BD’s – do you leverage your existing client base?

Many times, one of the greatest mental challenges faced by a BD (Business Developer) is the courage to commence prospecting for database growth. This should be followed by the commitment to this daily prospecting habit to extend and grow the volume of investors that may be converted into loyal clients today, tomorrow and into the future.

Something I have noticed with several of my great prospectors lately, is that solid “database growth prospecting” – searching for new investors to add to your future pipeline – must be effectively balanced with a well-executed communication plan with existing contacts.

Ask yourself – how regularly are you contacting, marketing to and communicating with, all the potential investors you already know. This includes:

  • Current clients
  • Past clients
  • Missed Business
  • Past Appraisals
  • Investors who were previously or are currently looking to purchase
  • Self-managed landlords

I recommend that as a BD, you design your time, and clearly articulate during what times during the week you will prospect for “New Leads” and what time and energy will be spent on further extending your relationship and traction with “Existing Leads”. After all, our existing leads have one unique benefit – we already know them and potentially their intentions when it comes to current or future investment in property.

Don’t be caught in the trap of gaining an investor lead, sticking them into your CRM database, and expecting that they will contact you when the time comes. The best BD’s understand that the longer the relationship, the more trust gained, the better the chances of converting from  future to current client.

If you would like to better leverage your exiting client base – click here to join me in October for our Virtual class on all aspects of .Working your Pipeline’.


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Are you tracking client engagement?

In a world where everything is tracked, from our time of phone calls, to spending habits and even the number of steps that we may take in a day to monitor our fitness levels; there is a myriad of information recorded daily that contributes to our digital scores.

Many companies that you currently interact with both on a business and personal level are right now allocating you a score based on your Customer Lifetime Value and are tracking your activity and rewarding you in line with this activity.

If you were to think about the tracking of your customers within your business, are you tracking their engagement with your business and potentially rewarding them for their loyalty?

Some of the areas that you might like to begin to analyse are around the areas of communication and customising the client experience. The right type of communication is the most important tool in building loyalty to your business. Delivering on your promises and transparency are key is developing trust in your brand as well as serviced tailored to the needs of the customer.

Ask the client what they want in a Property Management company, with questions such as; how often they would like to be paid, how they would like to be communicated with and even how they would like to be notified and budgets around repairs and maintenance. Work with them through their investment journey and build a partnership that in turn leads to loyalty.

Find out what makes your clients choose you and are there strategies in place to ensure that should they exit, there is a path for re-engagement at some point in the future to build in a long-term strategy for retention.



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Time for a tech review?

It’s easy to get distracted by that bright, shiny object that promises to “make life easier”.

The abundance of new technology promising to save time, improve communication and create better reporting can be exciting, as well as a little overwhelming!

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Shift gears as the end of year looms

In a society where consistent connection into the matrix has become the new normal, it’s easy to fall into the hole of overwhelm.

As we head into end-of-year, and the finish line looms, it is wise to shift gears to ensure we reach the end unscathed. It’s imperative in this environment to take a step back and survey the landscape in front of you, reset and re-plan how to tackle your day, week and month ahead in order to maintain control.

It is Property Management and, as in life, there will be elements outside your control. We need to control what we can and accept those things that we cannot.

If you need a break before the silly season kicks in, take a day or two and really find the headspace to switch off and reconnect with real life humans, outside that virtual world or disconnect for a day and block out the white noise to allow rest and recovery so that you can power in to that finish line.

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How clean is your portfolio?

Of course, I hope the answer is spotless! On the surface your portfolio may appear clean and under control, but if you dig deeper, is it all that it seems?

If you know there’s cleaning-up required, you may be unsure where to start to ensure all checks and balances are in place? But it doesn’t need to be a daunting task. The key is to continually track, measure and check the state of your portfolio to ensure it stays as neat as a pin weekly, monthly and annually.

So, what should you measure?

Here are some key areas for you to start with:

  • Key Activities: Each week and month, review your reports and compare how you are tracking. What is your arrears percentage, how many routines and rent reviews are overdue, do you have any maintenance items outstanding over 30 days? Tracking these activities will help you identify areas for improvement.
  • Compliance: Smoke alarm, water efficiency, window locks, pool fencing; the list of compliance items continues to grow, but that doesn’t mean they get swept into the too hard basked. Review your checkpoints and service providers and make sure you and the business are covered.
  • Procedures: Constant improvements to your processes will not only help you increase efficiencies, but also improve client experiences. Reviewing these processes doesn’t mean starting from scratch every month – sometimes the smallest improvements make a world of difference.
  • Technology & Time: Whatever technology you have in your office, are you utilising all of the time saving tools available? An update to ensure you are using the latest version, a review the teams knowledge and of course a check to ensure you are using all of the features available may just save you some precious time.

And last but not least, set aside some time to join us for our Spring Clean Your Portfolio Class on September 11.

For all your Property Management training needs.

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