BDM: setting KPI + goals

 Key performance indicators (KPIs) are significant to the success of BDMs and must be aligned with the specific goals and objectives for the agency. For example, a BDM must monitor the number of leads, their origin, listing presentations completed and new managements secured.

KPI targets must be stated in clear terms and measurable. A time frame must also be established for all KPIs, with key checkpoints along the way to ensure that the BDM is on track.

Unfortunately, too many BDMs go into the role without set goals or targets and, after 12 months, they are bitterly disappointed. Having KPIs is the first step towards achieving your career goals.

Have you ever encountered people who have a passive approach towards goal setting? These people generally don’t set any goals and they just live life on a day-to-day basis. When you see them 1 year, 3 years, 5 years from now their lives will not have changed much. Having KPIs is imperative if you want to be the best BDM you can be and stay ahead of the competition.

I used to hate filling in my KPIs. In the beginning, it seemed pointless and unnecessary until I changed my mindset. That’s when I could see the growth. I guarantee you that Principals will see the benefits in having KPIs in place and appreciate being able to track the department. However, having KPI’s makes you accountable to yourself, not anyone else. It is the same accountability as when you are on a diet and choose the healthy salad over a piece of fried chicken. It is what you answer to when you spend that hour working on non-income producing activities rather than prospecting. When you stay accountable to your KPIs, you stay true to yourself and your ambitions.

Be Specific – Specific KPI’s are much easier to track for the BDM and the Principal. Each day you should be asking yourself “what is the ultimate outcome I would like to achieve?” and “what needs to be done to achieve my targets?”. When your KPI’s are specific, there is less confusion and misinterpretation. The BDM then has a clear plan to follow and the Principal has something to refer to when the BDM is held accountable.

Measure what is important to you: 

• Measure new business secured (leased and/or generating an income)
• Measure net growth
• Measure properties lost
• Measure your prospecting pipeline
• Measure your database contacts (Hot, Warm and Cold Leads)
• Measure your call connects
• Measure your appraisals
• Measure your networking events attended and the connections made

As you can see, so many areas can be measured. This is why it is so important to complete a full review of the last twelve months prior to setting your KPI’s. Don’t just write KPI’s because that is what you have been told other BDM’s do. Take the time to review your position, agency, experience and market place when setting your targets.

Make your KPI’s challenging but also Achievable -  You don’t want your targets set so high that you become unmotivated after the first couple of months. It is important to ensure you are not just cruising along. For many BDMs, it is the excitement of the challenge that keeps them motivated each day. Have a review every six months to see how you are tracking and if the bar can be raised to boost your performance.

Your KPI’s must be relevant – You must work towards growing your career path and know how you want to expand over the short, medium and long term. Do you wish to increase your profits, number of new business secured each month or even percentage of market share?  Ensuring your KPI’s are in sync with your long-term goals means you will be able to stay on track and have clear objectives to follow.

Finally, you must be held accountable and have a strict timeframe in place. Each KPI you set will have a different timeframe in place and requirements for achievement. Most KPI’s are monitored daily, weekly, monthly and quarterly.  Once you have set your KPI’s, you must be held accountable by monitoring them in weekly team meetings. Don’t just set and forget as you will be wasting your time. Ensure both parties have a clear interpretation of what has been set and how results can be achieved. Understand that your KPI’s will continue to change and evolve as you and the market conditions do.

KPI’s will help drive your career path and Property Management Department towards greater success. Implementation is key, and only then will you see the full potential that can be achieved.       

Remember: don’t set and forget.

Tara’s  Challenge:

Whether or not you have KPI’s in place, take the time to look at where you are now and where you would like to be by December 31st 2018. Reflect and review your current situation. Set time bound targets to keep you accountable over the next 12 months.

Source: https://www.bdmacademy.com.au/blog/key-performance-indicators-kpis-business-development-managers-bdm