A good BDM can play a critical role in a broker's business - so how can you improve the relationship to get more from your BDM? We speak to Advantedge BDM Stefania Riotto and Kim Narayan of Mortgage Choice for their thoughts on building this vital business connection.
Video transcript below:
Donna Sawyer, Australian Broker TV
Donna Sawyer: The relationship between a broker and their BDM can make or break a business. Kim Narayan of Mortgage Choice says BDMs are critical to her work.
Kim Narayan: A good BDM is essential to my business. You know I am a single operator working from home with two young kids. So I need to have a BDM that I can call, you know not any time of the day, but I need someone to be available to answer the questions when I need them answered. So a good BDM is someone that communicates really well and that we understand each other.
Stefania Riotto, Advantedge
Stefania Riotto: Understanding the broker’s business I think is really key and knowing what role that they play in their customer’s dream for a home or refinance or whatever it might be. So just knowing and understanding how the broker operates and how they rely so much on a lender for the service that they then provide their own customers.
Donna Sawyer: Advantedge BDM and winner of the 2012 AMA’s best BDM of the year, Stefania Riotto says like any good relationship, trust is a key factor.
Stefania Riotto: Probably one of the first things I try to do is indeed build trust with the brokers. I try to work with them and meet with them individually, just find out how it is that they operate, what sort of business they run, so I do the usual sort of rapport building and things that you kind of hear sales people do, but one on one I really like to show them who I am, find out who they are and if there is a connection there and I hopefully instil that the fact that I truly do want to help them understand the business, understand the product and help them if they do have a deal that fits.
Donna Sawyer: BDMs are often handling hundreds of brokers at a time, so what can brokers do to get more out of their BDM.
Kim Narayan: The BDMs need the brokers as much as the brokers need the BDMs and I think one thing that brokers don’t do is they don’t give the BDMs the time. So if they want to come out and do a visit, which they have to do as part of their role, a lot of brokers who actually turn them down, but yet they will expect them to help them when they are in a time of need, so I think that you’ve got to be able to have that relationship where you scratch my back, I scratch yours.
Stefania Riotto: Probably one of the first things they could do and most of them do is, just know the basics of what they are after. So you are not troubling the BDM for little things that they might be able to find themselves. But certainly use the BDM for more out of the square conversations, you know could that work, anything that might be a little bit grey. Certainly call and work with your BDMs to provide feedback. BDMs would, tell us what’s good, tell us what’s bad, tell us what’s working, what’s not and any good BDM will be able to feel comfortable enough to get that information back to their leadership team and it helps sort of build a better product offering, a better service offering.
Donna Sawyer: This is Donna Sawyer reporting for Australian Broker TV.