There are countless, creative ways real estate companies build business. During the past year and a half, I’ve spoken with many brokers about their Business Development initiatives, and I’m amazed by the number of different ways they refer to the role of Business Development in their organizations.
Some brokers refer to their business development (or ‘biz dev’) professionals as the person or department responsible for managing partnerships or affiliate relationships.
To a select few, whatever remains of their relocation department, is referred to as business development. Others refer to their referral-based business as biz dev.
In some firms, it’s the folks that own the responsibility for talent attraction (recruiting ‘re-branded’) or career development that wear the business development hat.
Some simply use the term to refer to their sales force.
By now it should be fairly obvious. Business Development is the responsibility of every person and department in an organization. So, why don’t more brokers mention Marketing when asked about their business development initiatives?
As real estate organizations begin to shift their focus from cost-containment to revenue growth, don’t you think it’s about time marketing takes more of a leadership role in business development? After all, isn’t it marketing’s job to create need and stimulate desire for a company’s product or service offering? Aren’t they the folks responsible for generating qualified leads for your sales team?
Marketing has a direct effect on company profitability. While they may not close a single side of business on their own, when marketing superstars put on the business development hat and work in tandem with your sales force, revenue follows.
The reality is there is business out there. Go get it.
