Maximize Your Commercial Real Estate Mortgage Business withTechnology: A Guide for Brokers
Commercial real estate (CRE) brokerage may not be historically known as the most technology-forward industry, but adopting new technologies can make a significant difference for commercial mortgage brokers. Outdated and inefficient methods can slow down brokers and result in missed opportunities and lack of competitive advantage. In this article, we provide four ways CRE mortgage brokers can up their tech game and start closing more commercial real estate loans:
1. Adopt a CRM software: A CRM software like HubSpot can help brokers manage their customers and business relationships more effectively. It enables users to track the customer journey and identify higher-quality leads, allowing brokers to move them through the sales funnel more efficiently.
2. Provide an online portal: Providing an online portal can be a cost-effective way for a commercial mortgage broker to take their tech game to the next level. It allows clients to complete some or all of the transactions online and provides an excellent user experience. Software like LOANtuitive provides borrowers with a seamless and secure online portal experience.
3. Find the right loan origination software: Loan origination software like LOANtuitive or LendingWise reduces the dependency on a paper-based process and takes the business online via a cloud-based interface. It enables brokers to originate loans completely online, receive leads, gain insights, and integrate directly with their CRM system.
4. Use an online marketplace: Online marketplaces like LOANtuitive can help commercial mortgage brokers find the best terms for their clients in the most efficient way possible. It enables brokers to quickly connect with lenders whose loan programs align with their client’s needs. Choose a marketplace that keeps brokers in control throughout the entire process. Don’t work with a marketplace that blasts the loan request to hundreds of lenders, resulting in the broker losing control of the deal.
While the CRE industry may not be the most technologically savvy, adopting these four recommendations can help commercial mortgage brokers up their tech game and increase the volume of deals they generate. Though there is an upfront investment, the efficiencies they provide make them worthwhile. Sign up for free for LOANtuitive and start automating the search for perfect-fit lenders.