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DGS 141: What Should I Pay A Property Management BDM & How To Onboard Them
Description
What is a BDM? How do I pay a BDM? Why call them a BDM and not a salesperson in a property management business? Why do I need to make sure a BDM has the right personality type and how do I onboard them correctly?
Property management growth expert and founder/CEO of DoorGrow, Jason Hull, talks all about BDMs. If you do all the vetting right, then the real challenge is supporting and training them to be successful.
You'll Learn...[01:42] What is a BDM? It's a Business Development Manager.
[01:46] Why a BDM and not a salesperson? Sales gets convoluted or confused.
[02:00] Why? Most of you do real estate and have a brokerage side to the business.
[02:50] Mistakes: Feedback from companies that help you find/place a BDM isn't good.
[03:24] A business owner not good at sales or onboarding doesn't give the right support.
[05:24] How can you properly support a BDM or salesperson? Know what works.
[06:02] How to pay BDMs: If you pay on commission, offer an initial bonus structure. [08:17] How to onboard BDMs: Start them as a sales assistant to double capacity.
[10:00] Motivate BDMs: Driven salespeople like money, give them part of commission.
[13:32] What sales is/isn't: Once you start winning deals, sales becomes fun, not pushy.
Tweetables"BDM is really just a fancy word for somebody that's supposed to help you grow your business, supposed to come in, supposed to do sales."
"If you are not good at sales, my recommendation is you have to figure this out. This is one of the biggest key areas of the business."
"I love seeing that shift in clients where they have the confidence that they know they can get pretty much anybody on if they want them because they're that good at sales."
"It doesn't make sense to pay people based on commission unless the commission payout is big."
Resources TranscriptWelcome, DoorGrow hackers, to the DoorGrowShow. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others impact lives, and you are interested in growing your business and life, and you are open to doing things a bit differently, then you are a DoorGrow hacker.
DoorGrow hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate high-trust gateway to real estate deals, relationships, and residual income.
At DoorGrow, we are on a mission to transform property management business and their owners. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. Now, let's get into the show.
What are we chatting about today? In continuing my series of doing this every Wednesday, we're going to be chatting today about BDMs. What is a BDM and how to pay them? This is a really common question I get, how do I pay a BDM? How should I pay them? So that I don't have to answer this question anymore, I'm going to make a podcast episode about it. Here we go.
First, what is a BDM? It's a Business Develop