Why you should never sign with a BDM
Image by StartupStockPhotos from Pixabay
Business Development Managers are terrible.
They are just the worst.
Any employee that works on commissions only or has commissions representing a large portion of their income will focus solely on doing what they have to do to generate that income.
It doesn’t make them bad people. It makes them sales people. They are selling the agency and selling the service to investors and landlords. So, like sales they will focus on this.
Some BDM’s are fantastic. They make you feel like a million bucks. They answer every question perfectly and make you feel sure you are doing the right thing. They push paper and really do an amazing job. Great BDM’s can easily sign 4-5 new managements a week at a minimum.
But… does that Great BDM, all those great promises, does it translate to a great service after you have put pen to paper?
When a real estate agency is employing a BDM they are employing one less property manager which can translate to a loss in customer service as property managers get overworked.
Today I had a discussion with an owner. She had been promised the world by the BDM, then after signing she heard nothing back from the BDM again. After 3 weeks sending emails, making calls, trying to find out who her property manager was, if the lease was signed, bond paid, she is at her wits-end and is looking for a new agent.
Do not sign with a BDM. Ever. Period.
You should only sign up with the property manager that you will be working with. Meet them or have a good conversation with them, how they operate, how they will respond to maintenance, lease renewals, accounts, arrears. Make sure you feel comfortable with them looking after your expensive investment and if you are not 100% happy don’t sign anything.