What strategies do you have in place to win new business? Do you have key performance indicators in place?
The most common question I get? “Deniz, how did you do it – how do I grow a rent roll?”
There is no one answer and there’s also no silver bullet. We can polish the bullet – and I would love to say that my training-coaching is the answer – but it doesn’t matter what I train, it comes back to you.
It comes back to you putting in place what’s being taught. The successful BDMs I train are the ones who do indeed put in place things being taught, but who also work well as a team with their department or property managers.
It’s like every successful man has a wonderful woman behind him (please tell my wife I quoted this). When an office is firing on all cylinders and teams are working well together, a listing agent can far more comfortably sell the services of the office. If there are struggles, well, clients can tell if your spiel isn’t coming from your heart.
Coming back to “how do you grow a rent roll?”, this does come back to the one thing that may not have similar results in each office. As an example, letterbox drops in a built-up, residential area will have better results than in a rural farmland district.
Growing rent rolls is all about learning your market and having multiple things in place to work on. There’s a multitude of things a BDM needs to implement. Yes, there’s the same basic skeleton of actions that needs to be put in place, but to flesh out a strategy you need to work out exactly what suits your market.
So put the skeleton of prospecting in place (the KPIs), track your results and where you’re getting the leads, then implement a business plan around it.
Too many agencies hire a BDM and hope that they know what to do, often thinking, “Well, they’ve been a property manager long enough, they should know”. But do they? PM and BDM are two separate titles for a reason: they are two completely different jobs.