Grow your rent Roll: Reward your team’s new business efforts
Most of the agencies we deal with have a sales team that works alongside a Property Management team however they are often quite removed from each other with the communication levels leaving a lot to be desired.
When I had my agency, one of the best sources of new business was from my sales staff. This goes to show that when growing the rent roll, you should take a holistic approach and remember that it’s not just your BDM’s that speak to potential clients.
Educate your team
It's very difficult for a staff member in another department to sell a service they know nothing about so it's important to educate your team on your approach to property management as this will help them understand your service & how you differ from the competition.
Also, remind your sales agents that it's a great way to cement a relationship with a seller prospect - the client is less likely to consider other agents when the time comes to sell if they already have the property on your agency's rent roll & a good relationship with your team.
Attach the proper incentives
As outlined in many of our other articles, rewarding your team for seeking out and even converting new landlords is key to keeping them thinking about new business whenever they meet a new person.
Don’t neglect your buyers (or tenants)
Buyers become owners very quickly. Use the enquiry you receive on sales listings and treat every one as a prospective landlord. The best way for capitalising on these leads is to implement a shared CRM/database to ensure a bases are covered when it comes to a client's needs. Same goes for tenants as 'Rentvesting' is more prominent now than ever before so there is a good chance the prospective tenant who has applied for one of your agency's rentals could also have their own investment property.
Engage your external partners
What relationships have you developed with industry-adjacent professionals? Contacts such as mortgage brokers, accountants, financial advisers etc work closely with investors and offer trusted advice to these clients when it comes to their property. Utilise these relationships by asking for referrals and let your partners know what services you can offer to their clients.