Issue #2661
- WEALTHY: When to say yes to your tenants’ requests (Julie Broad)
- HEALTHY: How to improve your mental acuity (Matt Furey)
- WISE: Scott Hamilton on the “ego thing”
ALSO IN THIS ISSUE:
- Should you be easily accessible to your customers? (Bob Bly)
- 3 ways to self-sabotage your networking efforts (Jason Holland)
- It’s Good to Know… about online music sales
- Add “sallow” to your vocabulary
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A Formula for Dealing With Tenant Upgrade Requests
By Julie Broad
My husband and I recently turned down a tenant’s request for blinds in the living room of one unit of a triplex. (They were unhappy with the “dirty curtains” on the window.) At the same time, we agreed to put a new toilet in another unit.
Our tenants can easily figure out that we’re bringing in nearly $4,000 in rent per month ($1,000 positive cash flow for us) from this property, so they may think we’re being stingy when we refuse their requests for improvements. It’s a business though, so we grant tenant requests only if spending the money will generate more revenue or reduce our costs.
We consider a few things:
• What are the costs of not doing the renovation or upgrade? (Is the tenant likely to leave – and what will that cost us if they do?)
• Is there another way to address the problem?
• Can the expenditure be delayed?
If the expenditure seems to make sense, we do a final calculation:
Total Cost of the Upgrade or Renovation / New Money Earned (or Money Saved) each Month = Number of Months It Will Take to Recover Our Costs
As a general rule of thumb, if you can recover the cost of items under $1,000 in 12 to 18 months, the money will be well spent.
In the case of the blinds, the tenant wouldn’t pay more rent to help cover the cost. And since only custom blinds would fit the large windows in that unit, it would take years and years to repay the expense… even if they did pay us more rent. Instead, we agreed to pay for dry cleaning the curtains, which cost less than $100. We’ll get no direct return on this investment – but since the tenants wanted the “dirty curtains” replaced, this will keep them happy.
In the case of the toilet, we decided that getting rid of the grungy old one would not get us higher rent but it would make it easier to attract and keep good tenants in that unit. And by replacing it for the current tenant (instead of waiting until they moved out), the tenant’s father (an experienced plumber) would install it for free. Plus, we’d be replacing a water guzzler with a low flush model that would qualify for a $75 water conservation rebate from the City of Toronto. The formula of benefits looked like this:
$250 minus $75 rebate = $175 Cost of the Toilet
$175 / $10/Month in Water Savings = 17 Months to Pay It Off (not including the $80 saved on installation)
This made replacing the toilet a very appealing use of our cash.
Just remember – real estate investing is a business, and you need to get a return on any money you spend… even if that return is simply in cost savings.
[Ed. Note: Real estate expert Julie Broad can show you how to create your own million-dollar real estate portfolio with her new program. Get all the details here.]
“I’m very accessible. I don’t get into this ego thing.”
Scott Hamilton
Why Your Favorite Guru Won’t Take Your Phone Call or Return Your E-Mail
By Bob Bly
My readers often complain to me that the gurus they follow are aloof and inaccessible. You can’t reach them by phone… and either you get no reply to your e-mail or you get a reply from an auto-responder.
They feel that this is rude – and it makes them angry. After all, they bought the guru’s book or program… or might someday soon. Doesn’t that entitle them to some personal time and customized advice from the guru himself?
Well – yes and no.
I answer my own phone… and reply to my own e-mail messages. But I don’t think other authors and info marketers are obligated to do so (though I think they should).
When you buy a Stephen King novel, you understand that he does not have to discuss the plot with you – and most likely will not. In the same way, when you buy a business book for $20, you are purchasing the contents – and nothing beyond that. The author may also consult and speak, but he charges thousands of dollars for those services… and buying his book doesn’t entitle you to them.
One famous consultant complained to me that some of the subscribers to his free e-zine have the gall to call him up, ask for free advice, and then grumble when they don’t get it.
“Do they not realize that my paying clients get first dibs on my time?” he asked me.
I do. It makes sense to me. And I hope to you too. Still, I want to help my readers as much as I can.
So how do I respond to queries and complaints, both phone and e-mail, without becoming overwhelmed – and unable to get my work done?
For e-mail queries and complaints, about 90 percent are routine (e.g., did not receive a product they ordered on my website, can’t open the PDF of an e-book, etc.). These I pass on to my assistant, because she can handle them better than I can.
About 10 percent require a more thoughtful answer. These I answer myself – via e-mail or sometimes a brief phone call.
Tip: When a customer registers a problem or complaint via e-mail, calling them on the phone and helping them one-on-one converts them from a complainer into a rabid fan. They are shocked that you actually took the time to call – and care enough to resolve their problem personally.
Of course, I can’t talk to everyone all the time. So I use caller ID to screen my inbound phone calls.
After the call, I listen to the voice mail. If it’s routine, I pass the request or complaint on to my assistant. If it’s a situation where my personal attention would add value or create more satisfaction, I return the call myself.
