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Brokers and business development managers (BDMs) have an intertwined, almost symbiotic, relationship with one another. However, not all working relationships are created equal and, for BDMs, it’s crucial to understand the best ways to help brokers and cultivate a strong partnership.
South Australian and Western Australian-based BDM at Prime Capital, Nicole Salamaga, spoke to Broker Daily to shed light on her methods of creating solid trust among brokers and assisting them with their needs.
As a BDM with extensive knowledge of finance and real estate, Salamaga is able to leverage her experience, along with a focus on problem solving and solution-based lending to help brokers grow their own clients’ portfolios.
On what makes a good broker-BDM relationship, Salamaga told Broker Daily: “The first thing is good communication, being responsive is essential as a good BDM. Being transparent and knowing your product is also very important.
“Providing accurate information in regard to our products and solutions not only helps us build trust with the broker, but also ensures the broker feels comfortable going back to their client with a solution, knowing that information is correct and accurate and won’t change down the track.”
She further said making sure to have information about things such as policies and rates is handy at all times, as well as communicating to brokers as soon as policy changes happen is a great way to stay on top of having accurate information.
From a broker perspective, branch principal and mortgage broker at Yellow Brick Road, Earlwood, Effie Nicol, told Broker Daily that a strong broker-BDM relation is fundamentally “built on trust, understanding and shared goals”.
“For me it starts with knowing each other’s strengths and how we can work together. Just like with my customers, trust is key,” Nicol said.
“Not just in the products I offer, but in my BDM’s expertise. A great BDM takes the time to understand my business, share valuable insights and collaborate on opportunities.
“Their reliability, responsiveness and support make all the difference in driving success for everyone.”
In terms of the best ways to support brokers, Salamaga said that being able to solve problems and create effective solutions is critical, particularly in the current-day lending space.
“Brokers face unique challenges and part of our role is to help them navigate these hurdles,” she said.
“Being approachable and maintaining an open line of communication is crucial. Make it easy for brokers to reach out with questions, feedback, or concerns, and be responsive when they do.
“Regular check-ins help ensure I am aware of their challenges and can adjust the support I offer as needed.”
Salamaga said that the first meeting with a broker is a great opportunity to create an atmosphere of reassurance and comfortability.
“I always say to them ... ‘it’s not a silly question; you don’t deal with this sort of lending all the time!’” Salamaga said.
As a broker, Nicol said that she’s been best supported by BDMs who employ a “common-sense approach to complex situations”.
“They workshop applications with credit managers, ensuring deals fit within policy while exploring solutions to make them work,” she said.
“For example, when a customer received a bonus out of cycle, they worked with me to use three years’ income instead of two, helping to retain the customers.”
Typically, brokers needing fast and easy solutions for their clients, whether that be quick cash out for business acquisitions, needing funds to pay off or refinance outstanding debt, or looking for a hassle-free solution are among the main issues brokers bring to BDMs, according to Salamaga.
“For their clients which may have multiple entities – [such as] companies and complex trust structures – they aren’t [looking] to jump through all the hurdles of a conventional bank,” Salamaga said.
“We have fast turnaround times (we can settle in around 7 days) and require minimal documentation and income verification making us a great solution for these types of clients.”
Nicol further added to this: “I rely on BDMs for unique scenarios, where they communicate with credit managers to seek exceptions, ensuring a smoother process and better outcomes for customers.
“BDMs also mediate with assessors when needed to resolve issues. I discuss pricing discretions as required and for urgent matters, I may request an escalation.”
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