Advice for Commercial Mortgage Brokers
The other day a struggling commercial mortgage broker wrote to me and begged for my advice. He wasn't closing a thing, and he was scared to death. Here is what I told him:
- Right now stick exclusively to small commercial permanent loans. Do not work on anything larger than $3 million unless you have a special relationship with the borrower (former client). Small commercial loans are the ones that close and feed your family. More.
- Do not waste time working on large loans. Large loans just don't close. More.
- Do NOT waste precious time working on construction loans. The world has more enough homes and commercial buildings right now. More.
- Never waste a minute on international loans. They never close. Ever. Ever! More.
- Read my blog daily for tips. More.
- Build a databank of referral sources and send them a regular newsletter. More.
- Don't be afraid to write your own newsletter. Here are some good tips. More.
- Learn how to create your loan packages using PDF's. More.
- Start buying leads from C-Loans. More.
- Get a signed fee agreement on every deal. More.
- Don't waste valuable marketing time working on deals with a low probability of closing. More.
- Maintain 15 to 18 loans in process at all times. You'll only close 30%. More.
- Only work with strong loan officers. More.
- Become buddies with the top loan officers at various banks. More.
- Learn how to underwrite. More.
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