Successful brokers speak to BDMs regularly, lean on them for support
BDM in the Spotlight and State Manager in the Spotlight are a regular series, giving brokers insight into the lives of some of the country’s leading relationship managers.
MPA spoke to Joel Reid (pictured above), RedZed’s Victoria-based business development manager about how he supports brokers, what sets successful brokers apart and what brokers should expect from a BDM and lender relationship.
Reid said he was well suited to his job, which required communicating with a lot of different people as he admitted he loved a chat.
“More often than not you’ll find me pacing a room with the phone to my ear.”
For Reid, forming relationships with brokers, peers, and colleagues, and helping brokers build their businesses is what makes his job so enjoyable.
Reid, who was born in Melbourne, spent about three months backpacking around Europe before he joined the industry.
Name: Joel Reid
Title: Business development manager, Victoria
Years in the industry: Six years
Company: RedZed
Location: Melbourne
Briefly describe your role and how you support brokers?
As a BDM, my role is to help brokers help their clients. I’m responsible for making brokers aware of the alternative lending solutions that are available to self-employed borrowers, explaining the ins-and-outs of RedZed’s products and policies, workshopping scenarios, and answering any questions brokers may have.
I have a thorough understanding of credit, having worked in the space for four years, so I’m a handy resource for brokers who are looking to identify the right finance solutions for their clients.
A goal that you aim to achieve in your role this year?
I aim to continue building strong relationships throughout the rest of this year and enhance my support of broker businesses through education.
What’s your favourite part of the job?
Forming relationships with brokers, peers, and colleagues, and helping brokers to build their businesses. More often than not you’ll find me pacing a room with the phone to my ear because I love a chat and communicating with people. It’s also fulfilling knowing that at the end of the day, we’re helping members of the self-employed community achieve their goals.
What sets successful brokers apart?
Successful brokers speak with their BDMs regularly and lean on them for support. They also pay meticulous attention to detail and communicate client scenarios clearly and in full, so that nothing is left to chance.
What should brokers be demanding from a BDM and lender relationship?
Brokers should be able to access their BDMs with ease and receive comprehensive support from lenders throughout the entire application process. It’s also essential that BDMs know their products inside out and are ready for any questions that may come their way.
Are there any industry-wide changes that you think would benefit brokers?
The incidence of clawback has increased significantly of late, impacting broker businesses. RedZed is a strong supporter of the third-party channel, which is why we recently launched a new, fairer diminishing commission clawback structure.
We now recognise the number of months a loan has been active and apply a diminishing scale. As each month concludes (up to 24 months), the clawback percentage reduces. This clawback structure applies to new residential loan applications received from August 8, 2023.
What do you provide to brokers that makes you valuable to them?
I always ensure that I am readily available via phone to discuss scenarios or answer questions. I understand that a broker’s time is precious and that they often require support at short notice, which is why I’m always quick to respond.
My extensive credit knowledge together with my strong communication skills are also valuable to brokers because they can rely on me for accurate and easy to understand information. Plus, I like to keep things positive and have a laugh, which I think brokers appreciate too.
Describe your ideal weekend.
Going for a walk in the Dandenong Ranges, tucking into a delicious brunch, and watching the footy.
BDM in the Spotlight features a range of relationship managers and BDMs within the mortgage and finance industry. Among those recently featured are Aquamore business development manager Brett Winzer, Commonwealth Bank relationship manager third party banking Jessica Matthews and Suncorp Bank business development manager, small business and commercial Ash Fernando.
What sort of attributes do you think a good BDM should have? Share your thoughts below
