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Beach Front Property Management Inc. Sales Success: A Comprehensive Guide for New Sales Associates

Last updated over 2 years ago
20 questions
Welcome to BFPM Sales Success, a comprehensive guide for new sales associates joining our team. Our goal is to equip you with the knowledge and tools needed to succeed in selling property management services to our target demographic.

In this guide, we will cover the third-party property management industry, the unique selling proposition of BFPM, Inc. (BFPM), and the services we offer to our clients. We will also discuss the key components of property management, the history and evolution of the industry, and the sales and marketing strategies used to drive success. Finally, we will explore the tools and platforms used by BFPM, such as HubSpot, our CRM and marketing platform.

As a sales associate at BFPM, you will play a crucial role in promoting our services and demonstrating the value we bring to specific types of investment property owners. With this training, you will be well-prepared to succeed in this role and contribute to your and the company's continued growth and success.
Chapter 1: Introduction to BFPM

BFPM is a commercial and multifamily third-party property management company with a focus on multifamily property management, commercial (office / retail / industry space) property management, affordable housing management, construction management and repositioning, Ratio Utility Billing Systems (RUBS), and new construction lease-ups. Our target market includes long-term holders, property owners who value pride of ownership and want assets improved or repositioned, those who are unhappy with their current property management company, and experienced property owners who invest in affordable housing. We serve multifamily property owners, affordable housing developers, commercial real estate owners, commercial real estate developers, multifamily brokers, and apartment syndicators.

At BFPM, our core values are:
  • Customer Always Comes First
  • Make The Team Excel,
  • Grow Or Die
  • Radical Transparency
  • Learn For Daily Improvement

We believe that our people are our most significant asset, and our team consists of skilled professionals with diverse backgrounds and expertise in various aspects of property management. We encourage open communication, feedback, and sharing of ideas to foster innovation and enhance the quality of our services.

Our unique selling proposition (USP) is property management with ownership thinking, which means that we think and manage with an ownership mindset. We provide oversight and expertise in repositioning properties to increase value, offer affordable in-house maintenance, and have sophisticated accounting practices.

We have developed The Beach Front Proven Process, which consists of two parts. In the first part, we assess the property owner's needs, goals, and how we can help. We then onboard the client by collecting property documents, holding a kickoff meeting, and creating a management plan together. Finally, we identify cost savings, additional income streams, and repositioning strategies.

In the second part of our process, we use a wheel to inspect the property exterior, and unit interiors, and analyze financials. We then optimize vendor contracts, capital improvements, increase ROI, and reduce liabilities. We manage the property through property management, accounting, leasing, and customer service, and rent collection/eviction oversight. Finally, we report weekly updates, monthly financials, cash flow, and annual budget forecasting, before circling back to inspect the property again.

In the next chapter, we will provide an overview of the property management industry, including what it is, why it's important, and how it can benefit property owners.
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What does BFPM stand for?

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What is the unique selling proposition (USP) of BFPM?

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Which of the following is NOT a core value of BFPM?

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What is the first part of The Beach Front Proven Process?

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What is the main focus of the second part of The Beach Front Proven Process?

Chapter 2: An Overview of Property Management

As a sales associate at BFPM, it's essential to have a clear understanding of the property management industry. Property management is the management of real estate assets, which can include residential (1 to 4 apartment units), multifamily (5 to 100+ apartment units) commercial (office and retail), and industrial (warehouse and manufacturing) properties. A property manager's role is to oversee a property's day-to-day operations, including maintenance, leasing, rent collection, and tenant relations (more on this in Chapter 11).

Property management is important because it helps property owners maximize the return on their investment (ROI). A good property management company can help increase rental income, reduce vacancy rates, and ensure that tenants are satisfied and renew their leases. Additionally, property management can help protect the value of the property by ensuring that it is well-maintained, conforms to local, state, and federal laws, and is managed proactively.

The property management industry has been around for centuries, and it has evolved significantly over time. In the early days, property management was a relatively simple task, with property owners taking care of their properties themselves. However, as laws, regulations, and properties became more complex, the need for professional property managers grew.

Today, property management is a complex and multifaceted industry that requires a broad range of skills and expertise. Property managers need to have a deep understanding of the real estate market, local, state, and federal laws and regulations, and the needs and expectations of tenants and property owners.

We offer a wide range of property management services to our clients. These services include leasing and customer service, property management, property accounting, and rent collection/eviction oversight. We also specialize in repositioning properties to increase their value and new construction lease-ups.

As a sales associate, it's essential to understand the key components of property management and the value that we bring to our clients. With this knowledge, you will be well-prepared to promote our services and demonstrate the benefits that we can provide to property owners.
In the next chapter, we will explore the history and evolution of the property management industry, and how it has shaped the industry today.
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What types of properties does a property manager typically manage?

