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PMs not equipped to grow rent roll

PMs not equipped to grow rent roll

by Reporter 3 comments

Stacey Moseley

Property managers do not have the skills to grow a rent roll, according to one industry training professional.

Simon Cox, rent roll business coach and trainer at Brisbane-based Real Estate Dynamics, said rent roll growth should be left up to the sales team.

“The first point about growing a rent roll is it is a sales job,” he told Real Estate Business.

“People that fail to grow a rent roll are property managers and I say that with the utmost respect to property managers, having been in the industry for 16 years.

“The fact of the matter is a property manager will not grow your rent roll unless they have sales skills.

“The person who grows your rent roll is the salesperson. They have the ability to negotiate, to market and they know what to do and how to do it.

According to Mr Cox the job of growing the rent roll should be given to a business development manager (BDM). Just as in sales the BDM is employed to prospect for new business.

“A BDM is a strategy that works well but must be managed well,” he added. “It is no different to hiring a new sales agent and putting them in the corner and not giving them any coaching, resources or training.”

The best way to ensure your BDM is on track and meeting property targets is to review their results each week.

“A BDM needs to be monitored, you need to treat them the same as any other sales person,” he said.

Bob Walters of BWT agrees rent roll growth should be driven with a sales approach.

“As a rule property managers don’t have a selling skill set,” he said. “Building a rent roll is the same as building a business; you need sales people to make it happen.”

According to Mr Walters, it comes down to property managers trying to spread their time to thin.

“By nature property managers will put prospecting for new business behind a whole list of other things they need to do in their every day work,” he explained.

“You need to hire someone with a sales background to focus solely on growing.”

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