Building a good relationship with your lender’s, aggregator’s, supplier’s or Association’s BDM (business development manager) can benefit your business in more ways than some brokers necessarily appreciate, says Shirley Ferris, principal loan writer and mortgage broker at Foster and Blanchard Finance.
“I did have an experienced broker say to me recently, ‘BDMs don’t add value to my business’ but I think BDMs absolutely need to be a part of your business,” says Ferris.
“You will have issues. And if you’ve got a genuine issue, that’s where your relationship with your BDM matters.”
It’s well-known that brokers regularly call on BDMs for clarity on the technicalities of industry policy, as well as product advice they may need in order to move tricky loan scenarios to settlement. But BDMs are also a valuable support system for assisting you with the ins-and-outs of generating and establishing referral relationships and improving your sales skills to generate more business.
Ferris adds that the role of a BDM will differ according to the type of organisation a BDM works for, too:
Lenders
Ferris says the lender BDMs are typically sales-focused and supportive in matters of product and policy.
Industry
Industry BDMs such as the MFAA’s BDMs are interested in knowing brokers’ pressing industry issues and identifying solutions that can be offered.
Aggregators
Aggregator BDMs, who are focused on recruitment, onboarding and retention, ensure brokers are up-to-speed with training and the education sessions offered by the aggregators, professional development days, technology and new products the aggregator launches.
A good BDM should be open to helping your business and recommending actionable improvements such as how to improve loan applications, processes and systems.
You should expect them to respond promptly to email and phone enquiries and to assist with escalating your concerns and issues through support channels.
But the relationship only reaches its potential if it’s reciprocal, says Ferris. You should know credit before enquiring with your BDM, avoid over-relying on them for matters that diminish their full value-add, find ways to advocate for them and respect their hectic schedules too.
“When I do reach out to a BDM, they do listen because I’ve tried to solve the problem myself,” says Ferris. “Nine times out of 10 they can resolve the issue quickly.”
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Reference: Article published by the Mortgage and Finance Association of Australia (MFAA).
https://www.mfaa.com.au/news/the-value-of-building-a-good-relationship-with-your-bdms