Creating value in real estate is not a mystery. In this series I will look at several ways in which we at Rho Orion Investments Inc. recognize and create value in real estate.
- The Smart Shopper: In North America we have created a culture of savvy consumers. We recognize and respect the intelligence of our clients. For good managers, a savvy consumer is actually working for you. They are better able to compare and favour your preferred product over your competitor’s suite. They can use your website, floor plans, staged suites, high resolution photos, on-line ads to compare and choose your product. A smart shopper will actually do much of the work for you.
- R.E.S.P.E.C.T:We also respect our resident’s basic dignity. Landlords that do not have respect for their residents & The Rental Tenancy Act deserve the poor reputation that they have. By treating residents with respect and recognizing that they are clients, not “renters” we change the nature of the relationship we have with our residents. We also believe that we can influence in a positive way the resident experience in our buildings, reduce conflict and also reduce damage. This is not only good for everybody, it is good for business. One final thought on this subject is that one of the internal commandments that we operate on is never to refer to our clients as “renters or tenants.” We can and do choose better words to describe our relationship.
- Client Care is Good Business:Often when I speak of my work, the response I get is, “I couldn’t stand your work. I hate dealing with tenants!” I am always slightly taken aback by this comment. I was a tenant for 17 years. Over the time of my tenancy I calculate that I paid roughly $142,800.00 of my landlord’s interest, principal, property taxes, utilities and repairs. Moreover, I improved each rental with small repairs from washer seals and closet glides to paint jobs and linen shelves. I am sure that I also paid for the landlord’s vacations, children’s braces and new automobiles over that term. I ask, what is not to like about a good tenant that watches over, improves and pays for your investment property? Other industries demonstrate better client care because it is obviously good for business.