Landlords and rental property owners have an audience. Within their audience there are multiple demographics. So it stands to reason that not everything you do will work for all of your audience but you might be able to find common ground by using your paranoia to test your impact.
Scrolling through my email early (and I mean early) this morning I noticed a new article by a group of copywriters at Copyblogger that I follow—Two Words That Will Make You A Smarter Content Marketer.
Big deal, right?
Probably not anything new and most definitely not related to landlords and rental property owners.
Well, often times, I read articles not related to the rental industry and try to find a way to apply them to the struggles, successes and challenges ARPOLA members face every day.
This article focused on the power of testing what works with your audience and what doesn’t. Copyblogger makes a very strong case for experimentation with writing, encouraging copywriters to trust their paranoia and test different styles of writing.
Take a look at those two words in bold. Pretty non-descript. But they can transcend industry. And so can Coppyblogger’s theory.
Let’s translate this.
Can paranoia make us better landlords?
Paranoia is defined as an “intense fear or suspicion, especially when unfounded.” In our case, we are looking at paranoia as a hunch, a feeling or a need to trust your gut.
- Maybe you think your rental ad needs to be jazzed up but your business partner or spouse or employees think it’s just fine.
- Your comps run low and you know there is updating that needs to be done to your properties but you aren’t sure the money will pay off in the long run.
- You’re pretty sure your rental standards are attracting the wrong type of tenant to your property.
What do you do about all of these things?
Can testing make us better landlords?
Test is defined as “a particular process or method for trying or assessing.” No need to qualify this definition for our purposes—it is pretty straight forward. But pay close notice.
Take those three problems above and put them through a process by which your hunch can be explored.
- Write another rental ad. Use the old and new versions on two different websites or in two different newspapers. See which has the most traction. Are you attracting the type of tenant you want? Does it make no difference?
- Low comps make a property less desirable. And we all know spending money can be a pain. Talk to other landlords in the area. Ask them what rooms they updated. You don’t have to make the changes all at once. Focus on the little changes that have the most bang for your buck and see if the comps rise. If they don’t then maybe you’ve got another issue.
- Rental standards are vital and I preach about them on the regular. So please, if you think your standards aren’t making any impact take the time to change them. Regardless of impact you should think of your rental standards doc like a living breathing thing. As fair housing changes, local and federal law changes so should your rental standards doc.
Focus on these two words and see if you change your rental business in a big way.
Happy Renting!
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