Why Wrong? (by Smokowna [MD]) Jan 9, 2021 1:32 PM
Why Wrong? (by Richard [MI]) Jan 9, 2021 2:08 PM
Why Wrong? (by Robert J [CA]) Jan 9, 2021 2:50 PM
Why Wrong? (by WMH [NC]) Jan 9, 2021 5:11 PM
Why Wrong? (by Dee Ann [WI]) Jan 9, 2021 6:17 PM
Why Wrong? (by Smokowna [MD]) Jan 9, 2021 8:01 PM
Why Wrong? (by Small potatoes [NY]) Jan 9, 2021 8:57 PM
Why Wrong? (by don [PA]) Jan 10, 2021 12:51 AM
Why Wrong? (by BRAD 20,000 [IN]) Jan 10, 2021 6:59 PM
Why Wrong? (by JB [OR]) Jan 10, 2021 7:32 PM
Why Wrong? (by Smokowna [MD]) Jan 15, 2021 11:48 PM
Why Wrong? (by Smokowna [MD]) Posted on: Jan 9, 2021 1:32 PM Message:
I've been dissecting my actions to learn why I do things wrong.
My latest discovery is that I can rely on my instinct to screen teni.
It works but it is a very vulnerable system.
So trying to be a better student of Mr. Landlord I've realized that I need to have a application ready to text out to callers/texters. I need to automate the process.
I would describe my efforts to get a new tenant as luke warm at best.
My thinking is to give the prospective teni access to an application they can fill out. To provide a video tour. I've not done either of these in the past.
Suggestions are welcome!
Post Script. I also noticed the the backlog of paperwork I get is rooted in other people's failures. Other people didn't turn in receipts or didn't record times etc etc.
I haven't found the solution for this other than to be more vigilant and spot the problem as it is happening.
It is going to be a fun year ahead
--108.28.xx.xxx |
Why Wrong? (by Richard [MI]) Posted on: Jan 9, 2021 2:08 PM Message:
Being a bit disorganized in business is not unusual. When we look at the failure rate of business operations in general the stuff I've looked at says this is often a contributing factor. I've had a number of different businesses over the years. Some worked and some did not.
One suggestion that I think should be considered is to operate our rental business like a franchise operates their many stores. Let's take McDonald's as an example. They run profitable locations all over using senior citizens, high school kids and an assortment of others with an employee turnover of about 600 percent a year. These people are from all backgrounds and most have minimal training. Yet they make money.
I read that their operation is successful because they have developed SYSTEMS and procedures for every aspect of their business. The workers are required to follow them. It works.
Subway is another good example I think.
Using this info, I think the solution may well be to break everything involved in our rental business' down into categories and develop a system to handle each one, then follow the system.
As we get more places, the systems will allow us to have helpers, which follow the procedures to produce the results we want. Just like a franchise.
--75.7.xx.xx |
Why Wrong? (by Robert J [CA]) Posted on: Jan 9, 2021 2:50 PM Message:
I had a Mother that could read people with great accuracy. If they where honest, good natured, well intentioned and responsible -- my mom could tell just by meeting and speaking with them. But land-lording is a business and not a guessing game.
So when I forced my parents into investing as a partner in some of my real estate projects, they wanted to take part in the renting process to insure we got good tenants and not problems. I am a contractor, builder, investor and property manager.
So at the open house my parents would show units, collect applications, but I had to do the verification and credit reports.
My mother would rate the people we should accept based on their personality and honesty from her "reads". After doing the background, eviction and credit reports, I'd call up my parents to discuss this rental.
Remember I had a whole bunch of properties that were all mine, but I brought in family members as investors -- which made them millions.
So of course the ones who had the Best Credit, No Debt and Great Income were the "duds" when it came to personality. They were engineers, workaholics and those who wouldn't talk much. It blew my parents away that the conversationalist could blow smoke about themselves and I'd never see it coming.
So instinct isn't everything....Just to share this with you. --47.155.xx.xxx |
Why Wrong? (by WMH [NC]) Posted on: Jan 9, 2021 5:11 PM Message:
Smoke, have you ever gone to Jeffrey's Boot Camp? The whole thing is the teaching of SYSTEMS to run your business through CHECK LISTS so you can hand your biz over to anyone and they can run it (with proper oversight, of course!!!!0 --50.82.xxx.xxx |
Why Wrong? (by Dee Ann [WI]) Posted on: Jan 9, 2021 6:17 PM Message:
It is great that you recognize that something is wrong with some of your efforts...I have been recognizing this myself and am chalking it up as not being as organized as I used to be. I'm looking at things I used to do that kept me organized. Once you organize each task you can streamline it to add, subtract or delegate:
To get started, it may help to take a look at each step in a task, such as:
1) Tasklist: PRIORITIZE it.
