We have noticed a growing trend in recent weeks with more and more agency owners now looking to hire Business Development Managers in their property management departments.
Whilst it is not a new role to the industry, it is often a role that an agency doesn’t rush to fill if someone vacates the position and is often viewed as a want more than a need.
I believe the economic impact of the coronavirus pandemic has switched this thought process over to a need very swiftly as businesses seek to ensure a steady revenue stream as the property market fluctuates. As an ex BDM myself, this is a welcome change!
A Business Development Manager has a unique skill set and business owners often fall into the trap of thinking that their current property manager should add that aspect into their current duties. Property Managers, Sales Agents and BDMs are all very different personality types with their own strengths that allow them to excel in their area. Generally speaking, an excellent sales agent would flounder in a property manager role and vice versa, however a successful BDM will often have a combination of traits of both property manager and sales agent.
With many industries decimated by Covid, in particular hospitality and travel industries, many job seekers are now looking to transition their transferable skills to a new career path in a more secure industry. Traditionally agency owners don’t consider these candidates as they automatically look from within the industry rather than outside it, but perhaps, now more than ever its time to think outside the box and focus on the hire that can do the job rather than the level of experience. A BDM, after all is a client service position that requires an engaging individual to generate new managements. Whilst you can teach real estate knowledge, you cannot teach someone their personality or their attitude.
There are now a multitude of training programs and coaches in this space that can get a BDM up to speed very quickly.
So what do you need to look for in a BDM from outside the industry?
1. Communication and Interpersonal Skills
A good business developer must be an excellent communicator in order to be able to communicate, present and ultimately win business from all different types of clients.
2. Collaboration & Relationship Skills
A BDM does not work alone. A successful BDM will be working in collaboration with both the sales and property management departments and external referral partners. They will also be confident at networking and enjoy meeting new people. It is essential that a BDM is a team player and believe in their department, business goals and those involved in it.
3. Negotiation & Persuasion Skills
A BDM needs a delicate balance of negotiation and diplomacy in order to secure new business. It is not the same skill set as an agent bringing a vendor and purchaser together as a third party, remember that the goal is to bring a landlord and your agency service together. It requires tact, compromise and diplomacy in order to persuade and influence the outcome.
4. Client Service
The most essential skill for any BDM, it is really a no brainer, that exceptional client service is key to success as a BDM.
If you would like any further or more detailed information on how to hire a Business Development Manager for your agency, please get in contact with the team at Resolver Recruitment.