The journey of a mortgage broker can be full of twists and turns, but a great business development manager (BDM) can be the steady compass that keeps them on course.
Sanjay Pradhan (pictured above), director of Sydney-based SecurePath Finances, knows this feeling all too well. Having walked both sides of the fence – from managing complex bank policies to understanding brokers’ needs firsthand – Pradhan is now forging a path of collaboration and mutual success in the BDM-broker relationship.
“It can be overwhelming for new brokers,” Pradhan said recalling his own transition from banker to broker. “Suddenly you’re juggling 50 policies instead of one, and a responsive BDM becomes your lifeline.”
However, even he admits forging BDM relationships as a new broker was a whole different challenge when he stepped down from his relationship manager role to launch SecurePath Finances in August last year.
“One of the challenges faced as a new broker is the unavailability of BDMs,” Pradhan said.
“It is crucial for BDMs to be proactive and responsive to ensure timely responses to phone calls, SMS, or emails, which can hinder the efficiency of new brokers.”
Pradham explained some of the qualities that set BDMs apart from the others on his short journey from banker to broker.
Given the symbiotic nature between the roles of BDMs and brokers, it’s crucial that both sides know how to leverage this partnership.
Others have pointed out that healthy broker-BDM relationships in the mortgage industry can contribute to smoother operations and an improved experience for everyone involved.
However, this can be easier said than done.
Pradhan said building a robust and productive BDM-broker relationship relies on several key factors.
“Firstly, effective communication is paramount. Communication plays a pivotal role in promptly addressing queries and concerns,” he said. “In turn, brokers should articulate their needs and expectations transparently.”
Secondly, Pradhan said accessibility is a “critical factor”.
“The ability of a BDM to remain available and responsive, even amid a busy portfolio, fosters a sense of partnership and reliability,” he said.
“In my journey so far, I have encountered instances where a BDM’s responsiveness acted as a differentiator.”
Pradhan cites his positive experiences with BDMs like Domenic Andreone (HSBC), Craig Dunning (Westpac), and Anjali Kumar (NAB) as examples of proactive engagement that makes a real difference.
But a thriving relationship goes beyond immediate needs. Shared expectations are Pradhan's third cornerstone. By understanding each other’s roles, goals, and target markets, BDMs and brokers can work together more effectively.
Pradhan highlighted the importance of open communication on both sides, where brokers clearly articulate their goals and clientele, and BDMs tailor their support accordingly.
He said his own successful start in the world of mortgage broking is a testament to the power of this type of collaboration.
He praises the “eagerness for collaboration” and “proactive engagement” of BDMs like Gerald Allan (Heritage), Tony Semrani (BOQ), and Imran Mirza (AFG), who have helped him overcome the early challenges of going banker to broker.
“Other BDMs, like Eric Cheng from Ubank and Dan Coolee from Better Mortgage Management, have been instrumental in overcoming hurdles even in the most difficult situations,” Pradham said. “I am grateful to have forged some fantastic relationships so far.”
By embracing these principles, Pradhan believes BDMs and brokers can forge a powerful alliance that benefits not just their individual businesses, but the entire mortgage industry.
“To sum up, a robust bond between BDM and broker relies on efficient communication, easy accessibility, and a shared understanding of expectations,” Pradhan said. “The success stories shared here emphasise the positive influence of proactive and supportive BDMs on a broker’s career.”
