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The life of a BDM is more than just meeting for coffees, as Australian First Mortgage’s Rachel Walsh explains
WHAT ARE THE MOST COMMON MISCONCEPTIONS BROKERS HAVE ABOUT THEIR BDMS?
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Brokers can be wary of BDMs, as they consider us to be ‘just a salesperson wanting to boost their volumes’. Whilst this may be correct for some, from my perspective, nothing could be further from the truth. I have a genuine commitment to assist my brokers to provide solutions for their clients, which enables them to achieve higher settlement volumes for their business. Another common misconception is that BDMs simply meet for coffees all day – if only it were that simple.
WHAT IS THE WORST EXPERIENCE YOU HAVE HAD IN YOUR CAREER AS A BDM?
To be honest, I can’t recall any really bad experiences in my career as a BDM. Overall, I am fortunate to have worked with lots of great people and also have the ability to choose the brokers I work with.
WHAT IS THE TOUGHEST THING ABOUT YOUR JOB?
The toughest aspect of being a BDM is adapting to the different market changes, particularly during the global financial crisis (GFC).
As a BDM, it’s important to be resilient during these times and focus on the points of difference that you have to offer in a limited market. Keeping a positive mindset that the tough times will not last forever helps ensure your longevity.
WHAT CAUSES TURNAROUND TIMES TO BLOW OUT AND HOW CAN BROKERS HELP MAKE THE PROBLEM BETTER?
There are a number of factors that contribute to extended turnaround times. Lenders will often blame brokers for submitting sub-standard deals. However, this is not always the case or a key factor.
Turnaround times can be extended when a lender presents a special offer which has a high uptake and volumes increase, when there are credit staff shortages and yes, difficult deals in the pipeline.
The best way brokers can assist with improving turnaround times is to utilise the training offered by lenders, so they are familiar with that lender’s products and processes. Also, discussing the loan scenario with their BDM prior to submission will ensure it meets policy and, importantly, they should utilise the lender’s loan submission checklist. Different lenders will have different requirements, so the loan submission checklist is provided to assist the brokers with this.
Lastly, contact the lender’s BDM as that is what we are here for!
WHAT DOES A TYPICAL DAY FOR YOU LOOK LIKE?
My day usually begins by tending to any emails that have come through late the previous day. Then I will head out on the road to my pre- scheduled meetings for the day. Between meetings I’m responding to emails, returning phone calls and discussing loan scenarios with brokers. In addition to this, I’m speaking with brokers and the credit team on current loan applications, and following up outstanding requirements. Towards the end of the day, I’ll catch up on company emails and attend to any training or reporting requirements. My day is then completed by final emails and follow-up to meetings as required.
WHAT IS THE ONE PIECE OF ADVICE YOU WOULD LIKE TO COMMUNICATE TO YOUR BROKERS?
My best advice to my brokers is, don’t be afraid to present a non-bank lender such as AFM to clients. All of our funding comes from banks anyway! I’m here to assist my brokers as their dedicated BDM, so utilise me as much as possible.
