Getting Tenants or Buyers Means Changing Views

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The good ol’ days of real estate investment had a lot of never’s and always’s. For example:

Always inform the tenant you are the owner.

Always complete all repairs in a timely manner.

Never let the tenant move in without the utilities in his name.

Never give the keys without rent and deposit money in hand.

These laws and rules were designed to help seasoned and inexperienced real estate investors keep from making the same mistakes over and over again. In real estate’s better days, these rules and laws worked well and also helped to keep buyers and tenants from taking advantage of you.

With the market change, the choices for buyers and renters has become very slim. As a result, real estate investors are finding it tougher to keep properties occupied or exchanging hands. The old rules for real estate have their place, but in a tough market, it becomes necessary to rethink some of the rules. This does not mean dropping the rules and allowing buyers or renters to walk all over you and manipulate the system. This means you have to go back to the drawing board, reevaluate the system, and change the rules to work with the current market conditions.

Challenge your business with a little risk. Everyone wants multimillion dollar clients with spotless credit records. Very, very few people have these characteristics. Being successful right now means finding a way to embrace the potential clients in your area. Does your community have a lot of lower income families? Try designing a program that would help them buy a property or move into a property with little or no money.

Does your community have a lot of migrant workers or immigrants? Maybe your business can help them to find housing, get in touch with the right officials for paperwork, healthcare, and schooling, and only do a 3 month or quarterly lease in order to keep them from losing a lot of money in lost deposits.  Maybe you could even wave part of the deposit with proof they were actively enrolled in and attending school.

Desperate times call for desperate measures. Maybe it’s time we start working with the market we have than trying to create a new market for ourselves.

Remember the Tootsie Roll Pop? It has the least amount of sugar than any other candy, but it is hugely popular with kids and grownups. It was created during WWII and the great sugar ration. The company took the materials available, the current market, and the rules and created a unique candy that to this day is a favorite of generations. You can do the same for your real estate investment business…just do a little creative thinking.

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