In the first part of this two-part series we covered why you should consider a BDM career, what is involved in the role of BDM and why the BDM is so important to the property management department.
Many BDMs will find themselves hitting a glass ceiling during their career and, from my experience, it comes down to lack of knowledge. Having the right mindset is vital to the success of the BDM and understanding the power behind having a positive mindset can destroy old habits that are holding you back from your success.
BDMs with a salesperson's mindset have the ability to create instant trust with new landlords. It should always be your primary goal to create trust with the landlord and not focus on closing straight away. Creating genuine trust is the essence of building long-lasting relationships, and these relationships can turn into more new managements. Once you start to see the landlord has trust in you, you will notice a change in their body language and conversation. This is when you start with your closing questions and test the water to see if they are ready.
While I want you to think like a salesperson, you must remember to change your language away from 'sales speak' to natural language that allows you to connect with people. When you use phrases like 'would you be open to' instead of 'would you be interested in', you immediately set yourself apart from your competition as a BDM who is patient, open-minded and willing to listen.
I believe highly successful BDMs understand the importance of their role and have a salesperson's mindset. To be the best, you need to know and appreciate to following 10 traits.
- You must have enthusiasm for your role and the industry
- You must be reliable
- You must have high organisation skills
- You must have industry and general knowledge
- You must be honest
- You must live a healthy lifestyle and take time out
- You must be focused on your goals
- You must be driven by success
- You must have discipline even on your most frustrating days
- You must take pride in your personal presentation
These traits will encourage you to think like a salesperson in all situations.
Securing new business has a lot to do with the BDM's persistence and their ability to adapt to the mindset. It is vital that you form a stronger relationship with your prospective landlord, answer all their questions and address their concerns.
Principals, not being aware of your BDM's day-to-day duties can be very detrimental to the growth of the property management department. Here are five things to watch out for:
1. BDMs fear being seen as pushy salespeople and we all know that landlords do not want to be hassled. All you need to do is make contact once a week and give value-added information. This is not being pushy.
2. BDMs have a tendency to forget and they fall into the trap of telling themselves they are too busy to follow up. They will generally write down that they need to call someone for a follow-up conversation. Then, unfortunately, they let other property management issues get in the way and that follow-up call for the important lead becomes missed business. Remember to treat your leads as a priority and don't allow tasks that don't fit into your ideal day take over.
3. BDMs assume if they don't get a 'yes' in the beginning then the prospective landlord isn't interested. I worked with a particular landlord for 18 months and finally converted him when he decided he was fed up with poor communication. Never give up on a lead; you never know when they will be prepared to make a commitment or recommend you to a friend or family member.
4. BDMs assume the prospective landlord will call them back. I hear so many BDMs raving about how well they did during the listing presentation. Then I ask them when was the last time they spoke to the potential landlord and they can’t remember. You must have a task system in place where you follow up your hot contacts on a regular basis.
5. BDMs don't understand the power of persistence and don't appreciate having a detailed follow-up system. Once you start to build a large group of hot contacts, having detailed notes makes the follow-up calls so much easier. To not only to continue to build relationships but also convert them into secure business.
In closing, be the BDM that puts yourself in your customer's shoes and focus on what is going on in their lives. What are their fears and concerns about renting out an investment property? What's holding them back from making the decision to go with your agency?
founder and mentor, BDM Academy
Tara commenced work as a trainee property manager following high school and after gaining valuable knowledge and experience became the business development manager at Wide Bay Prestige Properties.
Tara is dynamic, highly motivated and has a strong passion for business development. She has a very strong understanding and appreciates the importance of growth in the property management department.
Tara’s major accomplishments include successfully securing 268 listings in one financial year and signing 30 new rental listings in one month.
In 2012, Tara won an all-expenses paid trip to Hamilton, New Zealand and spoke on a BDM panel at the REINZ National Conference.
Tara has previously spoken at the 2011 PPM National Conference about building your property management department and has written articles for the Property Management Journal and Real Estate Jobs Search, providing helpful tips for BDMs.
In 2013, Tara started the BDM Academy and has been contracted to consult for a variety companies throughout Australia and New Zealand. Tara’s vast wealth of knowledge in property management growth is sure to interest real estate principals who are looking to grow their most valuable asset and income stream, their rental roll.