The top performing Business Development Managers (BDMs) are the ones who run an income producing database. Just because you have a database and you send out an update once a month doesn’t mean you are running it efficiently or keeping up with your contacts. You need to speak over the phone or in person with each contact on a regular basis and not hide behind the keyboard.

During my time as a BDM, I remember attending a sales training event in Brisbane and thinking that my database, with over 500 contacts, was great achievement.  As the day progressed, I spoke with other attendees and found that I was missing massive opportunities. At the time, I was signing 10 to 15 managements a month and having regular meetings with my referral contacts. However, I didn’t have time allocated for prospecting.  So basically, I was meeting great prospects, adding them to my database and, if they didn’t sign with me on the day, they would get a monthly newsletter until they were ready to sign. I will openly say that my methods were just plain lazy!

I realised how many opportunities I was missing out on and that many of the contacts in my database no longer had any interest in property investment. Just because you have 500, 1000 or even 5000 contacts in your database, it doesn’t mean they are going to choose you when they are ready to invest. You need to have a consistent follow up system in place to ensure you have regular contact. That way, when it comes time to making a decision, they think of you first.

I often get asked, “when should I make contact so I don’t come across like a stalker? What should I say? How often should I stay in touch after the first meeting?” It is important to remember that every client is different as so is the level of contact required. So, the most important thing you can do is ask plenty of questions to engage a strong conversation and listen.

“What has been your experience in the last 12 months with buying selling and leasing property?”

“Do you have a price you are hoping to achieve?”

“What is most important to you when selecting a Property Management to manage your most valuable asset?”

Asking these of types questions will encourage the prospect to open up and share fears, past experiences and what is most important to them moving forward. This means you have the ammunition you need to continue to provide them with valuable information when you follow up.  So, make sure you save this information in your database. When you have your next point of contact, refer back to some of the discussion points in your previous conversation. You must always set a time for when you will next follow up the prospect. Never close the file until you have your next point of contact saved. Never rely on your memory!

I personally like separating my contacts into 3 categories: hot, warm and cold. When I’m completing my call connection sessions, my hot contacts are always the first to be completed. I personally believe a hot contact is someone who is ready to go now, and they have given you the date of when they are ready to take action. This is why it is so important to ask the questions in the beginning and listen to the answers so you don’t miss a golden opportunity. In most cases, you will call them the next day or even next week depending on what you have discussed.

Warm contacts are prospects who have shown interest in buying an investment property, wanting to switch due to issues, private investors or even those who have just purchased. Basically, they haven’t indicated an end date yet or the date that they wish to proceed is months away. Therefore, regular contact in between is very important.  In most cases you will call them fortnight to monthly and provide relevant and/or industry updates in between.

Cold contacts are those who have shown interest at open homes, looking at buying an investment property and have raised concerns with their current situation, but are not ready to open up about it. These contacts need time to feel comfortable with you so it’s best not to push them too hard. Depending on previous conversations, you should set your phone contact with them to once every month or two.

Overall, it is important to remember they have made contact with you or your agency as they need your help. You need to ensure that when you are connecting with your contacts, you have something to discuss Go in with opening questions to encourage strong conversation.  Take control of the phone call but make sure you listen and take notes so you don’t miss the golden opportunities