Since the 2008 economic downturn, the lending market has completely changed. New legislation and market outlooks have forced conventional banking to a rigid lending standard that has opened up the doors for alternative unconventional lending. This changes the game for everyone who used to be involved in private lending. The market is become highly saturated with new loan brokers opening up shop on every corner and a once word-of-mouth industry is being forced to develop.
Here are 4 must have strategies to build a strong foundation to place you ahead of your competitors:
1. Get online.
With so much money to be made in the industry more and more people are beginning to try their luck in the real estate business. Everyday new people decide to start looking for properties to buy and rehab and look for brokers to help them get financing. Where do you think the first place these people look is? Online. There are so many websites that can help get you on the map for those who are willing to learn. Facebook "Pages" option, www.yelp.com, Yellow Pages, LinkedIn, "Google+ for businesses", etc.. Get online and get your name out there.
2. Organize your lenders.
Organizing your lenders means don't just call you entire portfolio with every deal that shows up on your doorstep. The faster you find a lender for that deal or a deal for that lender the faster you get paid. Create a system where you’re able to seamlessly match lenders with deals so you’re not wasting time on the phone and you can focus on more important things.
3. Build Your Network.
Don’t be satisfied with the network you already have. Your network is your money maker. Online tools like social media are great for helping others find you but their also great for helping YOU find others. Also, take advantage of local networking functions that could help grow your name, build your brand, and grow your network.
4. Add Value.
More than likely you’ve built yourself a powerful network that's worth a lot of money but you’re not monetizing it. One of the biggest steps businesses need to make is realizing that sharing usually makes everyone more money. If you think you can help someone in your network out by giving them the name of someone else in your network, jump on that! That is an opportunity for you to build like and trust, two of the most important characteristics for a business.
Use these four strategies to gain a greater market share and monetize your network.