Login
ISCOVER
Thinktank is continually approached by brokers with limited or no commercial lending experience asking how to make progress on commercial property enquiries they receive, according to head of sales and distribution Peter Vala.
We are here to assist all brokers with a personal level of service that helps develop an understanding and structuring of commercial transactions in practical ways.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Keeping the broker centrally involved with the transaction is essential in our approach. This ensures the broker retains ownership of the deal while enhancing the relationship with their customer. In addition, the broker receives a full upfront and trail commission rather than just an upfront commission or fixed fee, which is often the case under the 'spot and refer models'.
Finding commercial property clients
A common approach to finding commercial property opportunities is for brokers to broaden their network of third-party professionals such as accountants, financial planners or commercial real estate agents who are all constantly active in this segment of the market.
Another alternative is for brokers to strategically prospect through their existing client base. More often than not they will have a number of self-employed customers whom they already have a good rapport with who will have existing or future commercial property needs. It’s about keeping in touch and asking the right questions, then working in with a proactive lender who will protect and promote the original client relationship.
How to go about prospecting
Ask to meet with clients to review their current financial position while taking into account their immediate, medium and long-term goals.
This may include a discussion around the consolidation of debts to improve cash flow or the restructure of debt to improve capacity for additional borrowings when needed, or even perhaps the purchase of a commercial property through their SMSF.
What Thinktank can do for brokers
We really pride ourselves on giving back to the industry as best we can through ongoing deal workshopping, value added training and individual mentoring, while also offering CPD points at accredited educational seminars and events.
My relationship management team also offers our brokers a full range of support and services from one-on-one coaching to small and large group commercial training sessions, panel discussions and webinars on specifically requested subjects.
We are also now running regular sessions on ‘How to Prospect Effectively’ to help brokers develop more quality opportunities from their client base and, at the same time, broaden both their skill base and their networks.
