Tuesday, August 12, 2008

A Commercial Mortgage Prospecting Peptalk

There is no denying that if you are a professional in the real estate markets today, these are trying times. There are two choices that we can make as to our direction going forward, as there are always choices. The first is to throw up our hands, turn to the guy in the seat next to us, and commiserate on how bad things are. This is the route that the majority of people will take, and it is certainly not the most productive. The second is to try and think outside of the box, and come up with new ways to drive your business. This is a productive way to handle things.

If your sector focus is the residential real estate or mortgage markets, one thing to consider is to expand into the commercial markets. There is always hesitation when you mention the commercial markets for a variety of reasons. However, if you look at my previous post, the initial legwork is not difficult, and my next couple of posts will complete the initial phase of analysis and those steps are also not difficult. It is more about overcoming your mindset against it.

In any event, the following is an article I wrote discussing the great potential for prospecting for deals in your everyday life.

Prospecting For Commercial Mortgage Deals

Michael Haltman, President
Commercial Capital Alliance/Exeter Commercial LLC

When it comes to prospecting for commercial mortgage deals, we like to say that the sky is the limit. What do we mean by that? Simple: When you sit down and think about it, your daily life is touched by commercial real estate much more than it is touched by residential real estate.

When you leave your house, or better yet, your apartment building in the morning, almost everything that you see on your way to work, the gym, the doctor or most any other destination will have something to do with commercial real estate, and by extension commercial mortgage financing.

Let’s go back to your apartment building. That building has an owner, and that owner may need to refinance, may need to cash out, or may not need anything at all. RIGHT NOW! The fact is that at some point that building owner may need to do something with the current property, OR might want to buy a new property. At the very least, that owner will probably know other owners that at some point will be in a similar situation. SEE WHAT I MEAN?

As you continue on your way, think about all of the other buildings that you see, and the fact that each one has an owner with potential needs, who probably has friends with those same potential needs.

Commercial mortgage prospecting is as simple as putting yourself out there as an expert in this field and talking to as many people as you can. You then need to fully educate yourself so that you are smarter and better than the next guy.

At Commercial Capital Alliance/Exeter Commercial LLC, we can help you with both the education, as well as the financing.

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