners to first-time and seasoned investors -- are often the same borrowers who need small-balance commercial financing.
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