Many companies, including Bridge Loan Network, have implemented a new policy where employees are to work remotely during this coronavirus pandemic.  And if you’ve never worked from home before or for this long of a time, then this can be a bit challenging.

Here are four tips for working remotely during this time:

Stick to a Routine

Although we are working remotely, and our “normal” routine has been disrupted it’s important to stick as close to your normal routine as possible. This includes taking small breaks throughout the day, and lunch break to step away from your office. These breaks are vital for your mental health and will help improve your ability to focus when it’s time to get down to business.

Starting your day and ending your day around the same time is also crucial. Our homes are now our work stations which makes it seem impossible to step away, as you can easily check your emails anytime. But by creating separation in the day between work hours and home hours you will help create a sense of normalcy during these stressful times.

Create a Designated Workspace

If you don’t have an office in your home, pick a corner or room in your house to create your designated workspace. This can also help you create separation in your personal and work life where you have a specific place you can hunker down during normal working hours, and then “leave” when the workday is over.

You can also do this on your computer or laptop you are using for work if it is your personal laptop.  For example, I’ve created a separate profile on my laptop that I use just for work. This houses all my work documents, email folders, and favorite webpages. Then when I am done for the day but still need to use my laptop I can switch profiles. This way I am not constantly checking emails throughout the night and I can start the day refreshed.

Stay Aligned with Company Culture

It’s important to maintain the team morale and although we cannot all be together in an office setting, or meeting after work at happy hour staying connected to both the company culture and your teammates is important. Continuing those social interactions although remote will keep your company culture alive. Small things like sending funny emails, playing virtual games, or even Zoom happy hour calls can help reduce the feelings of isolation and anxiety, knowing everyone is in this together and available if you need them.

Embrace Technology

Technology is the reason we can all work from home in the first place, so embrace the different ways you can connect with your team. This can go beyond just working on the computer or phone calls, but through the different software solutions, you can adopt. Many including our team are relying on Microsoft Teams, Skype, Zoom, GoToMeeting and our Bridge Loan Network software while working from home to stay connected to each other as well as our customers.

Many of these software solutions also allow users to see each other face to face (virtually) so embrace the webcam too. Webcams can help in both meetings and webinar sessions as people can see who is talking and non-verbal cues that are important in conversations. Plus, it helps your team feel less isolated and alone.

The Bridge Loan Network software is a cloud-based system that also allows for your entire team, and customers to work on the same loan file in true time while working remotely. Plus, all training on the software can be done virtually, so if you or a member of your team would like more training on the platform contact a member of our team today.

Change takes time to get used to, and everyone’s work situations and team dynamics are different, so be mindful to cut yourself some slack especially during these stressful times.

When you or your client has a loan scenario that is ready for a lender to review, you know that time is of the essence, and you have to move quickly. This is why it is extremely important to present the lender with all the loan information upfront so they can quote accurate leverage and rates, as well as help you move forward in acquiring the property quickly.

Here are some helpful tips on how to submit a full loan package:

1. Have a Full Understanding of the Loan Scenario

Often, we see brokers reach out to a lender about a specific loan request, without having a complete understanding of the loan scenario. It’s crucial, let me say that one more time for the people in the back, IT’S CRUCIAL, for the brokers to have a clear and complete understanding of the loan scenario. This includes, how much the borrower is looking to request, the borrower’s contribution or down payment, what the funds from the lender will be used towards, the subject property’s value, the borrower’s estimated credit score, if they have any prior real estate investing experience and the borrowers exit strategy, to be able to accurately represent the loan to potential lenders.

Accurately presenting the scenario to lenders’ and being able to answer preliminary questions will help speed up the lenders ability to determine if they can provide funding on the deal and the will be able to issue terms, and commitment letters faster.

Once you connect with a lender that is ready to move forward with funding the loan scenario, be sure to get their specific set of required documentation needed to continue with the loan process. This way both you and the lender can be working on the deal at the same time, speeding the entire process up tenfold.

2. Get the Good, the Bad, and the Ugly

Loan scenarios, investment properties, and borrowers in our industry aren’t always perfect, which typically is the main reason the investor is seeking funds from a private lender instead of a bank loan.

