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.
Having said that, the primary aspect of the role of a 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, and 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 during the course of a day, such as an opportunity to be followed up with a client or maybe a problem within the team.
The skills required to be a successful BDM include (but are not limited to):
- Networking/relationship building
- Problem solving
- Decision making
- Time management
- Personal organisation
You’ll need to have a complete understanding of the products and services offered by your agency, and of the real estate industry in general, while being 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!