I have been a landlady for about 10 years now. Today I will share with you 3 mistakes that I made when searching for good tenants, and what I learned from it.
Mistake#1 – Wants and Needs: I was focusing on what was important to me instead of focusing on what was important to my customers. I was frustrated because I was not getting the results that I expected. Until I started asking what my customer wanted, I did not see success.
Mistake#2 – Advertising: I did not have a system to track and collect simple, yet important, information like where inquires were coming from. I also fell short on finding out why my customers chose me. I used the same ad over and over again.
In order to be effective you need to find out which marketing vehicles get the most responses and best results. Have a system to collect that precious information. A spreadsheet for instance will do. With this tool on hand you will know where to allocate your money for advertising. Also, remember to ask you customer why they chose you instead of your competitor and take notes of what they say. Test different ads and find out which ones attract more prospects. Make notes of the quality of prospects as well.
Mistake#3 – Due Diligence: Due diligence is something you should never cut corners with. You can trust but always verify it. Have a system so you remember to cover all the steps. Today there are many ways to get the information you want. Use your research skills and good luck. You do not want to be stuck with an individual that will give you a hard time later on.
This business is all about people. Find out what they want, test different ads so you can attract more prospects and do your due diligence. It is not rocket science. I know most people dread the idea of managing tenants. There are no bad tenants but bad landlords. If you do things right from the beginning, you will minimize many of the horror stories you hear out there.
“Reduce risks, pay on time, be efficient and save money and time” Renata Magalhaes