Key performance indicators (KPIs) for Business Development Managers (BDM)

Key performance indicators (KPIs) are significant to the success of BDMs and must be aligned with the specific goals and objectives for the agency. For example, a BDM must monitor the number of leads, their origin, listing presentations completed and new managements secured.

KPI targets must be stated in clear terms and measurable. A time frame must also be established for all KPIs, with key checkpoints along the way to ensure that the BDM is on track.

Managing your Property Investor Database

The top performing Business Development Managers (BDMs) are the ones who run an income producing database. Just because you have a database and you send out an update once a month doesn’t mean you are running it efficiently or keeping up with your contacts. You need to speak over the phone or in person with each contact on a regular basis and not hide behind the keyboard.

BDM Incentives

I have spoken with many principals to discuss the option of a BDM incentive structure. One Principal proudly said: ‘They have an incentive. If they work hard and bring in new management, they get to keep their job. That’s incentive enough isn’t it?’

While the comment was made with a bit of humour, behind the principal’s comments is a basic truth. Many BDMs are expected to perform for the basic wage with no incentives in place.

Rent Roll Growth – Which Property Management structure is best?

Throughout the year, I have had many interesting conversations with members and prospects relating to the age-old question:  how many properties can one property manager manage?

One particular client of mine is a principal who is at a crucial stage in her business after hitting the 500-property mark. She is on a powerful growth path of 75 net managements in six months and seeking advice regarding the structure of her property management department.

Business Development Manager (BDM) Ideal Week

I hear so many BDMs say, “If only there were a couple of extra hours in my day! I would achieve so much more!”

Many of us tend to procrastinate during our daily routines. Do you find yourself spending time on activities that have nothing to do with what you were hoping to achieve that day? Have you ever considered keeping a record of what you actually get up to each day?  

Unique Selling Point (USP) in Property Management

Having a Unique Selling Point (USP) is extremely important to a BDM and property management department. A USP is a product or service you provide that is different from, and better than, that of your competition. Without a USP you run the risk of getting lost among the other property management departments in your region.

Too many BDMs think a USP is a mission statement or use tag lines such as:

We care the most
We have been around the longest
We are the best
We have years of experience

Attainable VS. Unattainable Goals for a Business Development Manager (BDM)

After close to 5 years of working with Business Development Managers and Principals, I have noticed a common theme. Many of my clients consistently beat themselves up over self-appointed, unrealistic expectations. 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 developing unattainable goals is setting them up for failure.