WE DISCUSS IN THIS EPISODE:
- Diversifying into Commercial is a big topic!
- When you work in the Resi space it’s the “know what you and don’t know what you don’t know” point that holds a lot of brokers back about diversifying.
- There’s a fear that commercial lending is a bit harder than residential lending, but like anything it’s a learned skill.
- Diversifying is important, because if you’re not servicing your customers’ needs then they’ll be going elsewhere where they can get all their needs met.
- Having that suite of offerings for your clients is about not loosing your clients to a competitor and there are plenty of opportunities to learn commercial lending, the support is there if you go looking.
- If you’re entering the industry, put Commercial on the front of your list and learn it at the same time as Resi so you can learn both at the same time.
- Mortgage Brokers are so busy and they’re keen to do their best and some brokers see Commercial as taking time away from them, so if you’re new to the industry learning how to do both at the same time is a great idea.
- Diversifying into Commercial means you’re adding another revenue stream for your business.
- Third party networks or Referral offerings can give you on the job training as you build up your commercial knowledge, whilst earning some extra income.
- The commercial lending space is growing, and if you’re not starting to get a piece of that market share now, then you will miss out on some clients who are looking for commercial writers.
- If you’re starting off, brokers are advertising what they’re doing better than what they were five years ago, so businesses are becoming that one stop shop.
- Mature businesses are also starting to offer more diversify through introducing a commercial broker or partnering with a third party.
- If you’re not a part of commercial lending and start learning today, you will get left behind.
- Commercial projects can stay on your books for longer periods of time so it can be challenging with a broker writing a lot of residential loans writing commercial loans.
- If you do work with a third party partner then start to communicate that your business can do commercial loans now.
- Start building stronger relationships with your referral partners and advise them of your desire to do commercial loans.
- Use your BDMs to build stronger connections for commercial.
Key Quotes
“What are your thoughts on whether a Resi broker can do both resi and commercial?” – Marissa
“If you’re not experienced at commercial lending it can take a lot of time to write that loan”– Marissa.
“For a lot of us, we think Resi first, Resi second then whatever comes next”. – Ruan
“Either way, businesses are wanting to get a piece of the commercial pie” – Dino
“I would be happy to speak with and help any broker wanting to diversify into commercial.” – Dino
