Mortgage Brokers find your Niche Mortgage Market and Focus
It’s important for Mortgage Brokers to focus and find a Niche, be an expert get in the heads of borrowers and lenders. Focus, Focus, and Focus.
“Jack: Hey Jack and Marcy at Gelt Financial. We want to make a tip for mortgage—uh, not a tip.
Marcy: We’re not doing tips. We’re going to talk to brokers today about how to focus on what kind of borrower you’re going to look for.
Jack: That’s correct—finding a niche. So, we work with mortgage brokers all the time, and we want mortgage brokers to be successful. They’re our partners, and what I think we find is… So, the tip of the day. A lot of brokers, I find (and you give your opinion; it may be different), they try to do everything. They try to solve everyone’s needs, and they really can’t. You know, they’re doing mixed-use loans; they’re doing gas station loans; some people call up for land loans, international loans.
Marcy: They’re basically taking whatever comes their way. But our suggestion is for them, for—you as a broker, to market what borrower you want to work with. Okay, so it could be different subjects. Exactly what Jack said—mixed-use loans under three hundred thousand, mobile home parks, apartments, retail centers, gas stations. Try to figure out what kind of borrower you want to target in the market.
Jack: Yeah, I think there’s so many—Marcy has a good point. Learn a product, learn your borrower, learn your product, learn your borrower, target. I think you’ll be more successful. I wanted to make a video on the power of no, which is very important. I just never have time. You know, maybe we’re going to make one right after this.
Marcy: That’s actually a whole big discussion.
Jack: You’re right, but we’re gonna make one. But anyway, learn your target, learn the products, and if you learn the products that the lenders offer, let’s say it’s gas station or mobile home parks or land loans or building construction, you can’t be a master of everything. So, learn one or two products, target your market, laser focus—you know when you’re starting out or even when you’re experienced, it’s laser, laser focused, and I think you’ll be more successful.
Marcy: And don’t get distracted. I mean, don’t get discouraged because you have to power through it. You have to use self-motivation; you have to be motivated to, like, be successful.
Jack: You know, you don’t go to McDonald’s. I tell people, people call up all the time, “Do you do construction loans? Do you do landlords?” No, but you don’t go to McDonald’s and order pizza. McDonald’s does the same thing.
Marcy: Know who offers what.
Jack: And you have to be the broker who focuses in and becomes the expert on that product, whatever that product is. It could be land loans; it could be, like I said, gas station loans. It could be whatever it is. Learn that product, be the master of it, get inside the heads of your borrower, get inside the heads of your lenders, and really focus on that, and I think you’ll be more successful.
Marcy: Yes, and we wish you all the luck in the world, of course.
Jack: Remember, check us out at geltfinancial.com, call us at 561-221-0900 if we can help you. Like the YouTube, like the YouTube channel, leave your comments—we’ll respond to them. And remember, for what we do, our niche is deals from 50 grand to 3 million, non-bank deals.
Marcy: For the ones that have a little bit of issues.
Jack: Yeah, that’s correct. We’re doing storied and time-sensitive deals. We don’t do ground-up construction; we don’t do land, but we’ll do value-add, we’ll do rehab—all kinds of stuff. Anyway, check us out. We’re going to make another video. Let’s make another video. I want to make a video on the power of no. Okay, have a wonderful day, everyone. Thank you.”
Category: Mortgage Brokers
Tag: commercial mortgage
