Commercial Mortgage Marketing Tips

By Greg Mischio - MortgageLoan.com

Charles Darwin formed his theory of evolution after visiting the Galapagos Islands. In today's day and age, Darwin could have saved himself the boat ride and just taken a look at commercial mortgage marketing. Why? Because as interest rates climb, only the commercial mortgage lenders who can adapt to their new environment will survive.

It's no secret that the rise in interest rates increases the competition in the commercial mortgage market. As potential customers tighten their purse strings, lenders will step up their efforts to sway the commercial borrowers still remaining in the market. Since your margin for error is suddenly tighter, here are some commercial mortgage marketing tips to help you succeed:

1. Don't just focus on new customers. It's far less expensive to get business from current customers than to try to recruit new ones. Go back through your database and look at clients who you've helped in the past. These people may be looking to grow their businesses. With a timely call from you, they may be spurred into action.

2. Be the real McCoy. Your competitors' marketing approaches may work for them, but there's no guarantee it will work for you. Don't be a copycat. If you imitate what the rest of the market is doing, it will only make you blend into the woodwork. Instead, try to develop a unique angle, and build your marketing material around it. Are you the low-cost leader? Do you deliver exceptional overall value? Find something that makes you stand apart from the rest.

3. Efficiently network to boost your net worth. Networking, when it's done right, is a proven way to generate business. When it's done wrong, it's an easy way to waste an afternoon. If you're going to network, make sure your efforts are targeted and efficient. If you're attending a golf outing, concentrate more on meeting people than on your scorecard. Only attend events where you're sure there will be plenty of prospects. Trade associations are okay; but if the only people you talk to are your competition, its time to find a different function.

As rates rise, you're probably feeling the heat of increased competition. Remember, your competitors are in the same boat as you are. Keep your cool and follow the ideas listed above. They should ensure that you'll not only survive, but thrive in a competitive marketplace.