Communication and feedback in Property Management

There are too many opportunities for poor communication in a workplace. Awareness of this is the first step toward discovering the issues and solving them. No matter how big or small your agency is, communication is always the main reason behind the complaints we receive. If the BDM is not confident about the way the team members are communicating amongst themselves and with the landlords/tenants, it will be extremely difficult for them to sell the product and the property management department guarantee. 

Empowering your team through incentives

Writing about this wasn’t easy for me, however I feel it is a very important topic which requires proper education. While the concept of having a BDM has been around for at least ten years now, we are still in a time where we are trying to work out the best growth path for the agency while trying to find someone who can fill the role of a BDM. 

Key performance indicators (KPIs) for Business Development Managers (BDM)

Key performance indicators (KPIs) are significant to the success of BDMs and must be aligned with the specific goals and objectives for the agency. For example, a BDM must monitor the number of leads, their origin, listing presentations completed and new managements secured.

KPI 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.

Managing your Property Investor Database

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.

BDM Incentives

I have spoken with many principals to discuss the option of a BDM incentive structure. One Principal proudly said: ‘They have an incentive. If they work hard and bring in new management, they get to keep their job. That’s incentive enough isn’t it?’

While the comment was made with a bit of humour, behind the principal’s comments is a basic truth. Many BDMs are expected to perform for the basic wage with no incentives in place.

Rent Roll Growth – Which Property Management structure is best?

Throughout the year, I have had many interesting conversations with members and prospects relating to the age-old question:  how many properties can one property manager manage?

One particular client of mine is a principal who is at a crucial stage in her business after hitting the 500-property mark. She is on a powerful growth path of 75 net managements in six months and seeking advice regarding the structure of her property management department.

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