If you’re looking to grow your property management business, hiring a Business Development Manager (BDM) seems like a no-brainer. More leads, more doors, and more revenue. But many property management business owners make serious missteps in this process—turning what should be an asset into a costly mistake. Let’s break down the most common hiring mistakes and how to avoid them.
A BDM is not a catch-all role. They should focuson building relationships, closing deals, and growing your property management business—not handling operations, leasing, or tenant relations.
Solution: Define the role clearly. Let them focus on sales while your property management company handles day-to-day operations.
Even the best salespeople struggle without a strong marketing strategy. A BDM can’t work without a pipeline of leads, clear messaging, and the right tools to track and nurture prospects.
Solution: Set up a lead generation system, automate follow-ups, and provide access to property management software to track and manage leads effectively.
A great salesperson doesn’t automatically make a great BDM. The property management industry has unique legal requirements, compliance rules, and market dynamics. Without training, your BDM could misrepresent your services or miss out on key selling points.
Solution: Invest in coaching programs and coaching sessions that focus on property management fundamentals. A strong management consultant or property management coach can help structure the right training program.
BDMs aren’t just deal-closers; they are trust builders. Property owners don’t hand over rental properties on impulse. They need education, reassurance, and a long-term relationship.
Solution: Train your BDM in management coaching techniques to help them nurture relationships over time instead of pushing for quick sales.
BDMs are full-time professionals who drive revenue. Yet, some property management companies offer low base salaries, expecting commission-only motivation to work.
Solution: Offer a competitive salary structure that balances base pay with performance-based bonuses. The right incentive structure keeps your BDM invested in long-term growth.
The real estate industry varies by location. If your BDM doesn’t understand the local market, pricing trends, or what the state requires, they could lose deals or misinform clients.
Solution: Provide ongoing training about your local rental property market, legal requirements, and competitive landscape.
If you don’t set clear goals, how do you know if your BDM is performing? Many property managers fail to establish KPIs, leaving results up to chance.
Solution: Use property management software to track new doors signed, conversion rates, and lead response times. Set benchmarks and check in regularly.
Hiring a BDM the right way can completely transform your management business. Avoid these mistakes, invest in coaching programs like https://betterwho.com/thewhocrew/, and give your team the right tools to succeed. With the right strategy, your property management company will scale faster and more efficiently.
