After close to 5 years of working with Business Development Managers and Principals who are interested in advancing their rent roll growth, I have noticed a common theme. Many of my clients consistently beat themselves up with the unrealistic expectations they have created for themselves. Granted, most clients who work with my team are serious about reaching their full potential and capitalizing on their talent, but they are unaware of how they set themselves up for failure by developing unattainable goals and then using their inability to reach those goals to spin negative self-talk.
Landlords are elusive creatures. Hard to find, difficult to market to, and almost impossible to poach. Most traditional methods of marketing just don’t work on landlords. With a vendor, at least you know where they live. Trying to reach a landlord through a property they own is like playing hide and seek with the Invisible Man.
Choosing the right BDM is essential for any Real Estate Office that wants to achieve fast and consistent growth. Before you even advertise for the vacant position, it is important you understand and develop a proper job description. From my experience, principals often overlook the job description and then wonder why the department is going backwards and not growing.
The feedback from our Brisbane, Melbourne & Sydney workshops was super positive and the industry knowledge that has been shared has been amazing. Each event has run from 9am to 4pm, we had representation from WA, SA, VIC, NSW, QLD, TAS and would have to say our hot seat session was where the ideas and strategies started flowing around the room.
Turn Objections Into Opportunities
Business Development Managers it’s time to realise that it’s actually a good thing when prospects raise an objection. Regardless of which industry you work in, it’s highly likely you’ll be faced with a client, colleague or prospect who will raise objections – and instead of baulking or reacting, it’s time to embrace and face the objection and turn it on its head. In other words, don’t let objections control your overall performance.
The difference between a BDM and Property Manager
We assume that one person who is good at one of these roles will be good at the other. Both roles are just property management, right? But in reality, the people who are capable of doing these two roles properly are very different and putting a great person from one side into the other role will give you and them a very disappointing outcome.
Meeting with a potential client for the first time can be a bit scary and we can find ourselves being overwhelmed with fear and excitement at the same time. In fact, most of us will go through the same questions in our head before, during and after the meeting including:
BDMs of 2017, let’s get real for a moment; business development managers convene with prospective clients of various backgrounds, socio-economic standings, and cultures.
What does it take to become a successful BDM? If you asked me two years ago, when I was a rookie in the industry, I would have told you to send out bulk flyers and letters, and pray that someone calls.
BDM Academy - Income producing activities & suggestions for personal ideal week
[*] Allocate 30 minutes for checking emails & returning phone calls 3 time per day
[*] Allocate time to promote & update advertising for vacant properties
[*] Allocate time for appraisals, listing presentations & follow up
[*] Allocate time for administrative duties (preparing contract, appraisals & listing kits)
[*] “Hour of power” or “call for leads session”
[*] Attending networking events