I continue to enjoy amazing younger and newer real estate investors and professionals by talking with them about how many “old school” techniques I utilize and how much they help. Some don’t believe that analytics and algorithms and graphics and surveys only bring part of the story.
Knowing that “63% of potential renters won’t pay $1,500 to rent within downtown (name of city)” is not the full story. I want to know what it would take to get them to change their mind. Analytics don’t always get those answers.
To me, getting honest “no pressure” opinions from a few people directly involved or at time of potential purchase can be more valuable than hundreds of results from an independent survey. Being “first in” for a real estate investment or transaction is about understanding your target audience and providing solutions.
One way to get honest feedback is when the person or people involved do not know you are the boss or an influencer. Human nature includes people asking different questions and providing “more honest” feedback when talking with someone on what they perceive as their level.
For example, an investor I did some marketing work for years ago was close to signing to acquire an apartment building. He was given full access to walk the property, primarily for the purpose of planning repair and value add costs. What he wanted was to know what some tenants “really” thought.
The building had a large laundry facility in which residents paid to use the washers and dryers. On a Saturday morning, he dressed in a t-shirt and shorts and brought in a load of laundry and stood in the room while folding and re-folding his clothes. He engaged several residents that came in, acting as though he was new to the building. Among the questions he got answers to were “Do these machines work all the time?”, “What do you pay for your two-bedroom?”, “How are they about maintenance?”, and “Are you planning to renew your lease?”.
Residents assumed he had just moved in and was one of them. He told me how they clearly gave him honest and much different answers than they would have if they knew he was about to become their landlord. It is much more helpful than finding out “78% of respondents would recommend your property manager”.
Over the years, I have had and been informed of several similar techniques. Having information which is exclusive and no one can dispute can be worth thousands of dollars in your pocket.
Allow my team and me to find the strategies and techniques which help your next investment or client!
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