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.

Business Development Manager (BDM) Ideal Week

I hear so many BDMs say, “If only there were a couple of extra hours in my day! I would achieve so much more!”

Many of us tend to procrastinate during our daily routines. Do you find yourself spending time on activities that have nothing to do with what you were hoping to achieve that day? Have you ever considered keeping a record of what you actually get up to each day?  

Unique Selling Point (USP) in Property Management

Having a Unique Selling Point (USP) is extremely important to a BDM and property management department. A USP is a product or service you provide that is different from, and better than, that of your competition. Without a USP you run the risk of getting lost among the other property management departments in your region.

Too many BDMs think a USP is a mission statement or use tag lines such as:

We care the most
We have been around the longest
We are the best
We have years of experience

Attainable VS. Unattainable Goals for a Business Development Manager (BDM)

After close to 5 years of working with Business Development Managers and Principals, I have noticed a common theme. Many of my clients consistently beat themselves up over self-appointed, unrealistic expectations. Granted, most clients who work with my team are serious about reaching their full potential and capitalizing on their talent, but they are unaware of how developing unattainable goals is setting them up for failure.

Creative Rent Roll Growth Marketing Tactics

Landlords are elusive creatures; hard to find, difficult to market to, and almost impossible to poach. Most traditional methods of marketing just don’t work on landlords. At least with a vendor, you know where they live. Trying to reach a landlord through a property they own is like playing hide and seek with the Invisible Man. However, a landlord can be much more lucrative than a vendor in the long run. At an average revenue of $1500 to $2000 a year per property, a portfolio landlord can keep your cash flow comfortable for years.

How to hire a Business Development Manager (BDM)

Choosing the right BDM is essential for any Real Estate Office that wants to achieve fast and consistent growth. Before you even advertise for the position, it is important that you understand what being a BDM entails so that you can develop a proper job description. From my experience, this is something that principals often overlook then wonder why the department is going backwards instead of growing.

How to overcome objections in your Property Management Department

Business Development Managers, it’s time to realise that it’s actually a good thing when prospects raise an objection. Instead of baulking or reacting, it’s time to embrace and face the objection and turn it on its head. In other words, don’t let objections control your overall performance.

Wanting to know where you should spend your as a BDM?

BDM Academy - Income producing activities & suggestions for personal ideal week

[*]   Allocate 30 minutes for checking emails & returning phone calls 3 time per day

[*]   Allocate time to promote & update advertising for vacant properties

[*]   Allocate time for appraisals, listing presentations & follow up

[*]   Allocate time for administrative duties (preparing contract, appraisals & listing kits) 

[*]   “Hour of power” or “call for leads session”

[*]   Attending networking events