Catch my interview on The Rebelbroker Saturday, 4/23 at 9:15am (PST).
http://www.blogtalkradio.com/rebelbroker/2011/04/23/real-estate-realities-with-the-rebelbroker
Friday, April 22, 2011
Tuesday, April 19, 2011
4 Steps to Greater Rental Profits
Step 2: Become sticky
Banks use a term called “sticky services” to describe account features like direct-deposit, online bill pay and ATM usage. And they’ve found that customers who use these services ‘stick’ with the bank much longer than those who don’t. Hence the term ‘sticky services’.
Wouldn’t it be nice to make your properties more ‘sticky’ for the tenants who live in them? You can in some simple ways -
• Respond quickly to maintenance or repair needs.
• Setup electronic rent collection.
• Capture your tenants’ email address and send a monthly newsletter via email.
• Also get their cell phone number in your application.
Other great ways -
• Measure and practice customer satisfaction by sending out a survey with 5 or 6 questions like ‘how did you hear about us’, ‘why did you choose to rent with us’, ‘how satisfied are you with your rental experience’, ‘would you recommend us’, etc.
• Send birthday and holiday cards. One of my favorite things to give (and get) is lottery tickets. Just $10 or $20 in lottery tickets makes a fun little gift (with tongue firmly planted in cheek as you hope they don’t win big and move out!)
• Do something fun for their kids like host a party at Chuck E Cheese or rent one of those bouncy-houses for a picnic and games in the park. Appeal to the parental instincts of your tenants; it’s a fantastic way to set yourself apart from any other landlord they’ve ever had. Happy kids make for happy and grateful parents! And guess what happy and grateful parents do? They tend to pay on time.
Banks use a term called “sticky services” to describe account features like direct-deposit, online bill pay and ATM usage. And they’ve found that customers who use these services ‘stick’ with the bank much longer than those who don’t. Hence the term ‘sticky services’.
Wouldn’t it be nice to make your properties more ‘sticky’ for the tenants who live in them? You can in some simple ways -
• Respond quickly to maintenance or repair needs.
• Setup electronic rent collection.
• Capture your tenants’ email address and send a monthly newsletter via email.
• Also get their cell phone number in your application.
Other great ways -
• Measure and practice customer satisfaction by sending out a survey with 5 or 6 questions like ‘how did you hear about us’, ‘why did you choose to rent with us’, ‘how satisfied are you with your rental experience’, ‘would you recommend us’, etc.
• Send birthday and holiday cards. One of my favorite things to give (and get) is lottery tickets. Just $10 or $20 in lottery tickets makes a fun little gift (with tongue firmly planted in cheek as you hope they don’t win big and move out!)
• Do something fun for their kids like host a party at Chuck E Cheese or rent one of those bouncy-houses for a picnic and games in the park. Appeal to the parental instincts of your tenants; it’s a fantastic way to set yourself apart from any other landlord they’ve ever had. Happy kids make for happy and grateful parents! And guess what happy and grateful parents do? They tend to pay on time.
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