Once you understand the size of your missed opportunity, the pain of change will be worth the results. In my Coaching Tip today I’ll show you the missing millions you’re not seeing right in front of you, and you’ll discover more leads than you know you have.
If you’ve got properties under management then you have a variety of opportunities represented by those properties. Each property has a landlord, and every one of those landlords lives somewhere. Each is also an investment property with a potential to sell. If 8% to 9% of all property managements sell properties each year, and people move out every 10 years, then at least 10% of those landlords are selling, upgrading or downgrading every year.
Are you letting your landlords know about properties you’re selling where they live or own investment properties? All those potential transactions could be under your control. You do have to be careful and aware of some politics in relation to prospecting and property management teams, but there are ways to avoid those conflicts.
One innovative idea is to have full-time salespeople assigned specifically to looking after your landlords and their investment properties. This allows your people to build relationships with those landlords so they can offer one landlord’s sale property to your other landlords first. If one of them buys it, you’ll then keep the property under your management.
You can change the entire course of the game by playing to your strengths, and that means working with your existing customers. There are millions of dollars worth of mortgage loans alone you could be refinancing, not to mention the valuable leads you can offer to utility connections and insurance companies. Start thinking bigger and serving the customers you already have, and you’ll discover the missing millions of leads you need sitting right inside of your business.
I hope you’ve enjoyed today’s Coaching Tip, and I look forward to seeing you here again next week.