November 11, 2014
A very important question is how to get better results from your commercial loan broker.
There are times when we may feel powerless in working with the brokers who are serving us concerning our commercial real-estate loans. This is if we are not getting the quality of service, speed of service, friendliness, etc. that we need.
For example, you have been waiting for nearly a week for a commercial loan broker to return your call concerning an apartment loan he is helping you with. Or you notice that the analysis of a property you are interested in was rushed and superficially done by your broker.
How do you address such issues?
1. The obvious is that if you can, you change to another commercial mortgage loan broker. Of course, that may not be a solution if you are in the middle of a deal and you have a tight deadline for acquiring your property. But, if it is early enough, changing to another commercial loan broker could be a good solution.
2. Not so obvious, and a step a lot of people miss – When you notice such a problem ask the broker what is going on. For example, he returned a call days late, and you have a tight deadline. First, he apologizes. Then he explains to you that there was a death in his family and it was a very big interruption in his business. He says he will put his full attention on your loan. You give him a second chance.
The point is, it can be very helpful to listen to the other side – find out what is going on. There may be a crisis (such as above), or there may even be a simple misunderstanding that can be easily cleared up.
I’ve had many times in my life that I assumed someone was doing something negative to me and it turned out there was a misunderstanding that caused the problem which was easily cleared up.
3. (Related to 2) When there is a problem, talk with the commercial loan broker and ask clearly for what you need regarding the service you expect. Many people do not discuss the problem with the person they are upset with because they assume that the offender already knows what they are doing wrong.
Nothing could be further from the truth. Often it turns out that the people we are upset with do not even have an idea that there is a problem. And when we bring up the problem, people are often willing to fix it.
Just this morning my wife and I were able to clear something up because we were willing to communicate. Like so many times before, there was something one or both of us didn’t understand. I remember years ago, a teacher of mine said, “Communication is the universal solvent.”
Contact us if you would like to see if you qualify for our best commercial loan rates and terms, or call if you have questions. Dial 214-695-7310 or email firstname.lastname@example.org
Bruce Painter, Director of Marketing, Business Loan Store