Tune in to learn 3 things successful landlords do that all others don't.
I will be interviewed by Julie Johnson, the president of the Rental Housing Association of Puget Sound at 9am (PST) Saturday, 8/20.
The interview airs on Seattle's Freedom 1590am. www.freedom1590.com
Friday, August 19, 2011
Monday, July 11, 2011
Upcoming events!
I'm excited to announce some new developments!
1) I'll be on the Landlord Talk Radio show this Thursday to share some great marketing tips for landlords. Click on this link to join in the conversation:
http://landlordtalkradio.com/
2) Looking forward to speaking at the Real Estate Club of LA on July 23rd. Should be a great meeting. Info here: http://www.realestateclubla.com/
1) I'll be on the Landlord Talk Radio show this Thursday to share some great marketing tips for landlords. Click on this link to join in the conversation:
http://landlordtalkradio.com/
2) Looking forward to speaking at the Real Estate Club of LA on July 23rd. Should be a great meeting. Info here: http://www.realestateclubla.com/
Tuesday, June 28, 2011
Apt Assoc. of CA - Southern Cities Tradeshow!
Excited to be speaking to the AACSC Tradeshow in September!
http://www.longbeachcc.com/calendar/index.cfm?eventid=4716
http://www.longbeachcc.com/calendar/index.cfm?eventid=4716
Wednesday, June 8, 2011
4 Steps to Greater Rental Profits
Step 3: Mine For Gold
Get more out of your tenants. Another popular term in banking and in retail is ‘share-of-wallet’, which is defined as ‘the percentage that you receive of a customer’s total spending over time’. One of the best ways to increase your profits is to expand the services you provide your tenants. This will ultimately bring in much more money than just raising the rent alone can do. And while rent increases are often necessary, they do irritate tenants. But finding new ways to meet their needs (and charging for it) helps them and you by increasing the amount of money they spend with you! Truly a win-win.
So, what other tenant needs can you meet to increase your share-of-wallet?
• Additional storage space
• Parking garage or car port
• On-site laundry facility
• Housekeeping
• Lawncare
• Pet sitting
• Lock-out service
And tenants who use one or more of these other types of benefits automatically end up staying with you longer!
But be aware that the most important need you must meet is when there is a maintenance emergency or required repair. None of these other ‘nice-to-haves’ will matter at all, if you’re not first taking care of the critical needs like working appliances, heating/cooling, etc. We have to provide the basic necessities before we can reach these higher aspirations!
Get more out of your tenants. Another popular term in banking and in retail is ‘share-of-wallet’, which is defined as ‘the percentage that you receive of a customer’s total spending over time’. One of the best ways to increase your profits is to expand the services you provide your tenants. This will ultimately bring in much more money than just raising the rent alone can do. And while rent increases are often necessary, they do irritate tenants. But finding new ways to meet their needs (and charging for it) helps them and you by increasing the amount of money they spend with you! Truly a win-win.
So, what other tenant needs can you meet to increase your share-of-wallet?
• Additional storage space
• Parking garage or car port
• On-site laundry facility
• Housekeeping
• Lawncare
• Pet sitting
• Lock-out service
And tenants who use one or more of these other types of benefits automatically end up staying with you longer!
But be aware that the most important need you must meet is when there is a maintenance emergency or required repair. None of these other ‘nice-to-haves’ will matter at all, if you’re not first taking care of the critical needs like working appliances, heating/cooling, etc. We have to provide the basic necessities before we can reach these higher aspirations!
Friday, June 3, 2011
Did I meet you in St. Louis?
It was such fun in St Louis speaking to the Mr Landlord national convention. Got a lot of great feedback and came away energized by the excitement so many landlords and real estate investors have to grow their business and increase their profits.
My talk was on 'The 5 Steps to Bigger Profits'.
My talk was on 'The 5 Steps to Bigger Profits'.
Friday, April 22, 2011
Appearing on The Rebelbroker tomorrow morning!
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
http://www.blogtalkradio.com/rebelbroker/2011/04/23/real-estate-realities-with-the-rebelbroker
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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