<< Process continued from Page 62 their business. Look, act and dress the
part. Be prepared. Be credible: Show up
and make a good first impression.
The reality is that shrinking violets
do not tend to do well as commercial
mortgage brokers. A big part of the
job has to do with putting yourself out
there. The top earners in any form of
sales must be willing to engage with
clients and colleagues in a meaningful
manner. Now, that doesn’t mean you
have to glad-hand and back-slap everyone you meet in the course of business,
but networking effectively is integral to
your initial and long-term progress.
An adage you often hear in the
commercial mortgage world is “under
promise and over deliver.” Clients expect your best performance while you
are working on their transaction. If you
say something, it is imperative that
you back it up with your actions. Your
clients will need to put a great deal of
faith in you. Your job is to make that
easy to do by demonstrating consistency
in your words and actions.
Become an expert
Most people would not go to a doctor
who “kind of cares” about their job. The
same is true of a commercial mortgage
broker. Clients will not flock to someone
they see as not being well-informed. In
fact, they will run in the opposite direction
toward those who can show expertise
in their chosen specialty.
The baseline for an excellent commercial mortgage broker is the ability
to understand all the variables in play
in a market. Whether that be midtown
Manhattan or downtown Tampa, Florida,
the same rule applies.
Being well acquainted with a neighborhood as well as industry tools can
help you in other ways by making you
a go-to person for that expertise, such
as being good at finding comparable
properties to help determine the value
of a property being bought or sold.
Once you are in a position to help
others move deals along, you also are
more likely to get potential deal referrals
from those you help.
There is no “magic bullet” for success
as a commercial mortgage broker. Even
if you get off to a great start, there will
be considerable obstacles to overcome
before you reach a comfortable level.
Nothing in life comes easy, but you can
maximize your chances of doing well
by conducting yourself with dignity,
integrity and, most of all, perseverance. n
One of the first notable hurdles you
need to clear in order to succeed is
surviving for six to 12 months without
a paycheck. Commercial loans take
longer to close than traditional residential single-family home loans. It can
take up to a year or longer to get paid
on your first few deals.
Many people, especially recent grad-
uates, do not have six to 12 months of
reserves available. If you do not have
savings to use, many people hold down
part-time work while getting started in
commercial real estate.
In the real estate world, there are no
shortcuts to success. Getting ahead as a
commercial mortgage broker will require
a vital time investment. The hours you
work also are nontraditional. You may
need to speak with clients on weekends,
evenings, etc., whatever it takes to get the
deal in the books. The workload can be
jarring to new brokers. You are putting in
50 or 60 hours a week without being able
to immediately see the fruits of your labor.
In many careers, professionals can
Path to success
compartmentalize their lives to keep
work and family life separate. In most
cases, that is impossible in commercial
real estate finance. Because you will be
on call 24/7, your family or other social
peers will have to be supportive of your
career. It also is important to not be too
dependent on your social network for
leads and deals. No matter how close
you are with someone, when money is
on the line, potential clients will need
you to show value — friendship or not.
The first impression you make on a client
will be a huge factor in whether you get