It’s simple: commercial mortgage originators looking to succeed in today’s market must communicate well.
Networking with professionals in the field and marketing your services to potential clients are fundamental elements of mortgage marketing. In short, better communication means better business.
Not feeling confident about your ability to clearly communicate your brand and business strengths to prospective business partners? There’s good news: by adopting a few basic practices, you can take a significant first step toward honing your communication skills.
Here are 5 commercial mortgage marketing techniques you can use to improve your ability to communicate with borrowers and referral partners.
1. Always Respond Quickly
A commercial mortgage broker should always strive to show clients that he/she cares. One of the best ways to ensure a prospective client feels attended to is by responding quickly to their emails and phone calls.
The world of commercial mortgages is highly competitive, and time spent neglecting a client’s message gives competitors the opening to steal a lead.
If business realities make it impossible for you to respond to emails or calls within 30-45 minutes, try establishing certain times in the day that you can devote purely to communication responses. That way, you will have a set period of time that will always be available.
A final tip: if you don’t have time to draft a thoughtful response to an email, try writing a quick email acknowledging receipt of the message and providing a window within which the sender can expect your full response. Then you can effectively manage expectations without breaking your concentration.
2. Ask for Referrals
Never underestimate the power of a positive referral. Relationships are king in the mortgage industry, and the credibility that comes from a trusted source’s referral can have a much greater impact on your business than a traditional advertising campaign.
The key is to know when to ask for a referral. Instead of reaching out to partners at random and asking for new business, try waiting until you’ve provided a service for an individual before asking them for business opportunities.
The fragmentation found within the commercial mortgage industry provides additional referral options you may not have considered. If you’ve developed relationships with bank loan officers, you may be able to get the first look at scenarios they are unable to qualify.
That kind of referral relationship is a win-win for all parties. Your bank partners will feel more confident about keeping their clients’ depository relationships if they can direct the clients to attractive financing alternatives. The borrowers will save time by not having to search for alternative lending options. And you’ll receive a steady stream of new leads that have already been qualified by your banking referral partner.
3. Prioritize Audience Feedback
Client feedback is an invaluable asset for any commercial mortgage broker. One way to obtain this information is by sending your clients an online survey following the closing of their loan.
There are plenty of services you can use to deliver and manage online surveys. Before you decide which service to use, take some time to learn which works best with your email platform and CRM (if you use one).
As you create your survey, ask yourself the following questions:
- What is your objective for the survey? It’s important to know why you want to run a survey before you create your first question. Possible objectives may be to learn more about your customers’ experience or obtain testimonials you can use in future collateral.
- When is the best time to deliver the survey? If you’d like to improve certain aspects of your customers’ experience, it may make sense to send short surveys at various points of the transaction. If you only send your survey following the successful closing of a loan, you may not learn as much about friction points that exist from submission to closing.
- How many questions do you want to ask? This is where you must strike a balance. Asking too many questions will seriously limit the number of responses you receive, while asking too few questions will keep you from getting the helpful information you need to improve your business. Try sending a short, 5-question survey and keep an eye on your initial response rate.
Keep in mind that you don’t need a formal survey to get important feedback from your clients. Simply calling your clients and asking about their experience can help you strengthen relationships and obtain off-the-cuff responses.
4. Utilize Social Media
Social media platforms like LinkedIn and Facebook give you the ability to develop your personal brand and connect with a wider range of potential business partners.
When it comes to social media, less is often more. Instead of trying to maintain a presence on every popular platform, focus on expanding your reach with the platform that is already creating the most referral opportunities for you.
Many commercial mortgage originators report that LinkedIn is their social network of choice. If you’d like to improve your ability to identify and connect with new business partners through LinkedIn, then see our recent webinar recording: The LinkedIn Blueprint for Commercial Mortgage Professionals.
5. Be Proactive
Don’t wait for stalling leads to begin the conversation – be the first one to reach out. This hands-on approach demonstrates confidence, determination, and positive communication skills.
When you focus on being proactive with your communication, you give yourself more opportunities to anticipate client needs. During a loan transaction, use your experience to identify common friction points and then schedule phone calls or emails to reduce that friction before it ever occurs.
Improving the way you communicate takes time. But you can get a head start by taking advantage of resources that have already been created for you.
Create your free Silver Hill Funding, LLC web account to access unbranded marketing flyers and phone/email scripts you can use to improve the way you communicate with clients and referral partners.