A Melbourne mortgage broker has explained the 10 best strategies for brokers and business development managers to leverage each other’s skills in an increasingly competitive market.
Niti Bhargava (pictured above), director of Resolve Finance Derrimut, reflected on the importance quality BDMs have had in her career after opening the doors to her new office in the western corridors of Melbourne.
“As brokers, we need constant updates from the banks for changing policies, products, and technology,” Bhargava said.
“And most lender BDMs are proactive in reaching out to broking groups and provide regular updates which really helps in getting a competitive advantage and builds our strong trusting brand in front of the customers.”
To foster stronger relationships between brokers and BDMs, Bhargava hosted a BDM welcome day event.
After the event, she shared her insights into the top 10 skills that the best BDMs possess, along with 10 strategies for brokers to effectively leverage these relationships and grow their businesses.
Niti Bhargava (centre in the blue dress) with her BDMs at the BDM welcome day.
BDMs play a crucial role in helping brokerage businesses grow and succeed by fostering relationships between the brokerage and lenders, according to Bhargava. Here is her list of skills that the best BDMs in the business possess that help make a broker more successful:
The best BDMs possess an in-depth knowledge of the lender's products and services. They can educate brokers about the various loan options available, helping them match clients with the most suitable products.
BDMs excel at networking and building strong relationships with brokers. They understand the importance of trust and communication, which are essential for a successful partnership.
BDMs can organise training sessions to educate brokers on new products, policy changes, and industry trends. This support is valuable in ensuring that brokers are well equipped to provide the best service to their clients.
BDMs act as a bridge between brokers and the lending institution. They assist in resolving any issues or challenges that may arise during the loan application or approval process.
BDMs keep brokers informed about market conditions, regulatory changes, and emerging trends. This information is crucial for brokers to adapt their strategies and remain competitive.
Effective communication is key. BDMs provide timely updates on loan applications, approvals, and any other relevant information, ensuring transparency and trust.
In an era where technology is rapidly evolving, BDMs who understand and can effectively integrate technology into the lending process contribute to increased efficiency for brokers.
BDMs can share insights into what competitors are offering, helping brokers position themselves strategically in the market.
The best BDMs understand that each brokerage is unique. They work with brokers to provide customised solutions that align with the specific needs and goals of the brokerage.
BDMs who can adapt to changes in the market, industry regulations, or internal processes contribute significantly to a brokerage's ability to navigate challenges and capitalise on opportunities.
Overall, Bhargava said the best BDMs possessed a combination of industry knowledge, excellent communication skills, problem-solving abilities, and a commitment to building strong relationships.
“They act as strategic partners, supporting brokers in delivering the best possible service to their clients and contributing to the overall success and growth of the brokerage.”
While BDMs need to possess a certain set of skills, Bhargava said they were all meaningless unless the broker knew how to leverage and facilitate the relationship to maximise success. Here are some of Bhargava’s strategies:
Maintain open and regular communication with your BDM. Share information about your business goals, client needs, and any challenges you may be facing. This helps the BDM understand how they can best support you.
Keep yourself informed about the lender's products, policies, and any updates in the lending industry. This knowledge allows you to have more meaningful discussions with your BDM and positions you as a well-informed and reliable partner.
Take advantage of training sessions and workshops organised by the lender. These events are valuable opportunities to enhance your knowledge, stay updated on industry trends, and receive hands-on training on new products and services.
Share constructive feedback with your BDM. If there are aspects of the lending process or products that could be improved or customised to better meet your needs, communicate this feedback. BDMs often appreciate insights from the field to enhance their offerings.
When challenges arise, work collaboratively with your BDM to find solutions. They can often provide insights, expedite processes, or assist in resolving issues that may arise during the loan application or approval process.
Many BDMs can provide marketing support or materials to help you promote the lender's products. This might include brochures, promotional materials, or co-branded marketing campaigns. Take advantage of these resources to enhance your marketing efforts.
Be proactive in seeking opportunities. If you identify a market trend or client need, discuss it with your BDM to explore how the lender can support you in addressing these opportunities. Proactivity demonstrates your commitment to growth and innovation.
Work with your BDM to explore and understand the full range of products offered by the lender. This knowledge allows you to diversify your product offerings, catering to a broader range of client needs and increasing your business potential.
Respond promptly to communications from your BDM. This not only demonstrates professionalism but also ensures that you can take advantage of timely updates, new opportunities, or support that the BDM may offer.
By actively engaging with your lender BDM and fostering a collaborative and communicative relationship, you can maximise the support and resources available to you, ultimately contributing to the success and growth of your brokerage.
View your relationship with your BDM as a strategic partnership. Discuss your business plans and goals with them, and explore how you can mutually support each other in achieving success. This collaborative approach fosters a stronger and more beneficial relationship.
Do you agree with Niti Bhargava’s list? Comment below.
