Setting a target is the first part of the process in creating expectation and accountability, but what is possible when it comes to generating Landlord enquiry. Where do you set the benchmark and is it actually possible to reach?
Whilst your local market may have some effect on the numbers, it would appear Business Development staff across a wide range of areas has been able to perform at a very high level.
Tara Milzewski, former Business Development Manager at Wide Bay Prestige Properties in Maryborough Qld is reported to have achieved incredible results.Tara’s significant accomplishments include successfully securing 268 listings in one financial year and signing 30 new rental listings in one month.
DenizYusuf,is the recently announced winner of the Leading Property Managers of Australia (LPMA) Award for Excellence in Business Development. Over the last year Mr Yusuf, from Integrity Real Estate in Nowra, NSW, signed up 237 new managements, at a 91 per cent success rate, with 93 per cent being at full fees.
Chris Rolls, Managing Director of Rental Express reported that in one year they were on track to sign up around 1,000 new managements. “Each year we lose, on average 15 to 17 per cent through owners selling, or moving back in so our net growth will be around 500 managements” Chris said.Rental Express had five Business Development Managers each with expected targets of 15 new managements per month.
With these sorts of benchmarks 100-150 new management in one year from a BDM would have to be considered a very fair target to set. That equates to an increase in management fee income of up to $200,000 plus extra fees within 12 months. The value of those new managements might be as much as $550,000.
The keys to the success of a BDM are:-
- Recruit the right person for the role
- Clear position description
- Set the right daily tasks
- Management accountability to ensure tasks are competed
- Provide the resources necessary to do the job
If you would like to know more or assistance in implementing the structure – talk to us today.
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