Purpose of Job:
The Regional Business Manager (RBM) is responsible for maintaining existing and sourcing new broker relationships within specified territories and increasing revenues based on yearly targets set by the department and the Company in general. In this role, the RBM must be highly knowledgeable about Equitable Bank’s products to generate prospective deals while having a keen understanding of the underwriting process to ensure proper requirements are met for application submissions.
There are six areas of accountabilities listed below which when performed well will cumulatively lead to ultimate success in this position.
- Sales Management - 30%
The RBM must be a highly organized individual who is self directed to manage and report on the status of sales and market activity via broker visits and industry networking events. Success in achieving and exceeding sales targets for Prime, Alternative, and HELOC’s involves various steps as outlined below:
- Producing a Key Account list of Alternative 25 Brokers as part of the on-going EQB Sales strategy that will be updated on a yearly basis depending on the volume of business for those identified brokers.
- Discuss monthly with the Manager Residential Mortgages the Performance of the Alternative Top 25 and Prime Key 5 to maximize production from key brokers.
- Manage follow-up communications on all pending deals. Although this function is primarily performed by the underwriting team, the RBM will assist during high volume times and leverage this opportunity to continue to build the relationship with these brokers. On a more routine basis, RBM’s are expected to be contacting brokers who have deals in the pipeline in order to assist them in closing these deals successfully which in turn generates a greater rapport with those brokers.
- Completing monthly expense reports accurately and submitting by the deadline to the Team Lead Business Development.
- Completion of the Top 25 Regional Dashboard on the 15th of every month will be done by the Internal Business Development Representative (IBDR). As part of this exercise, the RBM is responsible for diarizing any feedback obtained from monthly meetings in the notes section on a monthly basis. The RBM must also analyze the efficiency measures obtained from the dashboard and identify current trends, reasons for these trends, and the strategic approach in remedying or maintaining these trends. This dashboard is to be presented to your respective Top 25 brokers, less the notes section, every month in order to continually update them on their overall status with Equitable Bank.
- The RBM is responsible for actively participating in weekly departmental meetings generally held each Friday with senior management to discuss market trends, challenges and successes, and either the enhancement or improvement of products and services.
- Sales Activities and Achievements – 30%
The RBM is expected to be out of the office at least four days a week to do pro-active sales calls to generate new business and to visit existing brokers with information about recent enhancements of products pertaining to Prime, Alternative, and HELOC’s, changes to services, the delivery of prize items, the distribution of promotional or new print materials to gain valuable face to face time. To achieve visibility and to build a wider broker network, the RBM must:
- Book a minimum of 5 broker meetings daily to solidify your existing relationships and to develop and maintain new broker relationships. Discussions and feedback is to be documented in the notes section of the scheduled meeting in Outlook Express. Also ensure to meet at least once a month with the Alternative Top 25 List of Brokers in order to discuss their efficiency ratios via the Top 25 Dashboard and obtain feedback from these brokers on positive and negative trends.
- Continuously update broker contact information in Outlook.
- Managing your region to obtain the best results in a structured form.
- Providing mid-level analysis of the representative’s region, as to increase the efficiency of the business development function.
- Interacting with pertinent staff members to obtain further knowledge regarding the quality of business being submitted from specific brokerage houses.
- Attending major industry events to bring heightened visibility to the company including attendance at golfing tournaments, broker holiday events and specific programs as well as annual trade shows (where applicable).
- Product Development – 10%
Each RBM will be assigned one competitor to research and routinely stay updated. The RBM will report back on any changes to their programs in timely manner. The product development aspect includes:
- Conversing with brokers about our competitor’s products, both in Prime and Alternative, in terms of satisfaction, the differences between products presented by competing companies and what’s new in the market place.
- Analyzing comments against Equitable Bank’s products on pricing, flexibility, credit requirements, etc.
- Collecting of materials from brokers to add to the Company’s competitive intel as well as at industry tradeshows & functions
- Presentation Skills – 10%
The RBM will be observed by his or her manager on their presentation skills. An integral element of sales is strong presentation skills which require clear messaging, product knowledge, credit history requirements, as well as the application process. The RBM must be prepared with:
- Acquiring the proper collateral materials and the most up to date promotions for distribution.
- Intimate knowledge of promotions and qualifications. Ensuring that the sales presentation is always up to date covering products pertaining to Prime, Alternative, and HELOC’s, addressing Equitable policies on Anti Money laundering and Terrorist Financing and pertinent compliance requirements.
- Clarity of regional coverage (urban and rural areas).
- Offering and highlighting benefits of each product on its own merits and comparative merits.
- Introducing regional team members to the brokerage community at some broker and industry events.
- Addressing any other broker related questions/concerns
- External & Internal Relationship Management – 10%
As a representative of the Company, the RBM will reflect the Company’s image of integrity, quality and knowledge in the industry. As the major interface between the broker and the Company, the RBM will work with their credit team to ensure the smooth handling of any deals in the pipeline. The RBM may be expected to be:
- Participating in brokerage house events – sales presentations, lender appreciation programs, holiday and special occasion programs.
- Taking part in an industry association in order to establish an Equitable Bank representative in an association as well as obtain valuable industry information.
- Speaking at company sponsored events with appropriate messaging provided by the marketing & communications department.
- Expanding the relationships by attending lunch meet and greets and introducing other Equitable Bank team members to the brokers.
- Assisting underwriting during an influx of deals.
- Including members of the regional team at presentations beyond an appearance.
- Covering for other RBMs during unscheduled and scheduled time off.
- Administration and Organization – 10%
The RBM’s actions in the areas of Sales Management and Sales Activities and Achievements will be measured on the administration and organization of each by the Manager Business Development.
- Strong written and verbal skills.
- Proficient on Microsoft Office – Word, Excel, and Power Point.
- Previous sales and or underwriting experience in the industry.
- Self directed and highly organized individual who can multi-task.
- Must possess a driver’s license and a clean driving record.
- Completion of a college or equivalent post-secondary degree.
- 5 years in the related industry
- Outstanding interpersonal skills.
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