What – The Having Value Stage
Who – The Communicating Value Stage
How – The Delivering Value Stage
The first stop on the path to successful business development is the having value stage, where you stop and focus on your plan of attack.
Before we go out and attempt to convince others of the value we can create for them by buying our product or using our agency, we need to first determine do we actually have something of value to give?
In the Having Value stage, we take a moment to pause and reflect on some critical questions about our agency:
- What kind of value does my agency offer to clients?
- What products and resources do I have that would create value for new clients?
- What are the right growth opportunities that I must set as a priority for my agency, and what path should I take to pursue them?
Understanding what are the most relevant growth opportunities for your agency and what your clients will find valuable in what you have to offer. This is a prerequisite to making sure you’re on the right growth path and you have a strong understanding of the benefits a BDM can offer to the agency.
The second step on the path is the communicating value stage, where we focus our efforts on convincing others to buy our products or to get them to believe and trust the service we provide. But motivating an investor to commit to our brand, let alone choose to change the current situation they are in can be a big challenge. This is why we must spend time in the relationship building stage and focus our energy on relaxing and relating with each and every person we meet.
- What are some ways you can communicate the value of the product and service you offer?
- What value do you and you agencies brand provide to your clients?
- What are some of the valuable tools you have available to you to help influence your investors to make an informed decision?
Answering the above questions allows you to see and understand the clients prospective from when they first meet with you. If you can establish relationships, built on trust and integrity, that can provide an insight into how your agency operates and provides value. You will have a high chance of increasing your bottom line in your property management department and the “what are your fees” question will be rarely asked.
The communicating value stage is where we find the alignment between the value we can provide to our clients and as an agency the ways in which we share our value to our new opportunities.
The final stage of the business development process is the delivering value stage. This means that you have successfully presented to the clients on the promises that your agency can provide in the way of value, quality and service. Some very important questions you should be asking yourself are:
- Do you ensure you execute your presentation sufficiently to have made an impact on your client?
- How do you deliver value, quality and service to your clients during the listing presentation?
- How will your relationship with your clients evolve over time?
Every deal has a lifespan and your deal will only last as long as you can continue to deliver on your promises. Client’s needs may change such that you’re no longer providing a value that serves their purposes. Your relationship with your client may continue to evolve, or end very quickly.
Things to remember when speaking with a new client:
- Know what you are going to cover with your client about and don’t wing it!
- Make sure you are not distracted and give the client your full attention.
- Know before you meet what your goal is and have a plan in place to achieve it.
- Consider standing while talking on the phone and walking around. This will help keep you focused on the conversation and you won’t become sluggish in your chair.
- LISTEN! Make sure that when the client is speaking you are listening and taking in what they are saying. Too many people, including myself, tend to fall into the trap of thinking ahead to what they are going to say next. If you don’t listen, you may lose any opportunity you had to close the deal.
Good open ended questions include: ‘What are the features that stood out in this property with which you fell in love with?’ or ‘What attracted you to this area?’
These types of questions bring them back to when they first purchased the home and the feeling they had. You will find they will then tell you about the aspects of the property that they love, and as a BDM you can use that information to help get your clients to trust you and choose your agency.
Remember BDMs, you are sales people, and some of the best open ended questions I have picked up along the way have been from the sales teams I have worked with. If you are not doing it already, get involved with your sales team and be a part of their weekly meetings.