What do brokers value in a BDM?

That was the focus of the latest Finance Specialist podcast, where Liam Garman and Trent Carter unpacked how expectations are shifting across the broker–lender relationship.

According to the pair, increasing complexity and tighter time frames are driving brokers to prioritise responsiveness, clarity, and practical support.

“I’ve had cases where I’ve stopped recommending a lender because of the experience that we’re having with the business development manager (BDMs),” Carter said.

“If they’re comparable in price, why would I give my client a bad experience if I’m having a bad experience?”

Here are five key factors brokers say are separating strong BDMs from the rest.

Communication

Communication remains the defining factor in broker–BDM relationships.

Brokers are increasingly expecting faster response times, clear answers, and defined turnaround expectations, particularly as deal timelines tighten.

“Almost everything that we talk about… is around communication. It’s no different for BDMs,” Garman said.

Carter added that the relationship must work both ways:

“It’s a two-way street, and we both need to get something out of the relationship. To do that, we have to find a middle road, work together and communicate,” Carter said.

Breakdowns in communication can quickly create friction, particularly in time-sensitive scenarios.

“No news is news in our world because as soon as there’s no news, there’s that void of communication. Everybody assumes the worst outcome,” Carter said.

Pressure points reveal performance

While baseline support is expected, performance is often judged when deals become more complex.

Brokers are placing increasing value on BDMs who remain engaged during challenging scenarios, particularly where policy interpretation or credit escalation is required.

“The most common issue we hear from brokers is that the BDM goes missing when things get hard,” Carter said.

He noted that even when immediate answers aren’t possible, responsiveness still matters.

“I think an acknowledgement that sometimes things get urgent… the best BDMs say, ‘I’ll get back to you by this time’, acknowledging they’ve got a whole portfolio of brokers to look after,” Carter said.

“So sometimes it’s not going to be instant, but then go and do the research on what’s actually going on and come back with an answer or get you in front of the people who can answer it.”

Tailored support

Understanding a broker’s business model is becoming increasingly important as competition intensifies.

BDMs who can align their support with a broker’s niche, client base, and growth strategy are more likely to build long-term relationships.

“Good BDMs work towards understanding my business. It goes to the heart of a good partnership,” Carter said.

“They’re actually interested in my business, my clients, my areas that I’m niching into, the areas that I’m trying to be successful in.”

Transparency

Honest and early feedback is also gaining importance.

Where a deal is unlikely to proceed, brokers are increasingly valuing upfront guidance – even if it means being directed elsewhere.

“The best BDMs are actually saying, ‘Look, thanks for the opportunity on this deal. I don’t think this is going to be one for us, but have you tried lender X?’” Carter said.

“It sounds a bit counterintuitive. They’re meant to be selling their brand, but they’re actually partnering with me and my business and helping me get to a faster yes for me. And as long as they’re invested in my journey with my client then they’re going to be a great partner.”

Product and policy knowledge

Product knowledge remains a baseline expectation, but brokers are increasingly looking for BDMs who understand how their lender compares across the market.

“They are knowledgeable about their own products, but they’re a little bit more worldly than that. They’re knowledgeable about their competitors’ products as well and where they sit and where they’re good and where they’re not,” Carter said.

Rather than pushing every deal through their own channel, high-performing BDMs are focused on identifying where their lender genuinely fits.

“They’re not trying to sell you every deal as one of theirs, but they’re trying to get you to focus on the niches where they operate really, really well,” he said.

[Related: Smaller brokers find edge in operational excellence]

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