Develop An Eye For Detail

Small real estate investors need to remember that the devil is in the details—be as concerned about small details as about big ones. Someone will pay more for an immaculately maintained building than they will for one with average maintenance. Mar-a-Lago is a wonderful example of Trump’s keen eye for detail, which was crucial in restoring this exquisite property to its former grandeur and simultaneously catering to his new elite dues-paying clientele. Trump uses nothing but the best building materials, such as hand carved stonework, imported Italian marble, and other materials compatible with preservation of the world-class aesthetic qualities of the Mar-a-Lago estate. The club has a wine cellar capable of satisfying the palate of any connoisseur. The gourmet chef is famous for his preparation and presentation of a huge variety of dishesThe list is endless. When it comes to maintenance, Trump is truly obsessive. Trump will walk through each of his properties and personally see that all the brass is perfectly polished. If he sees something that needs repair or if an elevator is dirty, he will immediately call it to the attention of the person in charge. If an employee is not wearing a cleaned and pressed uniform, he will spot it. If a staff member doesn’t answer a telephone in a timely fashion, he’ll find out why. At Mar-a-Lago, Trump is forever casting his watchful eye. If something was painted and the color is slightly off, he will insist on immediate repainting.
If a newly planted tree or shrub doesn’t look right to him, he will have it promptly replaced. Perhaps the best example of Trump’s eye for detail can be found in the furniture throughout the estate. Because many of the original pieces were authentic antiques of museum quality, Trump decided to sell them rather than have the pieces subjected to club usage. However, before it was sold, each piece of furniture was photographed and later replaced by an exact replica. Make people want to be in your building because you care about your property. You can do it in the following ways: • Make cleanliness a top priority. • Put money into items that provide some type of service to occupants, rather than simply providing them with living quarters, for example, the superintendent should also provide some customer service like receiving and mailing packages or coordinating repairs.• Give tenants access to a hot tub, or provide a steamunit in a stall shower, or install a granite countertop in the master bathroom. • Install a special lighting fixture or mirror for doing makeup, or a kitchenwith top of the line cabinets, or a kitchen center island, all with lots of storage space, and a well-thought-out design. • Hire a superintendent or building manager who will be readily available and who has a pleasant customer service attitude. When you are looking for the right person to fill the bill, use the services of an employment agency, an appropriate labor union, or a local newspaper. Carefully check all references. • Provide immediate access to a staff of experts; have phone numbers for each trade you approve, so that tenants can call them directly. • Provide a quick response for needed repairs: If you develop a mechanism where complaints are funneled through one location and trigger an immediate response, you will generate significant goodwill with your tenants. There are many other small details that could mean a lot to tenants— ask your tenants what they would like and they will want to stay in your property even if it means paying more rent..

Treat Tenants As Treasured Customers Not As Problems

One of the best things you can do is to hire customer-service oriented and knowledgeable property managers, who have a pleasant attitude. Many landlords treat tenants like they are the enemy. If you look for ways to delight your tenants and provide courteous, fast, service, you will have a great adv...

Treat Tenants As Treasured Customers Not As Problems How You Can Give Great Service To A Small Rental Property

One easy solution to property management is for you, the owner, to live in one of the units. That way you can ensure that the building and grounds are kept clean and in impeccable condition. If you’re mechanically inclined, you can promptly repair and maintain most things that need fixing. In the...

Be Vigilant About Repairs And Upkeep

Throughout this book, I’ve talked about the ways Trump gets premium prices for his properties by offering impressive luxuries people aren’t used to seeing. He will only use the finest marble, and each piece has to match. He will only use mirrored steel and it has to be perfect. It’s one thing...

Plan Several Possible Ownership Timelines Selling When The Market Is Hot

A classic example of timing a sale was demonstrated by Leonard Kandell who made his fortune by constructing and leasing residential apartment buildings in New York City. Traditionally, he was a longterm holder. However, when the idea of converting apartment buildings into cooperative apartments beca...

Holding Strategies Land Banking