Investment Property Specialist
If your landlord doesn’t see you as a market leader you run the risk of missing out on being the first point of call when they need you most.
Remember it’s not what you sell; it’s how you help the landlord to make decisions that makes the difference.
This article has been reproduced with permission of BDMAcademy.com.au
Here’s my list of 8 simple things every BDM needs to be doing if they want to be seen as a market leader:
- Be early! Arriving on-time is late!
- Each time you meet with a prospect, make sure your first questions is about something they shared with you on your last call.
- Know what issues the prospect is dealing with in relation to the property and past experiences.
- Actively share with your prospect key insights on the industry and things that matter to them even when you’re not with them.
- Be pro-active with the prospect in providing them key information that is upcoming and relevant.
- Never pass blame or fail to take responsibility. You’re the face of your company to the prospect and that means you own the relationship.
- Demonstrate integrity to yourself in everything you say and do.
- Treat everyone you meet regardless of the title they have or who they work for with dignity and respect. Your goal is to be a person of impact and influence.
Does it take effort to be seen as a market leader? Yes, it sure does, and that’s why the majority of BDM’s never step up to the challenge and become a market leader.
Market leaders have the ability to be part of conversations other BDM’s will never even know about.
BDM leaders don’t wait for opportunities. They create opportunities! A BDM leader is about one thing — helping their clients see and achieve things they didn’t think were possible.
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 odds are the job of BDM is not for you.
Having said that, the primary aspect of the role of BDM is sales: you will be looking for ways in which you can generate and then convert leads, to boost the business and profitability of the agency. You can do this by promoting your brand, networking, building new relationships, offering additional products and services to existing clients, being creative about reaching and attracting new clients. While you will use your excellent organisational skills to plan your work schedule, there will undoubtedly be unexpected issues to be dealt with during the course of a day, and these could be anything from an opportunity to be followed up with a client to a problem within the team.
The skills required include (but are not limited to):
- Networking/relationship building
- Problem solving
- Decision making
- Time management
- Personal organisation
You’ll also need to have a complete understanding of the products and services offered by your agency, and of the real estate industry in general. Keep up to date with news and changes in legislation, and be aware of key players and major competitors.
There’s not really a typical day in the life of a property manager (BDM), but the things you can expect to be called upon to do or to deal with include:
- Making presentations to landlords at their property with a view to signing them up to the agency as clients.
- Writing a blog post for the agency website.
- Handling a call from a landlord who has changed their mind about signing with the agency, trying to find out the real reason for the change of heart and then persuading them to change it back again.
- Delegating work to the team.
- Getting on the phone to follow up sales leads.
- Reporting sales figures to your principal.
An efficient and expanding property management department is key to an agency’s long-term success because, the rent roll can pay the bills when sales are tight, and prove to be a great asset to liquidate when a principal is ready to retire or move on.
A BDM can be a valuable asset in achieving this goal for a number of reasons, including:
- They are sales orientated.
- They have a flexible approach.
- They actively seek out new opportunities for the agency.
- They network, promote, generate and convert leads.
- They are the professional, public face of the agency.
Arguably the most important thing needed to be a successful BDM is the right attitude.
Each and every day focus on what you can do as a BDM to ensure you are creating new opportunities for the agency. Be the BDM that puts yourself in your customer’s shoes and focus on what is going on in their lives. What are their fears and concerns about investment property ownership? What’s holding them back from making the decision to go with your agency? Maintain a strong relationship with each individual you connect with and always find an opportunity to reduce risk and be recognised as the investment property specialist.
Tara Bradbury is the Director of the highly recognised consultancy and coaching business BDM Academy, specialising in business development and rent roll growth training services throughout Australasia.