Commercial mortgage brokers tend to come in two types — those who work for a large, multi-faceted commercial real estate company that also offers brokerage and other services; and small independent commercial mortgage brokers who tend to operate locally and regionally, as opposed to nationally.
The dilemma of the small, independent commercial mortgage broker is that, like many entrepreneurs, they tend to wear all the hats. As the business owner, your job is to organize the company, make sure systems are in place, and manage the capitalization and cash flow. That leaves less time for marketing and sales.
Marketing is an art and a science all its own. Marketing pertains to those activities that let your target audience know who you are and what you have to offer. Marketing can include advertising, social media posting, networking, connecting with prospects on LinkedIn, and even cold-calling prospective CRE buyers, sellers, and others who might refer business to you as an independent commercial mortgage broker.
Selling, is the art of closing the deal. Unfortunately, as most mortgage brokers know, they are not 100% in control of the loan process. The borrower has to qualify for the type of loan they are seeking, and the lender has to underwrite the deal to make sure it conforms to their risk criteria and other requirements. What the commercial mortgage broker can “sell” is the agreement to do business together, and the offer to match the best loan program available with the borrower’s particular requirments and qualifications.
Unfortunately, for a lot of small commercial mortgage brokers, they don’t have the reach into the marketplace that larger companies do. This is where the Independent Commercial Mortgage Brokers Alliance comes in. By joining an organization comprised of other independent mortgage brokers, sponsored by SOFIA Capital Ventures (SCV,) an independent broker can immediately have the advantages of scale while still remaining small.
Let me give you some examples. In the area of business systems, SOFIA Capital Ventures has contributed operating procedures, checklists, forms and other tools that Members can use – saving hours of time and resources while quickly streamlining your business to operate at a higher level.
SOFIA Capital Ventures is also opening its rolodex of over 100 private commercial lenders along with program offerings and underwriting criteria. Members receive weekly updates of changes in commercial lending programs including interest rate changes, lending parameters, asset classes and other criteria. This allows the independent broker, with the assistance of SCV, to quickly find one or more potential matches to their borrower’s loan request without spending hours scouring the internet or talking on the phone.
SCV also is providing education resources, networking access to other brokers and other benefits. To learn about all of the benefits of joining the ICMBA, CLICK HERE.
Questions? or Ready to join? Contact us and ask for a Membership Application.
SOFIA Capital Ventures is “Your Concierge for Private Commercial Lending.” Like a hotel concierge, we know all the best places to go for all you commercial real estate and business financing needs. We are direct to over 100 lenders whose capabiilty ranges from small cap ($100k to $1 MM) all the way to $100 million construction loans, and more.