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What is the primary goal of property management?

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What is the minimum number of apartment units considered to be a multifamily property?

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Which of the following is NOT a service offered by BFPM?

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What is the role of a sales associate at BFPM?

Chapter 3: The History and Evolution of Property Management

The deep history of property management can be traced back to ancient civilizations, where the concept of land ownership and control over resources was a central theme in many societies. However, the profession of property management as we know it today has evolved, with the concept of the modern landlord dating back to the time of the Crusades in the 11th century. During this period, European nobles who went off to fight in the Crusades needed someone to manage their estates in their absence. This marked the beginning of the property management profession as a necessary service.

During the medieval period, feudalism was the dominant socioeconomic system across Europe, and land was considered the primary source of wealth and power. Under this system, the nobility owned vast tracts of land, and there were individuals who played a property management role. These individuals were typically known as stewards or bailiffs, and they were responsible for overseeing the day-to-day operations of the properties. Their duties included collecting rents, supervising tenant farmers and laborers, maintaining the physical condition of the buildings and the land, and providing a range of other services as needed. The role of the steward or bailiff was an important one, as the success of the property and the wealth of the owner depended on their ability to manage the land and its resources effectively. In some cases, the steward or bailiff would also act as a representative of the owner, negotiating with tenants or other stakeholders on their behalf.

The profession of property management continued to evolve during the Renaissance and the Age of Enlightenment. Landlords and property managers began to embrace new ideas about land ownership and the rights of tenants, which led to improvements in living conditions and the growth of urban centers. As cities expanded and populations grew, the demand for property management services increased, leading to the development of more formalized systems and practices for managing properties.

In the 19th and 20th centuries, the Industrial Revolution and the development of modern capitalism led to the expansion of the real estate market and the further professionalization of property management. The rise of modern property management firms, real estate agencies, and other related services signaled a shift in the role of property managers, who now needed to be well-versed in local laws, financial management, and customer service.

Today, property management is a thriving industry with a rich history that stretches back over a thousand years. The profession has evolved significantly since the time of the Crusades, with property managers now providing a wide range of services to help landlords manage their investments, maintain their properties, and ensure a positive experience for their tenants. As the demand for housing and commercial space continues to grow, property managers remain a vital part of the real estate ecosystem, and their role will continue to expand and adapt to the needs of a changing world.
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When did the concept of the modern landlord originate?

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What was the role of a steward or bailiff during the medieval period?

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How did the property management profession evolve during the Renaissance and the Age of Enlightenment?

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What significant change occurred in the property management profession during the Industrial Revolution?

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Which of the following best describes the role of property managers today?

Chapter 4: Key Components of Property Management

Property management is a complex industry that involves managing multiple aspects of a property. To be successful in property management, it is essential to understand some of the basics. In this chapter, we will explore the key components of property management and their importance.

  • Leasing and Customer Service
Leasing and customer service are two critical components of property management. Property managers are responsible for marketing properties to potential tenants, screening applicants, and negotiating leases. Additionally, they are responsible for providing excellent customer service to tenants and our clients, ensuring that their needs are met, and their concerns are addressed promptly.

  • Property Management
Property management involves overseeing the day-to-day operations of a property. This includes coordinating maintenance and repairs, frequent common area inspections, annual unit-by-unit inspections, ensuring that the property is well-maintained, and responding to tenant requests and concerns promptly.

  • Property Accounting
Property accounting involves managing the financial aspects of a property. Property managers are responsible for collecting rent, paying bills, and managing the property's budget. They also need to prepare monthly and yearly financial reports and ensure that the property's finances are managed effectively.

  • Rent Collection/Eviction Oversight
Rent collection and eviction oversight are two of the most important services a property management company provides. Property managers are responsible for collecting rent on time and managing the eviction process when necessary. This requires knowledge of laws and regulations as well as the ability to handle difficult situations professionally and effectively.
At BFPM, we offer comprehensive property management services to our clients. Our team of experienced professionals has a good understanding of the key components of property management and is committed to providing exceptional service to our clients. As a sales associate at BFPM, it's important to understand the value that we bring to our clients through our expertise in these key components. With this knowledge, you will be well-prepared to promote our services and demonstrate the benefits that we can provide to property owners.
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Which of the following is NOT a key component of property management?

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What is the primary responsibility of a property manager in terms of leasing and customer service?

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Which of the following is NOT a responsibility of a property manager in terms of property accounting?

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Why is rent collection and eviction oversight important in property management?

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What is the primary goal of BFPM's property management services?