The main thing that you are selling in Property Management is trust. Trust is earnt, usually over an extended period of time. Think about it, it is unlikely that you will propose to someone after one date. If you do so, the chances are that you will simply scare your date away and never see them again.
Prospecting for new managements is no different. It can take an extended period of time for them to commit and sign the dotted line. For your future clients to do business with you they must trust and like you. It is one of the sayings I say at every training session I do. People do business with people they like.
So how do you get people to trust and like you?
To establish trust you must first be able to listen attentively to your prospects needs and then demonstrate to them that you are the go to person for all things relating to Property Management.
How do you demonstrate this? First and foremost, provide them statistics on your local area. This sounds simple enough and most people pitching for business should be able to demonstrate that they are aware of what rents are doing. However, how many people will be able to show you how many bonds are lodged a month and what percentage of those properties are three bedroom houses.
Then go even further. What is the local economy doing? What are future population trends going to be like? How many building contracts have been granted and what are your average yields for the relevant suburbs?
Based on these statistics, you should then be able to provide evidence as to why you would set the rent at a particular level.
In my experience, very few Business Development Managers will be able demonstrate this to new clients.
A great BDM should also be able to help provide recommendations on how much income should be put into a slush fund for repairs and maintenance. What advice can be provided for increase rents and reducing vacancy periods. Also, provide examples of how you market properties and provide statistics on your occupancy and arrears rates.
Tell the consumer what they want to hear not what you think they want to hear. Deep down, the client doesn’t really care about you, they care about them and everything you do should demonstrate trust and that you are the industry expert.
If they approached you, find out why. They may have related to something that you had written on a blog or on your website. They may have been referred.
Newsletters, blogs, social media posts, webinars and press releases are all great and low cost ways of building your profile and telling the market place that you truly are, the industry expert.
And finally try to establish rapport with your future client from the outset. Do your research and try to find out who you are dealing with. Even today, I try to learn a bit about the people I consult for before I work with them. It can take on average about 12 months to secure a new client so this gives you ample of time to get to know who they are.
When you do meet them, the first part of the meeting is usually a discussion about how things are. It could be around the weather, family, hobbies or interests. I cannot underestimate the importance of this. They are subconsciously getting a feel for you and seeing whether they like you or not. You should be looking for clues all the time as to what makes a particular person tick and how can you relate to them.
If they like you and they believe that they can trust you, then you will find yourself on the way to securing the business.