I had the pleasure of visiting @ashley.giles at Wendell PM in Beautifull Auckland yesterday who has a great Property Management focussed business in a very spacious and professional office. We spoke about the cultural difference between a business with a focus on sales with a property management arm as opposed to a property management business that is supported by a sales team to strategically work the rent-roll as its own marketplace. This helps to recycle managements within the business and work as buyers agent existing clients to build their wealth. Is anyone else using a sales team pragmatically inside their own rent-roll?
Thanks @adam, this was another Ureka moment yesterday, I have always stayed away from having a Sales Arm of the business, and again been very vocal about this… However, i loved your idea of an in house Buyers Agent that also looks after the Sales Churn from the portfolio, with the hope to sell it in house to an exisiting investor. It means that your able to nurture and grow from within, and minimise the attrition rate.
@adam There is an office in Canberra who has been strictly property management focused for the past 8 or so years. They are now doing just this, having toyed with the idea for a while. I am keen to see how their experience is as it just makes sense.
Another office has a designated salesperson for their rent roll (if there is no relationship with another salesperson within the business). His approach to investors is particularly good and they recognise he is ideal for ensuring the relationship is maintained with both landlord and tenant. He understands what is required, doesn’t upset the PM’s and because he is working in this market quite a bit, he has a nice, tidy database of potential investors. It works very well.
Yes keep us updated @terrihandy it takes more of relationship type salesperson rather than your best closer.
This is great, its such a powerful tool. I too am keen to hear the progress, @terrihandy lets get them into the forums to share their stories.
Wendells is now investigating the idea, and it does stack up. NZ has a couple of licensing requirements over and above that of a PM office, but nothing that cant be solved.
One of the craziest things I see in businesses, including our’s is that we have rental properties come up for sale and we cast the sale to the right and hope and pray that someone wants to purchase it, rather than casting it left to our proven investors. It’s gobsmacking really. I’m working on a Property Investment profile that shows the investment data to cast it back left and to those who have indicated on their CNA that they’d like to purchase another investment property within 12 months.
I know of an office that has a robust sales team and an in-house PM sales/buyers agent too. If the sale inquiry comes through the property manager, it’s deemed that the relationship wasn’t there with the salesperson so therefore goes to the PM salesperson but if the salesperson is flagged directly, then they get it.