“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.
When it comes to KPIs, you need to be specific. This makes it much easier to track for the BDM and the principal. Each day you should be asking yourself “what is the ultimate outcome I would like to achieve”, and “what needs to be done to achieve my targets”. When your KPIs are specific it allows less room for confusion and misinterpretation. The BDM then has a clear plan to follow and the principal has something to refer back to when the BDM is held accountable.
Don’t just write KPIs because that is what you have been told other BDMs do. Actually take the time to review your position, agency, experience and marketplace when setting your targets. Many BDM’s will focus just on the numbers and not on the dollar value.
- Measure new business secured (leased and or generating an income)
- Measure net growth
- Measure properties lost
- Measure your prospecting pipeline
- Measure your database contacts (Hot, Warm and Cold Leads)
- Measure your call connects
- Measure your appraisals
- Measure your networking events attended and the connections made
As you can see so many areas can be measured and this is why it’s so important to complete a full review of the last 12 months prior to setting your KPIs for the next 12.
BDM and Agency Marketing Strategy
“A detailed marketing strategy is essential for every BDM and agency”
Many BDMs are hesitant to go out and start promoting because they simply don’t know how to do it. Before you hit the streets and start promoting every way possible you need to have a marketing strategy. You need to have a detailed plan and a consistent approach. Adding a Facebook post once a week or running an ad in the local paper the next week will never work without frequent updates.
To achieve a truly effective marketing strategy, you must evaluate the property management industry and your primary target audience. The first part you will need to evaluate is the actual agency and your role in it. This means looking at your property management department from a landlord’s or tenant’s point of view and finding out what they truly get out of your agency. Once you know that, you can then create a marketing plan of action and start implementing your ideas.
A good marketing strategy is essential for every BDM and agency. It gives the principal a clear direction of where to go with marketing efforts, and will give them a better understanding of what marketing methods are working and generating ongoing leads.
I tested every possible approach when it came to the promotion of my BDM role and the agency. Some worked well and created consistent ongoing referrals, while others failed miserably. It’s okay to test a large amount of promotional ideas if you are tracking them along the way.
BDM Prospecting and Branding
“I wish I had more time” and “if only I just had an extra couple of hours in my day I would achieve so much more”
We all agreed were excuse and phrases that would be left in the training room and never spoken again when once we returned to the agency. But you are probably all thinking “if only it was hat simple”
Well the answer is “yes, it is”
No matter what there is only ever going to be 24 hours in a day. Therefore, we discussed the importance of having an Ideal Week in place to make sure we are 100 per cent accountable for where our time is spent.
Many of us tend to procrastinate during our daily routines and by having an ideal week this keeps us on track, ensure our time is focused on income producing activities and holds us accountable for our actions.
So to ensure all BDM’s get the most out of each day and are focused on prospecting activities with proven track records here are the top 7 non -negotiable strategies working in many agencies across the country.
- Connect with all your clients and turn them into advocates (complete 5 client service calls each day)
- Make sure you connect with 10 prospects, follow ups or referrals everyday
- Invest in your website and social media presence
- Offer a giveaway on your business card
- Build referral relationships with builders, developers and buyers agents
- Review gumtree and target private investors
- Just listed and just leased flyer