As the broker, it is important to get an understanding of any adverse aspects of the loan scenario and still present those to the lender. Lenders want to know upfront about any aspects of the deal that may hold up the process because often they can draft exceptions, but these exceptions take time. Don’t wait for when the scenario is in a later stage and then have a bad appraisal or background check ruin the deal. If the lender is already aware of some of the problematic aspects they can either advise to not move forward and waste both your time and the investors, but they also may be able to get an exception which will typically affect the leverage they can provide.

3. Keep Loan Info/Documents Organized

It is key as the broker to keep your loan files organized. Keeping borrower information, loan details, property information, and all the documents in one location is a great way to stay organized and be able to quickly retrieve information for the lender.

Bridge Loan Network is here to help simplify the lending process and provide you and your lender with an easy place to collect loan documents and borrower information.

Some helpful tips when using our software:

•   Make sure loan documents are saved with a clear and concise title. This makes it easier for you and your lender to find documents.
•   Let your lender know when you’ve uploaded documents, and make sure you once again have the full list of documents they will need to help speed up the process.

“As Private Money Brokers we have clients that invest in their businesses, residential and commercial properties and we use the BLN network and software to help us serve the needs of our borrowers. It’s simple to use when a potential borrower comes to the website and takes less than 5 minutes for loan entry. We love how the software organizes all the parts of the loan request which helps us stay on top of the transaction as it progresses from one stage to the next. You listened to our feedback and I am happy to see implementation from the last upgrade that’s made it even better. Your customer service is some of the best I’ve experienced both in communications by phone and email. A special star for Jacob Therrien for all his support. Keep up the great work.”

– Crosspoint Realty Group

“Bridge Loan Network has been providing our company with excellent leads for years. Their web portal provides an easy access to leads as well as a tracking system for expedited closings. Proud to be a member of Bridge Loan Network and we will continue to work with them to provide loans for their clients.”

– Liberty Funding

In today’s digital marketing world, businesses need to have a presence online, especially a company website. Your company’s website serves as a “home base” where new and existing customers can go to learn more about the different products or services you offer.

A company website is also extremely important for content marketing. Your content needs a place to live. Whether it’s blog posts, product descriptions or customer testimonials, you need a home to display information so that current and prospective customers can find it and access it easily.

Here are some other benefits of having a company website.

Cost-Effective Marketing

Having a company website allows you to expand your online presence and the ability to develop a digital marketing strategy, with little to no costs involved beyond the initial website hosting and development. For instance, if your company is using email marketing to engage with potential and current clients, then you need a place to direct these clients to convert them. Your company website is the perfect place to send your email subscribers to when you want them to learn more about your company, and the specific products or services you offer.

Additionally, if your company is interested in running, Pay Per Click (PPC) campaigns, then you will need a “home base” to send clients. PPC campaigns are an excellent way to reach potential clients who are already more likely to be interested in your products or services since they are searching with keywords. But to run PPC campaigns you will need to have a website that you can lead these clients to when they click on your ad.

Overall, you’ll know exactly how much your website will cost, and you’ll be able to easily factor that into your overall return on investment for having an online presence.

Visibility & Credibility

Increasing the visibility and credibility of your company are major factors that make it extremely important to have a website. Even if folks have seen your company at industry conferences or networking events, they may want to conduct their own research online before working with you. Additionally, websites give your business added credibility.  In today’s digital world, companies without websites are viewed as less credible and can make people wary to work with you.

In addition to showcasing your products and services available online, to help build your company’s credibility online you can also highlight why people should work with you. Provide client testimonials and your company’s mission statement. By helping your clients get to know what your company is all about, you are working on establishing a level of trust with them which is the first step into building long-lasting client relationships.

Convenience

Websites are available and accessible consistently throughout the day, every day, providing convenience to anyone looking for more information.  Current and potential clients can visit your site for support and information anytime that is convenient for them, which can also be outside normal work hours for your business.  This means even after you’ve gone home for the day, your website can still help convert new clients.

The bottom line is, every business should have a company website. Additionally, creating a company website doesn’t have to be hard. There are a variety of website building services that you can use to design your company website in a short amount of time.