A Business Development Representative (or BDR for short) is a professional relationship builder that forms bonds with real estate agents, bankers, CPAs, financial advisors and other referral partners to drive mortgage business to their loan partner.  While they are in the mortgage industry, a BDR is not forward facing with borrowers, but spends their time being the face and value provider for referral partners. 

Being a loan officer is hard! Loan officers are supposed to prospect, build relationships, take client calls, structure loans, chase documents, and so much more. I’m exhausted just listing it out! Hiring a BDR can mean one of two things for you as a loan officer. It could mean that you are allowed to focus solely on working with the client to fund their dream home or you can double your sales efforts by having a BDR seek out business while you do the same with a different group of agents or referral partners. 

The BDR Bootcamp is a live, five week (one 1.5 hour session per week) that is a start to finish guide on how to be successful in the BDR role. Both the BDR and the Loan Officer are invited and will receive all recordings, PowerPoints, templates and access to the private BDR Facebook Group that provides a community for BDRs long after the bootcamp is finished. We will cover everything you need to thrive. The class topics are as follows:

Class 1: Time-blocking + Metrics 

Class 2: Prospecting for Real Estate Agents and Getting the Meeting 

Class 3: Follow-Up 

Class 4: Finding Referral Sources, Providing Value, and Building a Pipeline 

Class 5: Scripting 

Nope! As a BDR, the main goal is to build relationships and add value, but does not require loan experience. It is the job of the loan partner to speak in mortgage terms.

Hiring a BDR should be an addition to your business, not a solution to lack of business. Be sure that your team is prepared to handle an influx of leads and referral relationships. BDRs should be having a minimum of 15 meetings a week, be attending networking events, making phone calls to prospect/follow-up and driving leads to you as the loan partner. The loan partner should be prepared to have weekly meetings to go over activities, as well as referrals that have come in as a result of the BDR’s work. The two of you will work as a team to make sure that both the referral partner and borrower have a great experience. 

Although there is not one industry that makes the best BDR, there are some patterns I’ve seen as a BDR Trainer. Of the hundreds of BDRs I’ve trained, a few standout industries are: nurses, title reps, former real estate agents, teachers, and the hospitality industry. Successful BDRs are social, but also have the ability to adapt to different personalities and follow-up consistently. 

The expectation is to have a deal under contract within the first 90 days but I’ve had some BDRs that are able to get deals within the first month! This is why loan partner and BDR communication is so important. If the leads are coming in, the deals will follow! 

The activities may slightly vary but the mornings are for admin time- phone calls, follow-up, emails, prospecting, social media posts. The afternoons are for going to open houses, meeting with referral partners, and attending networking events! 

Schedule a call with me under 1 on 1 coaching! I’d be happy to help you walk through the process and take a look at what would work best for you!