We present the‘best of the best’ top tips from the most successful Property Management Business Developers in Australia.
As part of Rockend’s ongoing involvement in the NZ Property Management industry, they offered one lucky property management business development manager (BDM) the opportunity to take part in a panel session at the Real Estate Institute of New Zealand’s Property Management Conference. The main topic for discussion was ‘What the best BDM’s do to build their rent roll’. Over thirty successful BDM’s entered the competition, with Tara Milzewski taking out the prize, which included an all-expenses paid trip to new zealand valued at over $5,000.
Tara Milzewski, Advantage One Real Estate, QLD
To be a successful BDM you need to market yourself and network within the community. I have been extremely successful in building great relationships and I constantly remind people what I do. By doing this I have had ongoing referrals from current clients who recommend me to friends and family.
My Top Tips
- A BDM should be out of the office 80 per cent of the time networking, building relationships, meeting with new landlords, promoting the office by doing presentations, completing rental appraisals, and presenting management agreements. The other 20 per cent should be spent handling paperwork, adding new contacts to the database and following up prospective landlords.
- The BDM must have a good understanding of their market, their competitors and their area. Only knowing an approximate amount for the vacancy rate/median rents is not good enough as you should know the exact figure. A professional BDM will have an understanding of what services their competitors are offering and what fees they are charging. Finally you will need to be aware of events that are up and coming in your local area and where the local bus stops and schools are located. This is value added information that your current and new landlords will appreciate.
- Never negotiate your commission! A BDM must understand that by negotiating on the commission you are compromising the value of your principal’s asset. The BDM needs to be confident in the PM Department’s product and services as you are the person selling them to the prospective landlords.
- Having a USP (Unique Selling Point) is extremely important to a BDM and Property Management Department. A USP is a product or service you provide that is different from or better than your competition. Without a USP you run the risk of getting lost among the other Property Management Departments in your region. You could miss the opportunity to attract your target clientele, who continue to use another agency as they don’t have any incentive to change. The only terms left for you to compete on is price, which could end in you reducing your commission as you have no other incentive to offer.
- Facebook is a fantastic way to communicate with your current and new clientele. It is also a great way to promote your properties for lease and the office you work for. It is very important to remember that people on Facebook enjoy the social aspect and don’t appreciate being spammed. As a BDM you can have a page where you provide valued added information to your new and current clients rather than selling office services directly to them. Social networking is a major part of the real estate industry now and it is important you take the time to utilise it in your BDM position.
According to Tara Milzewski, A Good BDM will Have the Following Traits:
- They must be a confident networker, build strong relationships and love meeting new people.
- They must be passionate about the department’s vision and believe in the product they are selling to the client.
- They must understand the position is not a 9-to-5 role and be prepared to do deals after hours or on weekends.
- They must have a competitive nature and be goal-oriented.
- They must have the ability to build and manage a large database.
- They must be a team player and good communicator.
- They must understand ‘no’ doesn’t mean no, it means ‘not right now’.
- They must always be prepared to think ahead of how they can go the extra mile for themselves, the business and the client.
Danielleelder, Rendina Real Estate, VIC
I listen to people’s needs and wants rather than telling them. I believe this is a better option as it makes them feel confident knowing that I really do care!
My Top Tips
- Always think outside the square and be one step ahead of your competition. Be aware of who your competitors are and know their fee structure. Never criticise other agents. To
win the business, reassure your prospective client that you can guarantee the services you offer. Be confident and ensure you always dress professionally.
- Speak to people as you would like to be spoken to, listen and show empathy when needed. It is very important that you listen to what their needs and wants are; never dictate.
- When conducting an appraisal, wait to be invited into the home and ask permission to walk through to take notes. Make mention of special things that are obviously important to your prospective clients and always show an interest. Whether it’s a pet or simply their favourite football team, little things always make a difference. You should have already sized up your client and what their needs will be simply by making conversation with them. Reassurance is the key to any foundation.
Tracey Russell, Professionals Methven, Manager-Residential Rentals and New Business
I believe my success is due to loving what I do and believing in the service we deliver. All my appraisals go into a database, which I use to keep in touch with prospective clients by way of newsletters, sales data and phone calls, making me top of the mind awareness when they are ready to list. Under-promise and over-deliver! We have a great property management team whom I trust to deliver the service I am selling.
My Top Tips
- Having a database is crucial to growing your rent roll; all properties that have been appraised should have 15 to 20 points of contact per year. These contacts should be in the form of phone calls, newsletters and updated sales reports. When they are ready to rent, I get the call as most agents appraise the property and do not put follow-up procedures in place..
- Every time a sale is made by our company, I receive a copy of the particulars of sale informing me if an investor has brought the property so I can make contact with the purchaser prior to settlement. I also follow up on the open homes, to see if any investors have been through to offer them any advice and information. I ask them if I can pop them onto my database to keep them updated with investment information, so if they do chose another agent to rent through and they are not happy, I will hopefully be the next person they think of.
- Training, I go to as many sales and property management conferences as possible. To be the best you have to keep up with legislation, negotiation and ongoing self-development. Having a good listing kit is important and I get good ideas from the sales training in relation to listing kits and negotiation.