The job of a commercial loan broker can be boiled down to one key concept: Facilitate connections between lenders and borrowers in order to provide business with capital. To provide the best services to your client, understanding how to make these connections is essential.
To help out, we’ve compiled the keys to Success for Networking as a Commercial Loan Broker.
Any business should be first and foremost focused on strategy. If the plan is to build connections, an often-overlooked part of the sales process, then new lead generation techniques like networking are essential.
The first part of this plan should focus on creating a list of all of the networking opportunities in your area, and also online. Chamber events, banking mixers, B2B networking groups, training events, and meetup groups are examples of organizations with great networking opportunities.
Meet the right people, say the right things
Once that list has been compiled, the next step will be meeting the right people and saying the right things. Knowing who the key centers of influence are in a community and industry is essential. Then a broker needs to introduce themselves to them, shake their hands, ask them to coffee. Emails, phone calls, and informal meetings are great ways to make these connections that could one day be a deal, or at least lead to one.
Send them leads for their business
Finally, it is helpful to provide them with a benefit to their business. Send them leads for their business or help make connections for them with other power partners. While many people will be happy to work with you, providing them with a benefit will help seal the deal. The best way to get is to give. This is proven to be one of the best ways to build relationships and grow your company.
Networking for Brokers Goes beyond Clients
Just like in other industries, networking will be essential to making connections. Networking isn’t just limited to clientele or lenders but should include connections throughout your community and your chosen niche.
This networking can help in two ways, by providing links to people looking for loans or by providing sources of funding. Additionally, these connections can also help provide more value to a client. A real estate loan with the addition of a commercial real estate agent, for example, is more valuable than just a real estate loan.
Networking with other brokers
The final form of networking which is beneficial is with other brokers. Connecting with other brokers can provide deals or access to new funding sources. A partner program, where deals based on location or niche are exchanged between brokers, is a great way to build a client base and to expand a business beyond its current market.
Connections are part of everyday life. Understanding how these connections can be turned into business opportunities is a key part of a broker’s job. If you want to learn more about establishing connections and how to use them to create a successful loan brokerage, take a look at our upcoming sessions.