Introducing the BDM to the Property Management Team

The way you introduce a BDM to your Property Management Team is vital. Do it the right way and you’ll reap the benefits. Do it the wrong way and it may have a huge impact on the growth of your business and staff retention.

Step one

Have a team meeting to discuss the job description of each member of the Property Management Team. Talk to them about how the BDM will work with the team and the duties the BDM will perform.

Step two
Discuss the Property Management Team’s KPIs and expectations over the next one to five years.

Step three
Make sure each team member is on board with your vision, targets and expectations for the agency.

Step four
Have at least one property management, one leasing and one BDM team meeting each week.

Step five
Make sure Directors and team leaders have a one-on-one meeting with each team member every month. 

Handover from the BDM to the Property Management Team

The highest risk stage with any new business is the vacant period; that is, the period between the BDM securing a new property and when the property is first leased out by the agency. The Property Management Team needs to have a full understanding of what they are required to achieve during this period when ‘stepping up’ a new property owner.

Step one

The BDM is generally the first port of call for property owners during this initial period. The BDM should educate the property owner on the process, and compile the paperwork and marketing material for the property, keeping the Property Management Team in the loop at all times.

Step two
Once the BDM has signed up the property owner, it’s important for them to then introduce the property owner to the allocated property manager and explain that the property manager will now be the main point of contact. This communication step is essential, as otherwise the BDM will have owners contacting them directly rather than the property manager.

Step three
The BDM should hand over all previous communications with the property owner to ensure the property manager is fully educated about everything that has occurred to date. The property manager must ensure they continue to provide the same level of attention and service (or better) as that provided by the BDM. The BDM should also set tasks with the property manager, such as when they should follow up on feedback. It’s important that someone is accountable for feedback during this period. The owner is not producing an income from their asset and they can walk away if they are not satisfied with the service.

Step four
Aim to reduce the period the property remains vacant as much as possible. Ensure all cleaning, painting and maintenance is completed prior to the tenant going in. Delegate tasks accordingly and make sure someone is accountable. Obtain tenant references as soon as possible by asking the prospective tenants for correct contact numbers and make the calls promptly. Be sure the applications are presented to the property owner within 24 hours.