So end of financial year is now complete and for many of us it is a time of reflection. Looking back over the results we have achieved and setting targets for the financial year ahead. I personally have always found July can be your strongest month of the year or greatest hit to your most valuable asset. This is the time when all of your clients receive the end of financial year statement and will look at the fees in far more detail than they ever have over the past 12 months.
In fact many accountants and financial planners will discuss the charges with them making sure they are aware of the expenses they are incurring on the property each year. So what do you do when you are faced with a landlord that is questioning the fees they are paying?
Keeping in mind in most cases for many businesses the Property Manager now has direct contact with the landlord and is the main set of eyes on the investment property. However they have not been the original person who attended the listing appointment and was the one involved the in the negotiation process from the very beginning. For many businesses now this role is performed by the BDM (Business Development Manager) and this individual is trained in relationship building and negotiation.
This is why it is so important to create a client for life system within your agency as it will reduce the number of questions focused around fees during the time you manage the investment property. When your clients are receiving superior levels of customer service it is very difficult for them to question what they are being charged.
In my travels across Australia and New Zealand I still see so many businesses missing mark in this area. While I 100% support the BDM is employed to build a strong prospecting pipeline and find opportunities to bring in new business. They also need to manage our current clients as they one’s they have personally signed the business from the very beginning. Building relationships with people and just moving on to the next client with no 2nd thought or follow up is dangerous in any industry not just real estate.
While I completely understand every business has a different structure in the Property Management Department. It still very important to ensure regular contact is made in these key areas not only to retain business but to generate new opportunities for the entire agency.
- Current landlords, tenants and tradespeople
- Past buyers and sellers
- Past tenant and landlords (depending on the reason for leaving)
This is just a taste of some of the hot opportunities that are right under your nose. So I encourage you all when looking over your targets for the next financial year consider your structure and communication within agency. Focus on provide exceptional customer service and from my experience this will the reduce the number of calls associated to your fees and charges around this time of year. The more you give back and communicate the more raving fans you will create.
Written by our guest blogger, Tara Bradbury from BDM Academy. Tara specializes in business development and rent roll growth training services throughout Australia and New Zealand.
You can find Tara at: