Blog

 

Twenty Ways to Market Your Property

11.07.11

In order to become a successful real estate investor, there are certain skills that must be mastered. One of these skills is marketing. The following list is a great way to ensure that your marketing program is successful and that your investment home does not sit empty and drain your bank account while you wait for a buyer.

Make an effort to do several of these action items each day until your property sells:

1.  Put signs outside

2. Make landscaping look great 

3. Clean driveway, plant colorful flowers, paint and repair front door and light fixtures as needed

4. Make sure property is very clean

5. Put lock box on door for showing

6. Take good pictures inside and out

7. Put tube on main sign with flyers

8. If local laws permit--place directional signs from main streets

9. List for sale & lease

10. Run “For Sale” ads in newspaper

11. Get an 800# with number capture feature

12. As calls come in keep good notes (for this and future sales)

13. Visit neighbors and talk it up (offer a finder’s fee)

14. Make up a realtor flyer, offer free lunch $ door prizes 

15. Make friends with 5 realtors at 5 realty companies

16. Send e-mails to realtors & brokers--"If you show it-it will sell"

17. Set up your own web site

18. Set up a 24 hour recorded message (to use with your 800#)

19. List the property on an eBay auction

20. Use a mailing service to mail out letters, flyers, and finders fee dollars

Just doing a few of these items each day will pay big benefits for your future sales!

 

Safety Tips For Property Managers

8.26.11

While it may not make The Discovery Channel's "Most Dangerous Jobs", there are some dangers associated with the property management profession. Appointments are regularly schedule with complete strangers, and several precautions should be made to lessen the risk of danger and to help ensure the safety of managers and their employees.

•  Always know who you're showing a unit to and get as much information as possible prior to any showings.
•  When possible, have interested applicants come to the office first. A more formal setting has a tendency to spook those looking for something other than a place to live.
•  Holding a driver's license or insisting that each applicant fill out a short application can serve as an excellent deterrence for criminals.
•  Trust your intuition. Many people who deal with the public on a regular basis have developed a fairly solid intuition about people. If something feels a little off, take a little time to do some additional checking.
•  Consider teaming up with a co-worker.
•  Do not keep cash on the premises and try to encouraging online rental payment.
•  Attempt to show units during business or daylight hours, if possible.

Again, property management is generally a safe occupation, but like anything else, it never hurts to take the proper precautions to thwart problems while ensuring your safety, and that of your employees as well.

 

MAINTENANCE MATTERS MATTER

8.26.11

Maintaining relationships with tenants is jut as important as maintaining the property they live on. While it is critically important that your staff be able to correctly repair items like dishwashers, stoves and disposals, it's also essential that they be able to repair and maintain relationships with your residents. And sadly, this is an area of training where our maintenance teams are lacking.

Maintenance staff should be able to talk to residents regarding the status of their repair. The last thing you want to do is have a staff member who gets upset with a resident whose anger is really more directed towards a non-functioning appliance than the individual. It takes training to react properly in a stressful situation such as that.

Since you may not be able to get your staff trained immediately, give them a short lesson today on helping to stay calm in a hot situation. Teach them the LAST technique. LAST stands for:

L – Listen
A – Apologize
S – Solve
T – Thank

Whether or not you're able to complete the repair, leave your work area cleaner and neater than you found it. And if you need to return to do additional work, make sure the resident knows when you will be back. If the office has to schedule your return, be clear that the office will be in touch with them.

It's an essential part of your maintenance teams' job to be able to communicate with residents effectively. But if they have not been trained in how to conduct that communication, the problem lies with you – the manager. Make sure your maintenance team has all the tools they need – especially the ones NOT found in their toolbox.