"Numerous skills acquired as a BDM can be effectively leveraged in the transition to becoming a mortgage broker"
It's not often that you see a business development manager become a broker. Typically, it's the other way around, with ex-brokers taking up BDM positions. Yet, I chose to take a different path and swim against the tide.
During my time as a BDM, my focus revolved around fostering relationships with brokers and equipping them with a comprehensive understanding of the products and services offered by the lender I represented. As a BDM, you become intimately acquainted with your lender's criteria, and a skilled BDM also keeps a close eye on the competition. However, as a broker, you need to possess knowledge about the criteria of the majority of lenders, not just one or a few close competitors.
Working closely with lenders provided me with invaluable insights into the mortgage industry. I gained an understanding of why certain deals didn't align with their preferences, why specific criteria were adopted, why the pricing was structured the way it was, and why certain scenarios were approached in particular ways. Recognising how and why lenders establish their criteria laid a solid foundation for my career as a broker.
While working as a BDM, I collaborated with brokers who serviced diverse clients ranging from first-time buyers to seasoned property investors with extensive portfolios. However, as a mortgage broker, I had to develop an in-depth understanding of my own business's target market, including its unique needs, preferences, and challenges.
Establishing a robust network is paramount. BDMs focus on cultivating relationships with brokers but transitioning to a broker role required forging new connections with accountants, estate agents, and solicitors. These professionals form collaborative partnerships that can mutually benefit our respective businesses going forward.
In today's mortgage industry, technology assumes an increasingly vital role. As a broker, it is crucial to be comfortable with change and adaptable to new tools and platforms. This encompasses everything from leveraging digital marketing and social media to online customer relationship systems.
Flexibility is another key attribute I honed as a BDM, and I firmly believe it helps mortgage broking. Clients may require meetings outside regular business hours, and unexpected issues can arise, demanding swift availability and outside-of-the-box thinking. By being flexible and responsive, we can find effective solutions for our clients while building deep relationships with them.
Staying up-to-date with regulations is critical. As a directly authorized mortgage broker, I bear the responsibility of ensuring that my business adheres to all relevant regulations and guidelines. Staying abreast of any changes or updates to these regulations is essential, as is implementing appropriate processes and procedures to maintain compliance.
Cultivating a strong brand is key for triumphing as both a BDM and a mortgage broker. Setting yourself apart from the competition and building a solid reputation as a trusted advisor is vital. This entails various aspects, such as crafting a distinctive logo and website, curating a compelling social media presence, and fostering meaningful interactions with clients.
In conclusion, numerous skills acquired as a BDM can be effectively leveraged in the transition to becoming a mortgage broker. Understanding your target market, cultivating a robust network, embracing technology, remaining flexible, staying current with regulations, and developing a strong brand are all integral components of success.
Lastly, don't hesitate to inquire with BDMs about the reasoning behind lenders' criteria. By doing so, you can better inform your clients and even challenge certain decisions. After all, lenders don't always get it right.
