Author Archive

Tips from Australia’s Best BDM

Recently Real+ were excited to invite Adam Freitas, BDM at Raine & Horne Newtown & 2018 REB Australian BDM of the Year into our Virtual Classroom.

During the session, here are some of the top take tips Adam shared with his Real+ Coach, Kate Benjamin:

  • Elevator pitch – You need to be able to clearly articulate “Why” a client would choose you and your brand to manage their property and this will differ based on client needs and previous experiences.
  • Lead Sources – Based on current market conditions, missed opportunities are the best source of New Business in a slowing market for Adam. In the early days of his career, he spent hours each day building his database with sales OFI attendees and current tenants -he continues to do this on a regular basis.
  • Prospecting targets – Aim high, 40 – 50 calls per day dependent on the source you are focusing on.
  • Accountability is imperative, know your numbers and involve your team, peers and a coach to hold you accountable to sticking to them.
  • Block out time – Prospecting needs to be in your calendar every day. You must love the phone.
  • Listing presentation – You must have a tool kit stocked with evidence, stats, comparable properties and case studies. You must understand in some presentations you may never use these tools, but you can never be too prepared.
  • Fees – at least 75% of Adam’s clients want to negotiate, and you have to be ready and willing to fight for your fees. Adam overcomes client objections by demonstrating a premium marketing plan and well documented market share across all property types in his core areas.
  • Marketing – Social media is where Adam experiences the most traction. Adams personal website and his use of video has allowed him to connect with his ever-expanding client base.
  • Key to success – Discipline, focus, structure. Sit down and work out, based on the number of properties you need to achieve, what activity to you need to undertake to achieve this. Consistency of prospecting and don’t me afraid to miss out on listings because the more you lose, the more you win.

Thanks, Adam, for sharing!

Adam has been working with Kate Benjamin, New Business Coach at Real+ for over 18 months. During December they will be focusing on Adam’s 2019 goals.

If you would like a copy of the Real+ goals template, click here to request a copy, and go into the draw for a free New Business Goals setting session.

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Zero to Hero – How to onboard a new BD

I am often called into a business to coach a recently recruited Business Development team member.

Whilst there is certainly a framework of items that need to be ticked off the list for any recruit in their first three months, the individual program should be tailored to suit both the business and the individual.

Here are some crucial things to consider if you are looking to on-board a BD in your office, or if you are the New BD:

  1. Assess the overall knowledge of the BD in relation to grass roots property management. To sell a PM service, a thorough of understanding of Property Management is crucial.
  2. Once you are confident the BD understands PM, they then need to understand how and what is delivered to your clients by your PM team. The most important aspect is gaining an understanding of the benefits you provide to your clients in every aspect of what you do.
  3. Becoming the “Market” expert. Your BD needs to understand local market stats, trends and key talking points that effect rental property in the area. It is also important to be able to demonstrate the success of your team above these market averages.
  4. A BD role is essentially a “Sales” role within PM, crafting a skilled and thorough Listing Pitch is a key ingredient to success – always be learning, training and improving skills around selling the service & closing deals.
  5. Consider the initial targets and build in some lead in time. What represents a realistic target for months 1, 2 & 3 will be determined by recent business growth and the new BD’s experience & skill level. Setting unrealistic targets for the first quarter in the business is often a de-motivator, so make sure a realistic target is set.

The above just skim the surface of how to best position a new BD for success in any organisation. If you would like a tailored training plan to suit your business, get in touch with the Real+ New Business team today team@realplus.com.au

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Marketing for Managements – Key questions to consider before parting with your dollars

We often get asked what marketing is most effective in generating more investor clients and securing more managements.

If this is something that is on your mind, I have a few questions for you first:

  • Are you nurturing the leads already within your office, has your BD spoken to every landlord, tenant, purchaser, vendor, creditor & supplier both past and present to uncover their investment needs and generate referrals? Question: If you answered no to the above, why do you want to pay to bring in more leads, when you aren’t using those you already have within your office?
  • In this day and age, when your marketing does appeal to someone, they then google you or your office – This being the case, have you recently reviewed exactly what your client will find? And can they in fact find you? Is your location correctly mapped on google, do you have images that represent your brand and company and does the social proof (google reviews) make you look like someone worth doing business with?
  • When a potential client heads to your website, can they find valuable information consistent with your brand? Do they get a true understanding of who you are and what you offer and does your website answer the question……Why Us? – Why would an investor client pick you over the competition, and what is the BENEFIT of using your services?

Only once you are clear on the above, is it worth investing in bringing new leads into the office?

There are numerous ways to market your business across both digital and traditional formats, but whichever way you are headed, make sure you can answer the above points first.

Considering re-vamping your marketing strategy: Register here for a free Marketing for Managements Power-up discovery session

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Top 10 Tenant Selection Mistakes

When it comes to selecting the best tenant for a property, it’s about finding the right balance between:

  • Evidence
  • Dialogue
  • Process
  • Privacy
  • Common Sense
  • And sometimes just a smidgen of detective work

Save yourself time, and save your landlords potential risk, and ensure you don’t make the following mistakes:

  • Not collecting a minimum of 100 points of identification, which must include at least one of each of the following – Photo ID, proof of income, proof of current living arrangements
  • Calling mobile numbers for references – Wherever possible, ask for a landline number that passes through the company reception. Ask to speak with payroll or accounts for income confirmation. For small businesses, go to extra effort to verify the phone numbers provided and that you are indeed speaking with the business owner – not the applicants best mate!
  • Only emailing the portfolio manager for rental reference. Remember, email references may be efficient, but phone references often include much better detail on the quality of a tenant when it comes to general behavior, the vacate process and overall feedback on the tenancy.
  • Accepting the application on face value. Income should be supported by written and verbal evidence. Self employed applicants need to demonstrate financial ability to pay the rent, by way of bank statements and previous tax returns.
  • Not using the rule of thirds – as a rule, the rent of a property should not be any more than 1/3 of the total income of the applicants.
  • Accepting that a private landlord referee is the rightful owner of the property without confirmation. Use RP Data or other property records to verify ownership details and conduct further investigation if the details don’t add up.
  • Forgetting to pay close attention to all previous addresses that may be listed on bills, bank statements or credit card records. If these are not in the tenancy application, you need to know why!
  • Considering parents and personal references as a valuable source of information. Yes, for first time renters they may the only option, but it wouldn’t be the first time a Mum or Dad told a white lie to help the kids fly the coup. Consider follow up questions you can ask the employer to supplement the application.
  • Discounting first time renters immediately – If no one ever rented to young renters – no one would ever leave home. Everyone needs to start somewhere, and first-time renters can be some of the best renters. Consider a shorter lease term or co-applicants.
  • Underestimating good old google – the world wide web holds more information on each of us than we care to admit. Googling your applicant can often fill in the blanks or tell a story you may need to know.

The final piece to A+ tenancy selection if getting your dialogue right.

Click here to download our leasing dialogue cheat sheet.

Kate

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