I have employees coming to me on a weekly basis telling me they are not happy and that they want to leave the industry. They tell me they never get the opportunity to speak with the director and that their role is a daily struggle. They tell me when they started, they were just handed a laptop, a phone and the keys to a car they now must manage.
A good real estate BDM has to be multi-faceted as there are so many different aspects to the job. If you like a routine existence in which one work day is much the same as any other, then the odds are that being a BDM is not for you.
Monthly Newsletter: Newsletters should be standard practise. My advice is to send them out monthly to keep production levels high and the communication lines open. You don’t want to oversaturate your clients with weekly newsletters, however, don’t leaving it for more than a month is too long. Send the newsletters out with the end of month ledgers for owners and do the same for tenants.
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. Remember, the energy you put out into the universe for a new BDM is what you will get back in the way of a potential applicant.
Why do some property management departments maintain a steady flow of new clients, yet others don’t?
Over the last 6 years, I have shared many tactics and strategies that work for business development managers. It’s a role many have either attempted, simply not considered or have found difficult to manage.
Over the last three days, I have been visiting offices to conduct coaching sessions where they have allowed me to observe their phone prospecting. While sitting on the sidelines, I found a common trend that makes these sessions more difficult than they need to be and passed along some tips to ensure the best possible result on future calls.
If you find yourself:
“Your Targets Are Only as Good As Your Actions”
A KPI must be measurable and remember what gets measure gets managed. The 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.
In the real estate world, we need to focus on expanding our network of contacts every day. Networking is about obtaining information and making contacts that will help grow the Property Management Department.
Networking events are popping up everywhere these days, but savvy BDMs already know that there are networking opportunities everywhere. The following tips can be applied to any type of setting including a breakfast or an evening event, sporting groups, a conference or a function. You will be surprised where you meet your biggest clients.
To become a successful Business Development Manager (BDM), you must have the right attitude towards yourself, the team, the product and your clients. These four areas are a must. It only takes one to fall apart and the effectiveness of the BDM will diminish.
The establishment of the right attitude in a Property Management Department begins at the very top. As a BDM, you are a leader and your attitude reflects on your entire team. Even if you miss a listing, or an owner has a change of heart, you must find a way within yourself to stay positive and refocus on your next challenge.
You can’t underestimate the power of a great leader. Great leaders make the impossible seem possible. Most people think leaders are born that way and that it is a certain genetic they get from their parents. I, however, disagree. I’m confident that anyone who wants to can work towards becoming a leader.