Our Top 10 Investing Blog Posts From 2017
I’m happy to say that my blog was chosen as #10 with my blog about Airbnb and Short Term Rentals!!
Good Management will make the difference between your real estate business making a profit or loss. Finding the missing pieces in your employee engagement effort will increase your bottom profit line. It’s not about providing motivation, it’s about providing good management.
The vast majority of employees start to work for you will have tons of “want to” at least on day one. Most of the workers I have encountered act the same. They want to do a good job, and, furthermore, they instantly have ideas about how to improve their new work place or your property.
On day one they come motivated, they come wanting to do a good job, they come ready to make it better. So what happens? In a sentence, we, as managers and leaders, get in the way of their desires.
Not all efforts at work enrichment and employee empowerment, are unsuccessful. Some people have found a formula that works. Here is what I have observed, if you, as a manager and owner of your business, fail to supply any of the five key elements I list here, you will, sooner or later, de-motivate your employees and steal from them some measure of the power of employee engagement.
Five Key Elements To Successful Real Estate Management
The five key elements are:
1. A Sense of Meaningfulness:
Workers show greater interest in their work when they understand they are working for a meaningful task and when they are serving a higher purpose. This is a question you need to ask yourself. Is your management actions solely focused on the goal of making money?
Do your workers have some way to get input into the things they can affect and the things they should affect?
Do they have ways to control what and how they do things, or are they just following instructions. If it is a “my way or the highway” management style, employees will find the highway as soon as something slightly better appears.
3. A Sense of Accomplishment:
Do your workers have ways to determine whether they have done a good job? Can they answer the question, “How did I do today?” Can they go home knowing they did well? Can they tell each hour of each day if they are doing their job well? Are their visual indicators in place?
4. A Sense of Growth:
Do your workers have a way to contribute and grow as individuals? Can they improve their skills via training? Is there a conscious effort to create “future opportunities,” or does your company supply no sense of hope for the future of the individual? Studies show that company’s that reward their employees
with opportunities to exercise their demonstrated skills, such as writing new procedures or training other employees to their level of competence are far more productive.
5. A Sense of Community:
Successful company’s have a true sense of teamwork at work. Employees have reasons to proudly wear the company logo on their shirts. Humans are a social animal, and if their sense of community is not fed at work they will seek it out elsewhere. You can perform a reality test on these five key elements. For the most part, good business owners understand how to utilize these five elements to acquire and retain their workers.
When renting out your rental property , a homeowner should have a rental contract, or agreement, which spells out everyone’s obligations in order to ensure that both parties are clear as to what exactly the agreement is, and are protected, should the other not hold up his or her end of the bargain.
Writing A Rental Contract
2. Describe the parties to the contract and state the date the contract will be signed. When describing a party, include his or her name, and the title by which he or she will be referred to throughout the contract, such as Guest, Homeowner, or Tenant.
For example, “This Vacation Rental Agreement is being entered into by John Smith, “Guest”, and Jane Smith, “Homeowner”, this 10th day of April 2013.”
3. Describe the property being rented. One or two sentences stating the address of the property and what furnishings and/or appliances are included is sufficient.
For example, “The property is located at 1212 Lawrence Street, Lawrenceville, ON 55555, is furnished, and includes a refrigerator, oven, stove, and dishwasher.”
4. State the term of the lease. One sentence, which states the date upon which the Guest may enter the premises, and the date upon which he or she must vacate it is sufficient.
For example, “This lease begins on May 1, 2017 (“Check-in Date”) and ends on October 31, 2017 (Check-out Date).” 5. Provide the payment details. Include the amount of the deposit and monthly payments due, the date upon which it is due, the form(s) of payment accepted (cash, check, money order, or credit card), the beginning and ending dates of the payments, and the address where payments should be mailed and/or can be dropped off.
For example, “Guest shall pay to Homeowner a deposit in the amount of $700 due upon execution of this Agreement, and then $1200 on the 1st day of each month, beginning on June 1, 2013 and ending on September 1, 2013. Payment shall be in cash or personal check or money order made payable to Jane Smith, and mailed to Jane Smith, 1212 Lawrence Street, Lawrenceville, ON 55555.”
6. Describe your cancellation policy. Keep this simple and easy to understand.
For example, “Should Guest cancel his or her reservation, in writing, at least twenty-one (21) days prior to the Check-in Date, one hundred percent (100%) of the deposit will be refunded. All other cancellations will result in no refund of the deposit.”
7. Describe the terms of your deposit refund policy. A sentence or two stating when the deposit will be refunded, under what circumstances it will not be refunded, and to whom and in what form it will be returned is sufficient.
For example, “All deposits will be refunded by check payable to the first Guest listed on this agreement, within forty-five (45) days of Guest’s Check-out Date. If any amounts are subtracted from Guest’s deposit refund, a complete invoice will be provided to Guest along with any partial deposit refund.”
If you allow guests to purchase a non-refundable deposit waiver in lieu of paying a security deposit, this information should be included in this section.
8. Define the duties of each party. This section can be as long or as a short as needed to completely and accurately describe the duties of each party. Some things to consider including in this section of the agreement are: Condition in which the property should be left. While it seems obvious that a Guest should leave the property clean and undamaged, ideas about what clean and undamaged means may vary. Be specific about what you mean by clean. For example, “Guest shall leave the property swept and vacuumed, with washed appliances and bath fixtures, and trimmed lawn.”
#duediligence, #flippinghouses, #flippingproperties, #marketingstrategy, #new nvestors, #realestate #investments, #realestatestrategies, #realestatestrategy, #rentagreement, #Rentalagreement, #seller #financing, #vacationrentalcontract, #vacationrentalproperties #landlordrentalagreements.
Thanks to Gary Hibbert from Smart Home Choice Inc. for a great interview, it was so much fun talking to you and sharing my story!!
I appreciated sharing my story with you. It brings back such great memories. #ShortTermRentals, #Airbnb, #VRBO, #Expedia, #Booking.com, #MariaRekrut, #GaryHibbert, #SmartHomeChoice, #BedandBreakfast, #VacationRentals, #Condo
5:00 – 7:00 PM
8444 Lundy’s Lane, Niagara Falls, ON
Network, chat and mingle with local real estate investors and business professionals for FREE on the last Thursday at the Boston Pizza located in the Americana Hotel.
This event is FREE and pizza will be provided, you can purchase your own drinks. Bring plenty of business cards to hand out.