Are you clocking the lifetime value of your Customers?

In a world where everything is tracked, from our time of phone calls to spending habits and even the number of daily steps to monitor our fitness levels; there’s a vast collection of information recorded daily that contributes to our digital scores.

Many companies that you 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, are you putting them to the Customer Lifetime Value test? How are your tracking their worth to your business and as such rewarding them for their loyalty?

If we were to look at it on the level of your Property Management customers, think about ways in which we can build their Customer Lifetime Value, to increase our rates of customer retention and keep them coming back into your business as well as referring others to do the same.

Some of the areas that you might like to begin to analyse are around the areas of communication and personalisation. Communication and the right type of communication is the most important tool in building loyalty to your business, now more than ever before. 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.

In terms of finding out how you can personalise service to the client, ask. Ask them what they want in a Property Management company, 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 communicate the importance of this with them to build a partnership that in turn leads to loyalty.

Another area to consider is the exclusivity of being part of your brand. How do they feel when they walk through the doors of your office, whether that be through the physical front doors or through various communication mediums? Do they feel like a valued member of your community or just another number? Is there a reward for their long-term loyalty to your business?

What makes your customers 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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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

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Training Plan

We are racing towards the end of the year, so now is the time to start your planning. And training should be at the top of the list.

Not sure where to start? Let’s take a look at the steps you can put in place to create a training plan for your office:

  1. What’s your budget?
    Set an office or team budget that can be used towards a variety of training for the PM team. Training that involves the whole team, like a Real+ Membership and ARPM are important for consistency across the team. In addition to a team budget, perhaps you could also set individual budgets. Have an annual review with your team members and find out what’s important to them and where they’d like to develop (this is also a great recruitment tool). This allows your team to take ownership of their learning and development. You can help tailor this to their skill level as well.
  2. Plan ahead
    Map out your annual training calendar and plan the schedule across the year. This will allow you to structure the training in a way that will flow allowing for natural progression. Involve the whole team and ensure that everyone has access to this calendar.
  3. Do they want to learn more?
    Often, we hear the statement, “I’ve been in the industry for a long time, I don’t need help”. Instead of making training mandatory, make it something that people don’t want to miss out on. Training should be about improvement, achievement and progress, no matter what your experience level. So make your training fun and varied.
  4. Outcomes are important
    We have all been to a training session before, listed a heap of great ideas, only to let them sit at the bottom of the in-tray because we are too busy to implement. It’s not about implementing everything at once, so choose one or two quick wins, and then perhaps delegate your wish list to someone who does have the time to plan and implement.

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Lead to Empower

When leading a team, there can be some challenges along the way as we negotiate through different personalities. Effective communication from key stakeholders within the team is necessary to empower the team in achieving common goals.

Transparency is key in the delivery of messages and enables the team to understand their goals. It also gives all parties the potential to understand the expectations of the business in addition to managing their own expectations. 

 Accountability for individuals can be as simple as adding a daily wrap into their schedule, summarising daily achievements. This can also assist leaders in understanding the playing field and manage any potential challenges.

Remember that we all make mistakes and it is part of the learning journey. Encourage the team to share mistakes and manage them as soon as they happen so that it becomes a collaborative learning experience and an opportunity to weed out potential issues.

Availability and approachability in leaders is imperative in building trust and rapport, especially if they have any concerns that need to be managed. Setting boundaries around availability is however important and standing or walking meetings can help in cutting down meeting times to achieve deadlines and goals.

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