BUSINESS DEVELOPMENT MASTERY
Achieving market-leading BDM status takes effort – and there are plenty of opportunities for the ‘trailblazers' out there who are keen to push the boundaries, says Tara Bradbury.
Leaders in BD don't wait for opportunities. They create opportunities. A leader in BD is about one thing: helping their clients see and achieve things they didn't think were possible.
A good property management BDM needs to be multi-faceted, as there are so many different aspects to the job. If you like a routine existence in which one work day is much the same as any other, then odds are the job of BDM is not for you.
Having said that, the primary aspect of the role of BDM is sales: you will be looking for ways to generate and then convert leads to boost the business and profitability of the agency. You can do this by promoting your brand, networking, building new relationships, offering additional products and services to existing clients and being creative about reaching and attracting new clients.
If your landlord doesn't see you as a market leader you run the risk of missing out on being the first port of call when they need you the most. Remember, it's not what you sell, it's how you help the landlord make decisions that is the difference.
WHAT YOU NEED
While you will use your excellent organisational skills to plan your work schedule, there will undoubtedly be unexpected issues to deal with during the course of a day. These could be anything from an opportunity to be followed up with a client to a problem within the team.
The skills required for a BDM include (but are not limited to): • Presentation • Negotiation • Sales • Networking/relationship
building • Delegation • Management of others • Problem-solving • Decision-making • Communication • Time management • Personal organisation
You'll also need to have a complete understanding of the products and services offered by your agency, and of the real estate industry in general. Keep up to date with news and changes in legislation, and be aware of key players and major competitors.
An efficient and expanding property management department is key to an agency's long-term success, because the rent roll can pay the bills when sales are tight and prove a great asset to liquidate when a principal is ready to retire or move on.
Arguably the most important thing needed to be a successful BDM is the right attitude. Every day, focus on
IT'S NOT WHAT YOU SELL, IT'S HOW YOU HELP THE LANDLORD THAT MAKES THE DIFFERENCE.
what you can do to ensure you are creating new opportunities for the agency.
Here is my list of eight simple things every BDM needs to be doing if they want to be seen as a market leader.
1. Be early; arriving on time is late!
2. Each time you meet with a prospect, make sure your first question is about something they shared with you on your last call.
3. Know what issues the prospect is dealing with in relation to the property and past experiences.
4. Actively share with your prospect key insights on the industry and things that matter to them, even when you're not with them.
5. Be proactive with the prospect in providing them key information that is upcoming and relevant.
6. Never pass blame or fail to take responsibility. You're the face of your company to the prospect and that means you own the relationship.
7. Demonstrate integrity to yourself in everything you say and do. 8. Treat everyone you meet, regardless of the title they have or who they work for, with dignity and respect. Your goal is to be a person of impact and influence.
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 investment property ownership? What's holding them back from making the decision to go with your agency?
Maintain a strong relationship with each individual you connect with, and always find an opportunity to reduce risk and be recognised as the investment property specialist. ■
TARA BRADBURY is the Director of the BDM Academy, sharing her business development ideas and strategies with property management BDMs and Principals. For more information visit bdmacademy.com.au.