Hi everyone, I’m going to be presenting at the LPMA Exchange event coming up. It’s on growing a BDM from 10 - 15. What are some of the things you’d like me to cover?
Hi Jods, we have had a lot of LLs being offered 3.3% with no management for first 3 months. Financially we can’t match this… Would love to hear how people tackle this without paying to manage the property.
Awesome @sarah - this this will come under the bracket of increasing the conversion rate. Will definitely touch on that. Keep the ideas coming!
Pipelines… What size pipelines do your team need to have for this constant level of achievement.
Also, love to hear your takeaways on “How to be a Rain Maker” in Property Management.
Cool @ashley - will definitely touch on that.
Just to give you a sneak peak and some good info for those not able to come to the day:
We find that it’s about 1/25 calls for an appointment. We currently have a conversion rate of about 65%. And only 75% (did get it to 88% last month) will let in the month. So to get 15 let managements for the month, we need to sign 20 per month. To get 20 per month we need to do 30 appointments, so we need to make 37.5 calls per day. Realistically, we get about 5/6 from having the doors open, so we only have to concentrate on signing an extra 15 which works out to be 20 call connects per day. We’re getting about 3 appointments from every 100 cards/letters to the market that we send, which is pretty good. We send around 40 OTM cards per week.
Re data, I work on Maccas model of about 1200 pieces of data with 22 points of contact to bring them over cold in a year. I don’t yet have enough data on this as this has taken a bit to get in place. We now have autopilot trails being rolled out to Buyer inquiry data and will progress to the others now that we know what we’re doing. The guys have at least 500 pieces at the moment as we worked on that right at the start about 1 month into me being there. It’s grown over time. We’re finding about 12% of buyer inquiries are investors at the moment.
We’ve just stopped doing so much in google adwords as we’re finding our engagement is coming from Facebook. We were spending about $3000 per month on google and while the leads have dropped off considerably, we’re upping our spend on facebook and we’re starting to see that come through. I’m not 100% sure it’s the right strategy yet, but I’ll be able to see in time. We had 88 MQL come through in Jan, but only 23 so far in Feb. We’re just about to start a major campaign though so we’ll see how this plays out. Really starting to play with AB testing marketing messages. We have the ‘pleased’ campaign being rolled out now which is around being p - leased.
Re: Rainmaker - it’s so funny how you can say something over and over again, but they read that they should ask for the business upfront and find ways to put it in the conversation earlier and low and behold they are and the results are coming. I finally have everyone believing that if they just send the management agreement with the first contact, some will come back. It’s really that easy. REA report 51% will go with the first person who puts an agreement in front of them. We know that the Silent Majority (38%) are ambivalent and Outsourcers (21%) are time poor and will likely sign with the first one first (correlates to REA data pretty well). That’s basically what we got from that, which has been great! I’ll talk about all of this and more at the upcoming Exchange. Can’t wait!!
Very exciting to see the results your team are having and what that can do for business who take on this growth mindset.
Its `worth the 4 flights, $2k and 22 hours…
Thanks for all this!! this is really interesting and I’m looking forward to meeting you in Queenstown!
I’d like to know more about the level of mindset training you need to consistently put out to your BDM to keep them focused on their goals.
And I’d like to know how you go about developing the business you already have and increasing the net wealth of your clients by sending out opportunities to them.
If I think of something else, I’ll definitely come back
@jodie.stainton I hope you give us all of this at RT in Queenstown too…
Thanks Marine, I will definitely touch on that too! It’s a funny thing - one of the things I’ve learned is that the relationships really matter - and while I’ve always been a relationship person, I now know that you can put any number of things in place but if you don’t have relationships and people don’t want to work for you, they won’t unless they want to prove you wrong, doing a big FU! Lol
So, one of the mistakes I made was to build the relationships and then because some team members were doing so well, I backed off them to concentrate on others. BIG MISTAKE! I now know that no matter how well they’re doing, and probably even more so, they need contact every day.
If you look at the meeting thread, you’ll see what I’ve written there as to what we do regarding meetings but I’ll go through in detail the training we’ve implemented.