Aug 29

For years I struggled with setting rents. Too much under market rents and the properties did not perform as well as they could. Too much over market rents, they sat vacant and do not perform as well as they could. There seems to be a theme developing here. 😉

To succeed you need to know what others are charging for rent in your very specific market. To that end, we spent a lot of my time, my staffs’ time and effort trying to collect comparable rents.

Ten, fifteen years ago our team manually enter details from for rent ads in the local papers, Craigslist, Zillow and anywhere else we found them. Then we would combine that information with city property records, trying to get an accurate view of what the market rent was for a particular unit. This was expensive and annoying.

We tried freelance data collectors through oDesk (now UpWork) to collect and correlate the records. Better, but still costly and the results still were not exactly what I wanted.

Then I saw promise in AI and Machine Learning, using tools like BlockSpring. Better results, but then Craigs and others started blocking automated collection tools.

We went back to manual data collection where we had to and automated what we could.

We were doing the rent surveys once or twice a year due to the hassle and costs. Quarterly would be better to catch trends.

I had looked at Rent-O-Meter in its early days. It seemed promising but had far less data than even our rudimentary data set.

Last October I relooked at Rent-O-Meter. Wow. We have been using it ever since.  They have both a free version and a free trial of the “Pro” version that goes for about $200 per year.  Setting one rent wrong will cost you more than that. You may want to take a look.

Note: while this may sound like an ad for Rent-O-Meter, it is not.  I’m just a happy, paying customer of theirs.

Jun 08

Many years ago I used a voice to email app, Jott.  Then six or seven years ago I wrote that Jott shut down, but I found a replacement that I liked, Reqall.  That too met a similar fate. I tried another, Dial2Do.  I didn’t like it that much, but better than nothing.  It too ended a year later.  So I relinquished myself to using Siri to send myself emails.  A bit cumbersome, but I guess…

This past week I tried Drafts 5.o.  It has a lot of features that none of the previous ones had.  It is great at long form dictation – say a draft of a letter while you commute.  Much easier than the last time I tried Dragon dictate, but its been a while and Dragon may be great too.  You can send the text to a bunch of different apps and storage platforms.

Price is free, which most of us can still afford even with summer maintenance season upon us.

Oh, and it works on an  Apple Watch, which I don’t own.  But think how cool you would look doing your Dick Tracy impersonation while entering some job on your watch….

 

Jul 19

Perhaps excluding the likes of Amazon, Google, and Tesla, most well run, and effective businesses can achieve 10, 15, 20% or more sustainable improvement every couple of years by applying “Fresh Eyes” to their procedures and processes.

Your business is doing well, at least you think so. But you know it would do better if only you could just … [put your challenges and opportunities here] You say ‘I’ll jump on doing that next week, or after the vacation, or after Labor Day or by the end of the year.’ Sorry, buddy. Ain’t happenin’. You said the same last year and the year before and…

Let’s be honest you can’t see the opportunities and obstacles, and if you do, you cannot act on them. The excuses your staff and you have created to avoid doing what must be done have been internalized and are no longer even noticed. Processes that were in place and working have fallen by the wayside. You step over great opportunities sitting on your front step every morning, without even noticing them anymore or worse, curse them for being in your way.

We are blind to missed opportunities and obstacles because we are too close. In the past twenty-five years, I went from 175 to 200 pounds. I did not see even one of those pounds sneak up on me, but they are here today. Your business is the same, slowly getting fat, but not noticed.

‘Well, I’ll just have my staff take a look and make changes.’ Sorry, they have worse baggage than you.

What we’ve done at my company for many years now is to hire a temporary set of “Fresh Eyes.” This person must be a potential superstar, who is available to work for a couple of, or a few months. They are never hired to fill a current role.

Rather the “Fresh Eyes” position is to question everything we do. You know how it is easier to tell someone how they should run their business or their life than to do the same yourself. That is what we are looking for in a “Fresh Eyes” person.

Typically we hire people outside of the rental industry, so they have a different perspective than us. We’ve had a former Health Department inspector, a former Alderman, a couple of former community leaders, a former manager of a temp service. I lean towards people different than us, but who have proven themselves as leaders and producers.

The goal is to hit a sustainable 15% improvement with a two to four-month commitment to work with the “Fresh Eyes” employee.

To get value full value from this experience, you must remember that “Ego is the Enemy”* and do not allow yourself to feel insulted or defensive of your soon to be former bad ways.
——
*Ego is the Enemy is the title of a book on Stoicism by Ryan Holiday – It is worth the read. Find it on Amazon.

“MY OPPONENT IS MY TEACHER. MY EGO IS MY ENEMY.”
— RENZO GRACIE

Jan 03

Okay, time for a rant here…

For the sixth time in less than ten months, Pitney Bowes postage (PB.com) has posted late fees to our account for payments received posted two or more days prior to the due date.
 
Pitney Bowes has gone from the industry leader in SMB postage solutions to adopting slimy, time-consuming business practices.
 
If it has happened to us, then I’m sure it is happening to countless other small businesses. If it happened to you I would like to hear from you.  Maybe it is time for legal actions.

 

I would also like recommendations for alternative services for businesses sending 400-1000 pieces of mail a month.
 
Aug 30

Years ago I had a secret weapon … Jott an iPhone app that allowed you to speak a note and have a fairly well typed email. Unfortunately Jott was shut down a couple of years ago.

A year ago I stumbled on an excellent replacement, DO note. This app is available for both iPhones and Android.  It is free as well.

While you are out in the field you can quickly take a note of something you will likely have forgotten about by the time you get to a proper place to jot down your notes.

 


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