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The anxiety property managers have about revealing fees is an unnecessary fear that’s easily conquered, says one business development manager.
Tara Bradbury, director of BDM Academy, says property investors fear various things such as property damage, rent arrears and poor communication. Landlords also want to keep their costs down and worry about high management fees.
“You need to ask the right questions and find out an investor's fears before you even discuss fees,” she said.
“Funnel out that experience or concern so you can talk about how your agency does it better than their past experience and address their expectations.”
Ms Bradbury said the initial conversation is an opportunity for property managers to highlight the services they offer and tailor a fee that’s right for each investor.
“Do your very best during the phone conversation to say, ‘We have multiple fee packages available and based on where your property is positioned, I will align you with the fee package that will suit your investment property and ensure you're achieving the highest possible return’.”
Ms Bradbury said BDMs and property managers should always push for a face-to-face meeting rather than discuss fee structure over the phone.
“If a client is really pushy on fees, then you've also got to decide if they're a client you want to have in the business...” she said.
“Never be afraid to say, ‘We can't afford to take you on. If all of our clients were on that fee, we would not be in business and we'd have to close the doors’.”
Ms Bradbury said property managers and BDMs should finish customer inquiries with a question that leads to an appointment.
“When you're going through that call process, always finish your call with something like, ‘I have 2pm on Thursday available, will that suit you for me to come out and visit your property?’”
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