BDM says this isn't the first time brokers have proved themselves adept in challenging conditions
Brokers are among the most adaptable professionals in the current environment, according to Resimac BDM for NSW Logan Hilton (pictured). Perhaps it is not surprising then that the third-party channel has been particularly busy throughout the pandemic – even during periods of lockdown.
“This isn’t the first time brokers have been able to thrive in a challenging environment,” Hilton said while speaking with MPA.
He suggested brokers could continue to maintain customer relationships during lockdown by staying on the front foot and utilising technology.
“Brokers need to remain proactive with their customers and referral partners during this time and also make use of their aggregator’s software to segment their database by self-employed clients, which will assist in identifying which clients may need initial support during this period.” he said.
Self-employed clients may or may not be able to move forward with pre-approvals as a result of recent lockdowns. For those impacted, a broker can reach out to their BDMs to workshop scenarios. Some lenders, such as Resimac, may have alt-doc options that enable the borrower to provide alternate methods of income verification, he said.
Read more: Mortgage options for the self-employed through COVID
“Brokers will need to have a strong understanding of lender policies and how income may have been affected and which lender may be more suited due to the variance in income to get an understanding of what products there are in the market to support them when their income isn’t as consistent as what it would be in the normal market,” he added.
When it comes to SME clients, brokers should be proactive in reaching out, said Hilton.
“Brokers should be using this time to ask further questions to really understand their SME clients’ businesses,” he said. “This will also assist in identifying if their business has been impacted, what impact has it had and whether there has been any opportunity for the client to diversify. They should use this time to show genuine care and interest to help SME clients.
“While the client’s accountant will be able to assist in applying for government grants, it’s good for brokers to have an understanding of the process of applying and what support is available to their clients.”
Read more: Helping small businesses grow
Lockdown is also a good opportunity to show referral partners how much you appreciate their support. Hilton recommended reaching out to say thanks and using this time to recap on what is working well in the relationship.
“I think brokers should ask their referral partners, is there anything further they could be doing to help their business?” he said. “This would also assist in highlighting their genuine care and respect that they have in showing this is a two-way working relationship and that they’re wanting to continue strengthening the relationship with them.”
