Growing up in a family of nine children, Wayde Hildrew knows what it is like to not have an abundance of wealth to fall back on.
“I had a great childhood, but it was certainly apparent to me early on that I would need to work hard to be able to put myself and my family in a better position,” says Hildrew.
After finishing high school, an apprentice mechanic position became available and Hildrew thought it was a career path he could not only progress in, but create some serious wealth in, too.
However, he soon realised that the laborious and dirty work of a mechanic was not his forte.
“I realised that real estate was the perfect fit for someone who was willing to work hard and has great people skills,” says Hildrew.
“It was also an industry that you are able to work your way up the ladder through dedication and results.”
He soon ditched the spanner and overalls in favour of suits and business development management.
And while he certainly enjoys the commission that comes along with his almost-ten-year real estate career, his real ‘get up and go’ comes from creating continuing wealth for his clients – clients like his family, who can better their finances by leveraging the property market.
Hildrew’s award-winning points of difference
With a plethora of impressive titles under his belt – 2016 REIQ Young Gun and 2019 BDM of the year, just to name a few – Hildrew says he has two points of difference against his competitors.
The first is never losing sight of what clients are trying to achieve on a long-term scale.
To do this, BDMs need to sit with their clients and discuss their motivations and goals.
“Look at how the client can perhaps add value to the property over the investment period which can be claimed via depreciation because you know they may wish to sell the property for profit,” says Hildrew.
“If they are investing for retirement, the focus would be ensuring that the property is in very good repair so that unexpected maintenance costs and vacancy become less of a concern.”
Hildrew says it’s important for BDMs to keep reassessing the overall plan for their clients, instead of being swept up in the day-to-day minutiae of their job.
“In property management, we get so busy with the individual tasks that we lose sight of what the clients are trying to achieve by having an investment property and that the clients want us to be guides to both protect and grow their wealth not just deal with items as they come up,” says Hildrew.
“We really need to look at the property management process holistically and identify the risks, increase the returns and keep the costs down for our clients.”
Hildrew’s second point of difference is that he believes in what he is selling.
BDMs who simply are in it for the commission will be the first to fail, says Hildrew.
“I don’t have a job – I have a passion for property, which happens to earn me an income,” says Hildrew.
“I believe that the right person in a BDM role can have a huge positive outcome of the clients wealth creation and I believe I am one of those people.
“Investment properties will more often than not be one of the biggest investments our clients make in their entire lifetime and your job is about creating wealth and security for them.
“If clients cannot see that you are passionate about being their advocate and trust you completely, it may also be one of the most stressful times of their life.”
Never ‘cheapen’ your quality of service
If your clients think you just collect rent and offer the same run-of-the-mill service as every other property management department, perhaps you should consider slashing your fees.
However, if your clients can see that you are proactively managing and guiding them through the investment process, it’s important to not sell yourself short.
Hildrew suggests that a quality BDM should be able to show potential clients evidence-based results, and testimonials from current clients to prove their worth.
“It is important to know what your office does differently,” says Hildrew.
“I will often use the analogy of airlines – while all flights might go to and from the same place, more often than not, passengers choose to use the more expense airlines because they offer safety, service and reliability.
“Is that not what you would want from your BDM as well?”
Hildrew will share his strategies on becoming an award-winning BDM at the 2019 REIQ Business Development Feature Day. This day will give BDMs and business owners the knowledge and tools to build their rent rolls, to maximise profitability and salability. For tickets, please visit REIQ.com/devday.