Cut the chase and listen to this basic truth. Everything you are doing becomes a joke until the word about your home based business gets to the street. It is also very helpful if and when people like what you do and how will they like it if they were never told? The way you tell them and what you tell them is the heart beat of your home based business and that is what we are going to address right now.You are about to learn one of the most powerful ways to get the word out about your home based business. As earlier mentioned, without people knowing about what you do, there will be no work, which in other words is the business you are doing in the first place.Let me ask you a question so as to bring a good perspective to this advertising your home based business process.What do you actually do?Can you summarize it within two sentences or a paragraph of talking to someone? Do you have an elevator speech about what you really do? In case you are wondering what an elevator speech is, it is a one to two minute description of your work. You know the kind of time it takes you to move from one level of an elevator to another reasonable height before getting out. Just imagine that kind of timing, one to two minutes.If you are given two minutes to talk to someone about what you do, what will you tell them? If this is hard for you to figure out or come up with, then we are not ready to advertise anything to begin with. What you tell people every step of the way, every day of your life is all advertisement. Even the way you laugh! You are thinking, what is this all about. Exactly what it is – advertising.In case you have not figured it out, everything you do off the work or business will determine how well you perform in or on the work and business you set out to do. And think of a scenario where someone just found you using the toilet and speeding off without washing your hand in a very public place and next few moments find you behind an ice cream vehicle selling the cone and cream to people, do you expect such a person to buy your product or do business with you? Secondly, do you expect the person to tell others about your business? You get the idea.Yes, you must tell people about your business but before you pay for that newspaper or local magazine advert, before you go on the internet and start spending your hard earned currency, before you open your mouth to create a viral effect of unstoppable word of mouth marketing, stop to think about what you really do and the message you are really sending across.Most people miss this and once you get the fundamentals wrong, everything else goes wrong. Let me inspire you a bit about how to advertise for your home based business. Think about your favourite beverage or food, why do you patronize them and what is their message. Why will you tell someone else about them? Exactly, they do things excellently well. That is another way to advertise your home based business.How often do you get these kind of ideas that totally goes to the rudiments of what makes your home based business work and give you on a gold platter the missing pieces. There is more where this came from and you can access it if and when you reach out to us because we will be more than happy to share as many as we believe you can start using right away to turn around your home based business for the best.Let us talk again soon and thank you so very much for your most precious time.
Make Finding a Property Management Company Easier on Yourself by Asking the Right Questions
This is part 2 of a 4 part series where we have outlined important questions to ask a property management company before hiring them.
Series 1 Companies Credentials
Series 2 Property Management Services
Series 3 Property Management Fees
Series 4 Tenant Screening Process
Property management companies come in all sizes, capabilities and expertise. Just because one works for one investor does not necessarily mean they will work for you. Below we have outlined some important questions to ask a company during your initial interview process regarding services they provide. Their answers to these questions will give insight into their business capabilities and can provide you with an understanding of the type of services they offer which are important to you.
Series 2 – Property Management Services
Properties they manage – Property management companies are as different as car dealerships are to each other. For example, a Mercedes dealership will have the best inventory and the most knowledge of the latest selection of new Mercedes. You could visit the Toyota dealership in your neighborhood, but chances are you will not find what you are looking for. Of course, they would love your business and will try and talk you into why a Toyota is a better fit for you than a Mercedes.
Same with a property manager, they are not created equal when it comes down to their property portfolios. You need to ask what types of property they manage and make sure your type of property is one they manage. If you own a single family home, a company that manages mostly large apartment buildings or commercial property would not be a good match. In this case, your best match would be a company that has a minimum 50% or greater of single family homes in their rental pool.
Some companies manage all types of investment properties…single family homes, apartments, commercial and community associations, but chances are they hold a specialty in one or two areas.
Inspections – A thorough property inspection should never be overlooked by a property management company. A property inspection needs to be conducted upon tenant move-in and at move-out. A property inspection can range from drive-bys, a walk-through or a video inspection. If disagreements arise between tenant and manager as to items missing or damaged, actual documentation from the move-in inspection and pictures of before and after hold validity versus a verbal agreement.
A video inspection of the interior as well as the exterior of property is the best option. Still pictures are good, but sometimes do not capture all areas of property. The video will not only capture all areas, but is easily interpreted and validated as the subject property. A signed checklist at move-in from tenant validates that tenant concurs with the inspection findings.
Maintenance – When it comes time to performing maintenance or repair work to their rental properties some property management companies have their own in-house maintenance personnel. These are usually employees of the company and are paid a salary through the company. The costs or hourly rate of any maintenance or repair work that is required will be dictated by the management company itself.
On the other hand, the management company may decide to outsource all or some maintenance work to outside vendors. These vendors could range from a handyman, specialized tradesman such as a plumber or a large facility that performs all types of maintenance work.
