Experienced property managers Michael Krause and Mark Ainley share strategies on sales mastery, urgency in sales, optimizing sales roles, hiring, and commission structures. They also discuss effective cold calling, lead generation, and recommend sales and marketing books.
Personality profiles like Culture Index are key in hiring the right BDM for a company's culture.
Balancing stable base salary with commission-based earnings motivates BDMs to drive sales effectively.
A successful BDM requires characteristics like drive, influence, and real estate or sales experience.
Effective BDM leadership involves combining stable base salaries with performance-driven commission structures.
Deep dives
Hiring and Training Strategies for Business Development Managers
It is crucial to find the right fit for a BDM role by focusing on personality profiles such as Culture Index, Briggs & Myers, or StrengthsFinder 2.0. Understanding the personality traits like drive, likability, and influencer helps in aligning the candidates with the company's culture and expectations. Ensuring a good mix of personality types and having the right people in the right seats are essential strategies in the hiring process. Cultivating a diverse team based on personality types improves team dynamics and boosts productivity.
Effective Pay Structure for Business Development Managers
When structuring pay for BDMs, a balance between stable base salary and incentivizing commission-based earnings proves effective. Offering a competitive base salary along with commission tiers motivates BDMs to drive sales while ensuring financial stability. Implementing commission structures based on revenue generation, monthly management fees, or a draw system can provide incentives for performance and retention in the position. Tailoring the pay structure to offer stability alongside performance-based rewards is key in retaining and motivating BDMs.
Ideal Traits and Background for Business Development Managers
Finding a successful BDM often requires a mix of characteristics like drive, influence, and likability. While specific industries may not guarantee success, experiences in real estate, sales, or customer relations can be beneficial. Avoiding industry transitions that lack transferable skills, like transitioning from Major League Baseball, is crucial. Instead, exploring candidates from real estate backgrounds or sales roles where relationship-building and sales experience can be valuable for the BDM role.
Enhancing Long-Term Relationships and Performance in Business Development Roles
Building long-term client relationships and optimizing performance as a BDM requires setting up effective commission structures and pay systems. Emphasizing stability with a good base salary and integrating attractive commission tiers can drive motivation and performance. Utilizing assessments like Culture Index or other personality profiles aids in identifying the right fit for the BDM role, leading to better team cohesion and productivity. By aligning pay structures with performance incentives, companies can nurture a high-performing BDM team.
Optimizing Hiring Strategies for Business Development Managers
Effective hiring strategies for BDMs involve assessing personality profiles, ensuring the right fit, and aligning roles with individual strengths. Incorporating insights from personality assessments such as Culture Index, Briggs & Myers, or StrengthsFinder 2.0 helps in identifying relevant characteristics like drive, likability, and influence. Creating a diverse team based on varied personality types and skills improves team dynamics and enhances overall productivity. By selecting candidates whose strengths align with the BDM requirements, companies can foster a successful and efficient BDM team.
Balancing Stability and Performance in Business Development Management
The key to successful BDM leadership lies in striking a balance between stable base salaries and performance-driven commission structures. Offering competitive base pay and commission tiers motivates BDMs to achieve sales targets while ensuring financial security. Adapting commission structures based on revenue generation or monthly management fees incentivizes performance and retention in the role. Creating a pay system that combines stability with performance incentives leads to high retention rates and sustained motivation among BDMs, driving business growth and success.
Importance of Hiring the Right Business Development Manager
When hiring a Business Development Manager (BDM), experience and a background in successful sales are crucial. Understanding the property management industry and its challenges is essential. Previous successful sales in different industries can also be beneficial, such as a sales rep from Disney who transitioned well into phone sales. Hiring individuals with energy and eagerness to succeed has also proven to be successful, with some moving on to different roles within the company.
Handling Owner Onboarding and Transitioning Tasks within Property Management
Establishing a clear process for owner onboarding is paramount, particularly when transitioning tasks from sales to property management. Assigning specific roles like a Business Development Coordinator (BDC) to manage the handoff between sales and property teams enhances efficiency. Developing scripts for sales calls, primarily for new hires, provides structure and ensures a consistent strategic approach. Additionally, creating drip content and focusing on lead generation through various marketing channels like Google, reviews, and website management can significantly impact the success of a property management company.
Growing a property management company can be a challenge. Usually, when a company starts, the owner is the BDM until they realize they need one person focused on landing new clients.
In this webinar replay, you'll hear Michael Krause and Mark Ainley, both of whom have been in the BDM seat and have grown their PM companies through unique marketing and sales strategies.
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Connect with Matt and Spencer at Evernest: Evernest.co