2) Checklists: BREAK IT DOWN The same checklist can be used for a large number of the same task, i.e. a vacancy: advertise, receive responses (how? email?, phone call?, text?); take action on responses (prescreen, send application); screen applications (ck: credit, employment, references, etc.)
and so on....check off each step as it's completed. If you have several vacancies within a close timeframe this really helps keep straight what has been completed for each vacancy.
Use a checklist for other people's failures, as a reminder to follow up (if you are engrossed in something when paperwork somes in missing or when you notice something missing), i.e. receipts. You might consider providing a checklist for projects that need to be completed by others over and over. This could be used for office help or field work.
Get my gist? Or maybe I'm way off...let me know :)
Are you getting the gist? --75.11.xx.xx |
Why Wrong? (by Smokowna [MD]) Posted on: Jan 9, 2021 8:01 PM Message:
Thank you for your answers.
No, I've never attended a Boot Camp. It is a good idea and I read how people really enjoy the learning. They go multiple times too.
Yes, I followed along and hung on every word.
The business has evolved, the current tenant is much different than the tenant for ten years ago.
A big help for me was to see how they use their cell phones. (Both the bonuses the phones give them as well as the shortcomings. However, it is through a cell phone that a tenant makes a decision. It helped me to go through the steps) --108.28.xx.xxx |
Why Wrong? (by Small potatoes [NY]) Posted on: Jan 9, 2021 8:57 PM Message:
I think you would benefit from a pre screening form VS handing out apps and dealing w dingbats. I have found Google form pre-screen very helpful. The answers weed out the unqualified and the ones who fill it out show they can take direction and exhibit compliance. I have worked to make the process quicker but I will not budge on ll references and they don't always call in a timely fashion. A real upgrade would be to get certified to pull my own credit reports but I don't have the volume to justify it.
A video tour would be a nice touch. Staging an empty apt a little helps too
I've sloughed off on recording maintenance items. And I'm most of the way through last year's receipts, but I wish I had the discipline to do it periodically. --172.58.xxx.xx |
Why Wrong? (by don [PA]) Posted on: Jan 10, 2021 12:51 AM Message:
Going on gut instinct will kill you if someone alleges discrimination. Even if you do go on gut instinct, have a process with documentation to give yourself some cover. --73.141.xxx.xx |
Why Wrong? (by BRAD 20,000 [IN]) Posted on: Jan 10, 2021 6:59 PM Message:
Smok,
Simple, effective, low energy marketing: We put apps in a pouch on the yard sign at each house, along with a flyer describing the home and the others we offer. Realtors know the prospect will forget about the home if they don't have a paper to carry away with them.
Yard signs work. (No phone number on the sign or flyer, just our website)
We also put the same apps and flyers in a pouch at an easily accessible storage garage.
Post the home and pix on Zillow. Done.
We START with their written app, not spending a second of our time on the phone.
You are very right. Today's prospect/renter is different than 10 years ago. They want the info and app online, not having to talk to some Boomer landlord like me.
Good people will do the app and pay you for it.
Over the weekend we received 20 apps (20 x $25 = $500). Can you imagine how many HOURS of phone calls with deadbeats (who sound great over the phone but cannot qualify) to yield 20 legit, paid apps? Probably 100.
I find that talking to callers on the phone is pointless. They lie and I cannot deny them based on a phone call. Plus I don't have any real info to move forward.
The $25 app fee sifts out many of the deadbeat/scammers.
Paperwork: Very simple discipline - No payment until the proper receipts, timecards, etc are stapled to their bill.
EVERY check is paid by entering the simple name, amount, house# in Quicken, hit print. Done. Never have to touch it again. NO handwritten checks.
FYI Several of our helpers cash their checks at WalMart, which requires a computer printed check. WM will not cash a handwritten check.
BRAD --73.102.xxx.xxx |
Why Wrong? (by JB [OR]) Posted on: Jan 10, 2021 7:32 PM Message:
Brad, last I remember you were doing free applications. Guess you changed your mind.
We don't charge everyone $25 or $50 just for an application. That doesn't seem right to me. Seems like this is just going to get politicians all riled up anyway until they decide to take that option away from you...as they feel you are taking advantage of those folks that you have no intention of renting to.
I charge $50, but only to those that I'm actually doing screening on. I certainly don't need 19 other people so pissed off at me for taking their money that they might just decide to take it out on my property. --73.25.xx.xxx |
Why Wrong? (by Smokowna [MD]) Posted on: Jan 15, 2021 11:48 PM Message:
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