Industry Insight
Face-to-face The importance of relationship building Damien Druce Director Black & White Bridging
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n the wake of the hugely successful NACFB Commercial Finance Expo held at the end of September, I was reminded just how much we have missed face-to-face personal relationships in the lending sector during the pandemic. There was definitely a feeling of being let out of a long school detention and the relief of re-joining our classmates in the world outside. I don’t need rose-tinted spectacles to describe what was an almost joyful vibe during the day with plenty of backslapping for old friends and animated conversations with those on first acquaintance. It also showed that while we are all grateful for the technology which allowed us to meet and converse online, there is no substitute for the world of face-to-face contact and is why I believe passionately that expos are so important, not only for the information gained, but for the validation that networking with our peers can provide. The lending business is essentially a people business and, while today we believe we are particularly sophisticated via our technology, it is worth reiterating the vital nature of the relationships that make businesses like ours successful. Good communication and partner engagement remain essential in the forging of strong relationships within the specialist lending arena. For lenders and service providers, including Black & White, exhibiting at the NACFB Expo afforded us the opportunity, not only to speak to brokers, but more importantly, to listen to them. Crucially, the listening 40 | NACFB
helped us to build a better picture of what is required on the front line. It is fair to say that all providers need to get closer to brokers and face-to-face discussions can help, particularly when explaining true headline rates and service levels. For example, we’ve all read about bridging deals which have completed within hours, but brokers need to know that these transactions are the exception rather than the rule. Thankfully, strong relationships have long formed the backbone of this particular sector and it is a real positive not only to see these continue to flourish, but also to observe such passion in the championing of the benefits attached to short-term finance, as well as professional standards being raised across the board. All of which bodes well for the year ahead and for even more positive statistical data to emerge. The pandemic has certainly shown us that there is a long-term place for technology which allows us to communicate with colleagues and customers and I like most, am grateful for it. However, having the opportunity to exhibit at the NACFB Expo and other events has reminded me that to start, build, and nurture relationships still, undoubtedly requires face-to-face contact.
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...to start, build, and nurture relationships still, undoubtedly requires face-to-face contact
