Boosting Revenue in Your Investment Properties with Calvin Hexter & Samuel Li
Calvin: Good morning to my good friend Sam Li with PropFit Property Management. Sam, good to have you here today.
Sam: Happy to be here, Kevin.
Calvin: Sam, a question I get all the time is what can I do to improve my rents at my property? With rising interest rates, with rising utility bills, a lot of landlords are having a hard time seeing good profitable numbers like we used to see a couple of years ago. Is there anything in your experience through property management that really helps make the difference in rent numbers?
Sam: Yeah, definitely. Sometimes I find the most underutilized tools a landlord can use is the active property management aspect. They should be more managing their relationship with the tenant. When you want to increase your profitability, sometimes all based on relationship, you can either, when you need to increase your rent, your relationship will bear you to do what’s reasonable, and also your relationship will keep the tenant longer because turnover rate always kills the cash flow too.
Calvin: Fantastic. So the relationship is the one thing that can beat all?
Sam: For sure. If you’re using a property manager, the property manager tends to build that relationship. But if you’re a self-managing landlord, definitely build that personal relationship because property management is actually a customer service business.
Calvin: I love it. Sam, I often get this question as well. What can you do as a landlord to stand out from the rest of the competition?
Sam: If you want to stand out in today’s market, your response time is everything. Just put yourself in the tenant’s shoes. Finding rental places nowadays is very difficult and frustrating. Then if you can show up first in front of them and you provide a good service and respond right, a lot of the time they will just go with you guys because you’re the only one responding to them.
Calvin: Fantastic. Fantastic.
