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BDM Strategies - Past, Present & Future

Dec 11, 2023

 

Welcome back to my blog! Today, I'm excited to share insights from a recent podcast episode where I had the pleasure of hosting James DeJesus, a seasoned Business Development Manager (BDM) in the property management industry. We had a great conversation about his role, strategies, and the future of the investor market in Perth.

James and I first met when he was in his initial year as a BDM. Before that, he had been a property manager for about 18 months. I've always admired his old-school approach to business development, particularly his use of traditional methods like letterbox drops. It was a refreshing reminder of the importance of getting back to basics.

However, over the years, James' role as a BDM has evolved. He no longer relies heavily on cold calls or frequent letterbox drops. Instead, he has shifted his focus towards building relationships with referral partners, reps in the business, and buyers agents.

The Future of the Investor Market in Perth

When I asked James about his thoughts on the future of the investor market in Perth, he acknowledged the inevitable changes that will come. He shared his experiences with different types of clients and the challenges he faces in building rapport with interstate investors. These investors are primarily concerned with fees and vacancy rates, making it difficult to establish a relationship with them.

James also highlighted the importance of lead sources and how they impact fee negotiations. He noted that leads from SEO and Google searches tend to be more fee-driven, while referrals from buyer's agents and existing clients are less focused on fees.

The Power of a Strong Referral Network

Our conversation also touched on the benefits of having a strong referral network and the value of nurturing relationships with clients. It is important to have an understanding of different personalities and adjusting one's approach accordingly. He shared his experiences in handling different types of people, particularly in the higher-end rental market.

Dealing with Difficult Buyer's Agents and Special Requests

While there are some difficult buyer's agents, James mentioned that overall, they are pretty good to work with. He also shared his plans to improve his social media presence and build a team to support his growth. We chatted about being aware as a BDM when we need additional administrative and prospecting support, as well as a leasing agent to support.

 

The Benefits of a Virtual Assistant

I shared my own experience with hiring a virtual assistant (VA) to help with social media and administrative tasks. James agreed that having support while on the road is crucial, as it can be overwhelming to come back to a long list of tasks. I recommended an app called Brain Toss, which allows users to quickly record voice notes or take photos that are automatically emailed to them.

 

The Shift in Marketing Approach

We acknowledged the shift in our marketing approach from cold calling and letterbox drops to the referral agent market. However, it is important as a property manager to ensure we are always exploring ALL marketing methods consistently because the market does change quickly and we need to ensure we have a 'finger in the pie' in case we have to switch our marketing focus.

It's always a pleasure to learn from industry experts and get an inside scoop of what they are doing in the BDM role. To listen to this podcast with James, head over to SPOTIFY or APPLE PODCASTS. 

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