Lenders are famous for sending their business development managers out to make mortgage brokers and agents aware of current products and rate promotions. This is an important aspect of marketing to brokers that is essential for keeping yourself fresh in their minds so that they send you deals. Your BDM’s are a formidable road force and your direct contact with your brokers and agents in many instances, so why not make the most of them?
Inbound marketing is a newer method of marketing promotion that has seen real changes in marketing methodology. The very essence of inbound breaks marketing into four stages:
- Attract – make your business known to a stranger
- Convert – convert the stranger into a lead
- Close – make your lead a customer
- Delight – make your customer a promotor
Our BDMs do a great job attracting brokers and agents, making them a powerful source of business for your institution – but the key to delighting your brokers and making your brokers an extended arm of your sales force is happens when you are constantly providing them with something of value that builds your relationships.
Education is one of the best ways to give added value to your brokers and this can be delivered through the very people that are on the front lines, daily – your BDMs.
Look at deal packaging as an excellent example. One of the things that frustrates lender/broker relationships the most is too many deals that don’t close. Perhaps the broker thinks the lender misrepresented the types of deals they would do, or perhaps your challenge as the lender is bad deal packaging that led to things coming up through the underwriting process that railroaded the deal.
Empowering your BDMs to coach brokers and agents on the following works to strengthen relationships and avoid issues later on:
- Tools they can use to vet the deals they are working on – let them know what tools you are using
- How to package a tight deal
- Things in the application that you recommend that they verify before submitting a deal
- What fields within the mortgage application matter to you!
Whether it is deal packaging tips, or even tips that they can deploy to land new customers or upsell current deals, value ad education go a long way to develop these life long and very profitable relationships.
Relationships are about give and take – so make sure that you are giving something of value to those in your network. This is the best way to make the most of these connections.
For more tips on how to coach our brokers on deal packaging best practices, please call Teranet today at 1.855.787.8439.