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Mastering Housing Provision: The Four Keys to Success - Part 1

education freedom housing provider May 14, 2024
4 Step Process

This series of articles focuses on becoming an exceptional housing provider, a role that not only ensures compliance with fair housing regulations but also saves time and money. Through four key steps — Attracting your ideal resident, Implementing a hassle-free marketing process, Setting clear expectations, and Beyond — we can elevate our housing provision game to new heights.

 

One of my mentors, Lenny Cimador, always emphasizes, "When you buy your home, you buy your tenant." This statement underscores the crucial link between property quality and resident quality. Investing in well-maintained properties in desirable areas increases the likelihood of attracting desirable residents. Conversely, neglecting properties in less favorable locations often attracts problematic residences.

 

To align with the terminology shift, I prefer using "resident" over "tenant" and "housing provider" over "landlord." Defining your ideal resident profile is paramount, a task contingent upon your specific real estate niche. Are you focused on long-term buy-and-hold properties, short-term rentals, or catering to mid-term traveling professionals? Do you target high-end or workforce housing?

 

Once you've identified your resident avatar, it's time to tailor your property to attract them. Start by selecting properties in areas that resonate with your ideal resident's lifestyle preferences. Understanding their shopping, leisure, and community needs enables you to offer appealing amenities and features.

 

Moving on to step two, implementing a hassle-free marketing process is essential. While detailing the entire process exceeds the scope of this article, it's crucial for ensuring fair housing compliance. Establishing a systematic approach guarantees equal access to property information for all prospective residents. Prior to implementing such a system, I faced interruptions at all hours, resulting in inconsistent information provided to the prospective resident — a scenario far from ideal.

 

Our streamlined process now grants every applicant convenient access to property details and application procedures without monopolizing my time. Incorporating self-showing options, although many think is daunting, has proven effective in our approach. Rest assured, we have safety measures in place to mitigate any risks associated with this approach.

 

Stay tuned for the next article, where I'll delve into setting clear expectations and further insights into exceptional housing provision.

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