There are pros and cons to both and I do not advocate one over the other but will outline a few points of interest:
In-house Maintenance
Pros:
- More readily available, since they work within the management company
- Direct communication with management company and their policies
- More intimate with property…they are the “one” contact and know the history of your property
Cons:
- May be more of a “jack of all trades” versus being specialized in a certain field and having the appropriate licenses
- May not be as determined to perform or finish maintenance work in a timely manner as he/she is not being paid based on the job. Whether he/she finishes in 2 hours or 8 hours, its all the same.
- If in-house maintenance crew is not available, either the repair work waits or the company will need to search for a outside vendor on short notice
Outsourcing Maintenance
Pros:
- This allows the property management company the luxury of competitive bidding among vendors, which could equate to lower costs
- Vendors will be eager to sign contracts with a property management company that can bring stable business to them, and as a result will most likely perform quality work in a timely manner
- Most vendors will be specialized tradesman carrying all required licenses, insurance and being bonded
Cons:
- Some property management companies will add a surcharge or mark-up above the actual cost of any repair work to cover their time in acquiring these bids.
- If work was not completed properly, it may be difficult to get the vendor back on the job.
Another option is coordinating all maintenance work yourself. This may work for you if you have reliable contractors you have work with and are dependable. You can probably save yourself some money but this will involve a bit of your time on your part.
Accounting – Most full service property management company will offer as a customary service some type of accounting procedure. This usually comes in the form of a monthly paper statement itemizing all income and expenses funneled through the management company on your property for that particular month. It will show rental income and any expenses such as management fees, repair costs, lawn care service, advertising charges, lease renewal fees and possibly utility charges. The monies owed the owner also referred to as the net amount should be clearly spelled out on this statement. The monthly statements are usually mailed every month to the owner along with a deposit check for the net amount. You should also be provided with a end year statement along with a 1099 for tax purposes.
With the advancement of online technology many management companies are now offering their owners the ability to view and print their monthly statements via the company’s’ website or online portal. These portals have the ability to store other documents such as the management contract, vendor invoices, pictures of property, inspection reports etc…all at your fingertips.
Another great advantage of working with a savvy property management company is their ability to setup automatic deposit of your monthly checks. No more waiting for the postal service, your deposit checks can be deposited directly into your bank account. Chances are they will also have the ability to setup automatic debit of tenants rent from either a checking account or credit card.
Coming soon: Part 3 of 4 “Make finding a property management company easier on yourself by asking the right questions – Property Management Fees”
Karen McDaniel
Principal/CEO
Property Management Profile LLC
Property Management Profile offers the most up-to-date listing of full-service property management companies nationwide. We have become a wealth of information and resource for the first-time landlord as well as the seasoned investors. We should know what we’re talking about, as owner and creator of Property Management Profile, Karen McDaniel, has owned and managed many of her own properties. Today, all are managed by professional property management companies, so she now has more time to continue her work educating and helping others make better choices when it comes to finding a qualified property management company.
A Guide on Successful Product Creation and Internet Marketing
Product creation in Internet marketing is getting stiffer and stiffer nowadays owing to tough competition between Internet-based businesses. Putting up a new product requires plenty of brainpower and finances along with an ability to take risk. With that, even if you have the product well-set already, you have to position it strategically in the Internet landscape for others to notice. You should get the interest of Web users and turn them to actual customers. Aside from the usual physical products, many different products that thrive well on Internet marketing include E-books, membership sites, and video lectures.
The long and difficult process of product creation begins with ideas. They are easy to get – compared to the effort that comes with analyzing the market for that idea. Before the idea turns to a product, businesses often spend money, even amounting to millions of dollars, to ensure the success of the new product that emerges from an idea. Businesses undertake many types of market research and surveys before releasing their products to the public. Now, you may think that because your business is small, you can’t afford research or you don’t have to do research; you can and you should. The Internet allows you to disseminate materials needed for your market study to many people at once without your having to spend a cent.
It is a common maxim in business: Look at your destination first before mapping out your journey. So what are the goals you intend to accomplish with your product creation ventures? The everyday travails of your business may make you forget the end in sight. On the other hand, prepare to entertain new developments that come to your mind in your product creation. Your conception of a product may have started this way, but a few tweaks here and there along with some market research results and it ends up another way. Take it as the result of a creative process, not as a failure to reach your goal. After all, your product creation activities are intertwined with a long-term goal that you should strive to sustain at your utmost: profit generation. So if your less profitable initial idea evolves to a more profitable product, be thankful!
With your product made up already, start doing some aggressive Internet marketing. A product purchase typically comes after more than five times a customer is exposed to an informative call-to-buy message. Thus it is important to get the contact details, like the e-mail address, of potential customers who are on the brink of a sale. Use the results of your market research to determine the demographics to which you should concentrate your marketing efforts.
With consistent product creation, you can make an inventory of your products that you can market in due time. Just keep making products – the moment you succeed in making and marketing a product, customers are surely wanting more from you, so give it to them. Keep them on your side through constant product creation.