Property Management Growth with DoorGrow DGS 63: BDM Growth and Marketing Strategies with Kasey McDonald
Are you a business owner whose background is focused more on sales than marketing? Do you only have a minimal understanding of property management? You’re not alone, and that’s why Kasey McDonald founded a property management training academy that educates business owners.
Today, I am talking to Kasey about business development manager (BDM) growth and marketing strategies. She has 20 years of real estate experience, predominantly in property management. Kasey shows business owners how to set up and structure their property management businesses, as well as what is needed to in terms of BDM to focus on growth and profitability. She’s passionate about property management and wants to do what she can to improve the industry and other people's businesses.
You'll Learn...[03:30] Four Doors to Revenue: 1) Deals; 2) Doors; 3) Duration; 4) Dollars. [04:23] BDM is not just about the landlord/investor, but retention with tenants; know importance of a service to consumers. [07:10] Kasey’s education and coaching process focuses on a business’s vision around goals and targets for growth; need to have realistic KPIs for team members. [09:30] Who is a BDM? Prospecting force in property management who has a mindset/skill set to grow rapidly and adapt to strategies. [13:07] BDM Job Description: Prospecting to increase number of doors, and research quality and type of property; building different relationships with vendors. [18:35] Other BDM responsibilities include marketing and understanding their market to be the local expert; you should know everything to pull in your target audience. [20:00] BDMs should make and bank at least 10 connections per day to achieve 20 to 30 new doors a month - 50% conversion of becoming clients. [21:36] Sales Pipeline Stages: Connections, follow ups, appraisal evaluation, research vs. decision, and conversion. [26:12] Lead generation is challenging for salespeople; if they don't have leads, they have to prospect and focus on generating leads by understanding their demographic. [29:05] Batch tasks and use technology to make things easier; different technologies impact and reach different people in different ways. [33:36] ABCs of being a BDM: Personality, attitude, and work ethic; need to be passionate and driven, have conversations, and overcome/negotiate objections. [38:55] Focus on marketing and communication strategies that use video because email is becoming obsolete; text messaging, walking door-to-door, and flyers are still effective. [46:25] Tenants tend to have a negative perception of landlords/managers because they don’t do maintenance or fix things; discuss your procedures/processes with tenants.
TweetablesIt’s not just about how many doors you manage, but the level of income from each.
BDM is not just about the landlord/investor, but retention with tenants.
I'm a big believer that not all business is good business.
Marketing Strategies: Do more guerrilla marketing tactics or go old school.
ResourcesProperty Management Training Academy
DoorGrowClub Facebook Group