Rental Property Network has charted its unique path to remarkable success in an industry where the norm has become employing Business Development Managers (BDMs) to drive growth. This property management company has challenged the status quo for over a decade, achieving consistent year-on-year growth from 15% to 20%. But how have they accomplished this in a landscape where BDMs are seen as the driving force of expansion?
Most businesses rely solely on acquisitions or BDMs for growth, and while acquisitions form a part of Rental Property Networks’ growth strategy, it is only a small part with a greater focus on retention and customer service as a priority. So, who are the customers of Rental Property Network? This might seem obvious, but therein lies the secret. Rental Property Network sees the key stakeholders differently. Traditionally, ‘customers’ are viewed as Landlords and Tenants, but this organisation also views Property Managers and Administration personnel as critical stakeholders and, therefore, ‘customers’ of the business. Through this lens, Rental Property Network has developed strategies to care for all its key stakeholders, not only external customers.
For this article, let’s talk more about how this benefits our Landlords, understanding that because of the holistic approach, the company’s growth strategy for Investors and properties intertwines with its design for Property Managers.
Rental Property Network’s journey to success unveils a different approach that centres around their core belief in a client-centric model and empowers their property management team to deliver exceptional service.
Client-Centric Approach: The Power of Listening
Understanding the needs and desires of clients lies at the heart of Rental Property Network’s philosophy. Unlike the prevalent industry trend of relying on BDMs for new business acquisitions, Rental Property Network chose to put clients first. They realised that clients want to meet the individuals responsible for managing their properties, not just someone skilled to list the property who they will likely not see again past the leasing stage.
This client-centric approach begins by acknowledging that clients are critical stakeholders in property management. They want to interact directly with the Property Manager overseeing their investments. This level of transparency and accessibility builds trust, fostering stronger Landlord-Property Manager-Tenant relationships, which ultimately means fewer problems with stronger communication.
The Pitfalls of the Traditional BDM Model
The traditional BDM model often introduces a misalignment of interests within property management companies. BDMs are tasked with signing management agreements and meeting Key Performance Indicators (KPIs). On the other hand, Property Managers may already be stretched thin with their existing portfolio and are often hesitant to take on more properties.
Additionally, because of high KPI’s, the BDM’s role can inadvertently lead to overpromising services or results, placing undue pressure on Property Managers. This imbalance can result in strained relationships within the organisation and, ultimately, a compromised client service.
Empowering Property Managers: The Key to Success
Rental Property Network has prioritised comprehensive training for its property management team, an approach that goes beyond just operational skills. This unique strategy empowers Property Managers with the knowledge and skills traditionally reserved for sales teams.
The results of this approach are profound. Property Managers at Rental Property Network are not just property caretakers but confident, informed, and skilled professionals. The camaraderie and team culture that evolves when leaders empower their teams contributes to the organisation’s overall success.
The Keys to Success: A Holistic Strategy
Rental Property Network’s remarkable success is underpinned by a holistic strategy that includes:
- Open and Transparent Communication: A results-driven approach that improves confidence and efficiency within the organisation.
- Robust Support and Training: Investing in the professional development of Property Managers, equipping them to handle the myriad challenges of property management effectively.
- Mental Health Focus: A commitment to positive mental health education and strategies, recognising the importance of mental well-being in delivering exceptional service.
- Clear Direction and Policies: Establishing clear policies and directions within the organisation to ensure consistency and quality in service delivery.
- Leveraging Technology: Access to the latest technology to streamline operations and enhance the client experience.
- Appropriate Workload: Ensuring Property Managers have a manageable workload within a positive and supportive environment.
- Flexibility: Placing confidence in the Property Managers skills with complete flexibility to suit individual lifestyles results in a very different level of service. Plus, let’s face it, working from home saves a couple of hours a day that the Property Managers can put to better use than sitting in a car!
- Competitive Compensation: Recognising the value and contributions of the property management team with high compensation packages.
Rental Property Network’s approach has redefined the property management landscape. Landlords have come to understand and appreciate the immense benefits of this strategy, marked by transparency, empowered Property Managers and commitment to excellence.
In an industry where conventional wisdom often prevails, Rental Property Network stands as a testament to the power of innovation, client-centricity, and the unwavering belief in the potential of its team members. Their unique approach is not just about managing properties; it’s about nurturing relationships, building trust, delivering outstanding results for clients year after year and allowing as many Landlords as possible to join the network.
For more information, please reach out to one of our incredible team. You can read more about our team on this site under TEAM, plus you can see short videos from each Property Manager to see who you think would be best suited.
