I want to address a concern that has been resonating within our community – the frustration over undercutting fees or even providing services for free to secure business. It’s disheartening, especially where we already face some of the lowest service charges. To address this challenge, it’s time for us to step up, be proactive, and be a part of the solution. Let’s work together to level the playing field and ensure that investors make informed decisions based on service quality.
Separate Property Management from Sales:
Leaders within the real estate industry must recognize that property management is a distinct entity from sales. Treating it as such is crucial, with its own set of expenses. Understanding these costs is essential to run the business efficiently and to invest in the team, technology, training, and resources required for success.
Transparent Fee Structure:
Transparency is key, not just with clients but also within the team. It’s alarming how many BDMs don’t fully understand why fees are set at a particular level. Leaders should take the time to explain the rationale behind fee structures. Everyone in the team should comprehend the financial goals of the business because these numbers are a reflection of the company’s health.
Break Down the Costs:
Delving into the science of costs can make ‘selling’ property management services much easier. When clients see the value they receive and understand how fees are allocated, it becomes a more straightforward decision for them.
Continuous Learning and Growth:
The real estate industry is evolving rapidly, and there’s a wealth of resources available to stay ahead. Using outdated tools like spreadsheets as CRMs is no longer excusable. Invest in your development, ask questions when you don’t have answers, and collaborate with peers – there’s strength in unity.
Support and Collaboration:
We all benefit when we support each other. Focusing on relationships over transactions not only builds trust but also a robust network of professionals who can lend a hand when needed.
Highlight Your Value:
Every property management business has unique strengths. Identify them and make them known. Convey what sets your services apart and why investors should choose you. Believing in the value you provide is the first step to making others see it too.
As always, I’m here to support you on this journey. Let’s continue to rise together and elevate our industry. Together, we can step up and ensure that property management is recognized and valued for the crucial role it plays in the real estate landscape.
Keep RISING, and let’s step it up! From The BDM Trainer- Sarah
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