Commercial loan brokers have to juggle a lot of different tasks during their working hours which can be overwhelming. With all the important tasks that need to be completed, it’s easy for some things to fall to the wayside, and not be done by the end of the day. Efficiency is key if you want to gain a positive reputation amongst lenders who will be your biggest referral network asset. You have to be able to meet with clients, process their needs, find them a loan, and close on that loan in a timely manner. Here are the top 5 tips to increase your productivity as a loan broker:
1. Systematize What Can Be Systematized: Most mistakes and errors in business are the end result of not having clearly defined procedures for common tasks. Research indicates that 80 percent or more of problems are due to systemic deficiencies with processes. So although mapping your business processes is relatively simple to do and involves no costly capital pay out, it pays huge dividends in business efficiency and employee commitment. Here are some suggestions on common processes to systematize:
- Systematize your recurring tasks – Every business has repeating tasks and recurring to-do lists. There are lists for each person in the business, as well as lists for the business itself. Make sure you break down those tasks and find out when they occur (daily, weekly, monthly, etc.) then use a software program to help you track and schedule these tasks for you.
- Systematize money management – Identify the work, outline the financial system, and then find a software to automate it.
- Systematize productivity – People can be much more productive through training. Productivity removes inefficiencies in how they do their work. Human beings can be much more productive at work by following certain tested routines. Find software that helps to clarify your goals, break them down into small steps, and stay on track to reach them every single day.
2.Maximize Time Where You Get Highest ROI: Spend more time on clients and loans that will give your lenders the highest ROI. Lenders are happiest when they get a high ROI and the happier they are with your service, the more likely they are to give you more clients and also give you referrals.
3. Always Be Marketing: Branding is one of the most important marketing tools to increase your productivity as a loan broker. Your brand should include a colorful logo with simple graphics, images, and/or slogan that represents your brokerage. Your logo should be included on everything that goes to your clients to help make your brand as memorable as possible.
Practically every business uses online marketing to help increase their productivity. Business loan brokering should be no different. Having a website is a great place to start. Included in your website should be a blog. Blogs are a great way to connect with borrowers and grow your clientele. Including helpful tips, ideas, and articles in your blog allows you to build trust with your borrowers.
4. Stand Out From the Crowd: There are so many loan brokers out there so why should a client choose you over your competitors? What do you have that they don’t? Make sure you’re able to differentiate yourself from the rest of the brokers. This may mean having important new information on new loan regulations or providing a service others don’t. Or maybe it’s simply having lower fees than others. Just make sure you stand out from the crowd.
5. Provide Service that Deserves Referrals: Don’t underestimate the power of referrals. They’re a vital aspect of your brokerage if your goal is to be successful. Make sure you’re dedicating the same drive and time to each and every client and make sure it shows. You want your client and your lender to value your service and appreciate what you did for them.
To make the process of loan brokering easier for you try to keep these tips in mind. Being able to streamline the entire process from starting your brokerage up through servicing your clients will allow you to be a more productive loan broker.