6 Reason Why Most Brokers Are Actually BROKE!

Over the years, I’ve observed several thing that prevented me from having a successful business.
Actually, I dentified 5 reasons why most commercial financier are “Broke” and never earn a substiantial income. I would like to share them with you here.

So here are The 6 Reasons why most commercial Brokers Are actually “BROKE”.

1. Lack of access to the correct or if they have access, the information is not complete or isn’t current.

2. Lack of a mentor or coach to guide them.
Without a mentor or a mastermind group, you are pretty much on your own to figure things out.
Having a mentor is like having a “floor plan” AND A “blueprint”.

3. They Have no Lender Relationships.
Having a solid relation with a lender is essential to building your commercial financing business. Knowing of Lenders and having a relationship with lenders are two completely different things. Building relationship will give you access to the inner circle. Build strong relationships take time and are done intentionally.

4. They Have No Marketing System
A basic understanding of how, where, when and to who you should market to is essential. Many brokers .have no knowledge of how to market their product effectively. With out a solid marketing plan, there’s not much you can do. Not having a marketing plan is like offering left handed golf clubs to right handed golfers. You won’t get any results. Close isn’t good enough. You need to think like and know your market to be successful and getting quality deals and not quanity deals.

5.Lack Of Deal Qualifying Skills
For many brokers and financiers, the process of qualifying clients consist of following the standard qualifying process based on non-conforming guidelines. Many aren’t aware that the qualify phase is a two part process. We”ve learned that if we niche tightly into our markets and promote specific loan programs, the qualifying process is relatively fast and easy. If the project doesn’t fit, there’s no need to go any furthur in the qualifying process. We use a simple questionaire to achieve this and it saves a lot of time.

6.Lack Of Client Qualifying Skills
The ability to qualify clients at the right time is vital. In fact, we’ve noticed that many of our students have their most frustrating experience when after spending weeks and months working on projects only to discover that the client doesn or can’t meet the equity requirements. We use a questionaire that permits us to qualify clients in minutes without completing any applications.

Durante Parks