If you’re an information marketer, you’ll find that people you don’t know are going to try to pump you endlessly for free consulting over the phone – and you want to avoid falling into that trap. Public speaking expert Patricia Fripp has a great technique that I learned from her and use with good results for handling these brain-pickers. When someone who is not a client wants to ask me questions, I say: “My time normally sells for $500 an hour. I will give you five minutes – starting now.”
This makes the caller understand that your time is limited… and that by talking with them without charge, you are doing them a favor and giving them something of value.
Five minutes may not seem like much – but at $500 an hour, five minutes of my time is worth almost $42. That’s a generous gift to give a total stranger. The time limit also forces callers to get to the point, not waste my time with long explanations, and listen to what I tell them without debate or argument.
Here’s another way to save time on answering questions from readers:
Produce content – an FAQ page on your website, a blog, a newsletter, a special report, an information product – on the topics you are asked about most often. Then, when people ask you for advice on Topic X, give them the URL of the website where they can either read your content for free… or purchase your information product on Topic X.
Have I been clear on how to handle inquiries from clients, customers, prospects, readers, and fans? If not, I expect you’ll call or e-mail me for clarification – and I welcome hearing from you.
[Ed. Note: Bob Bly is the author of more than 70 books and an undisputed master of the art of selling. Subscribe to his free e-zine, The Direct Response Letter, and claim your free gift worth $116.
Have a question for one of ETR's experts? E-mail us at AskETR@ETRFeedback.com.]
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Networking the Wrong Way
Networking is a great way to establish personal connections with people in your industry, whether you’re interested in joint ventures, finding a business partner, seeking funding, or looking for a new job.
But do it wrong and you can burn a lot of bridges. Here are some things you should not do:
Be too vague. Your friend passes on contact information for a consultant that you know will help your business – so you give him a call. But instead of briefly describing your problem and asking for specific advice, you tell a long rambling story and then ask: “Can you help me?”
Prepare for the call by honing your elevator pitch – a one-minute, specific summary of who you are and what you need.
Bombard the contact with “follow up.” Let’s say you’re given contact information for a CEO who’s looking for your type of freelance services. Make your pitch with a phone call or by e-mail. Lay out your expertise and tell him what you can do to help him. Then let him carry the ball. Don’t send daily e-mails “checking” on the status of the hiring decision. Nagging isn’t going to get you the job. If he’s interested in you, trust that you will hear from him.
Forget to follow up with the “connector.” When you’re introduced to a great contact don’t forget to say thanks and offer to reciprocate or help in some way.
[Ed. Note: Networking effectively is just one skill you can learn with Unscrew Your Life, Early to Rise's monthly newsletter dedicated to helping you navigate the trials and travails of daily life, whether you're at home, at work, or anywhere in between. Find out more here.]
Relaxed Mind – Relaxed Body
By Matt Furey
It is imperative that you learn to relax, physically and mentally.
Why is this? Because a mind that is filled with stress cannot easily transfer a positive mental picture to your subconscious.
The good news is that regardless of how much stress you feel, you can learn to relax very quickly. Regardless of how much of yesterday you are carrying into today, you can get yourself to emotionally unwind and let go within seconds.
One of the fastest ways is to pay attention to your breathing.
Watch yourself breathe. Inhale deeply. Pay attention to the air filling your lungs. Exhale deeply. Feel the bad energy leaving your body.
After a few deep breaths you’ll wonder where all the mental stress went – and once you get your muscles to simply “let go,” you’re ready to work on improving your self-image. You’re ready to begin building the NEW YOU – the person you instinctively know you can be, the person you really really want to be.
It’s a great idea to visualize the new you for a few minutes just before dropping off to sleep. But be careful. Avoid the temptation to lie down for your “Theatre of the Mind” session. Sit up in bed or on the side of the bed with your feet on the floor. This will help you avoid falling asleep before you get to the highlights.
If you visualize before you fall asleep your subconscious mind will work on your goals while you’re in a dream state. And that’s a wonderful thing to know.
If you doubt that what you think about before sleep will have an effect on you the next day, consider this. Most people go to bed with a final thought of “I’m tired.” Hence, they wake up tired.
The very first time you say to yourself, “Tomorrow I’m going to wake up feeling totally energized and refreshed” – you will discover that you no longer wake up feeling tired.
Try it if you don’t believe me. I dare you.
Here’s another example of how you bring ideas into your dream state:
Yesterday I was practicing my kung fu form in the park. When I got halfway through, I had a surprising revelation. I remembered how I was practicing some improvements I wanted to make in my form while in my dream state. And there I was, doing my form in the waking state with the improvements in place.
I didn’t consciously try to make those improvements. They happened subconsciously while I was dreaming and carried over to my waking state.
Made me wonder… in which state am I getting more accomplished?
[Ed. Note: Want to get more accomplished while you sleep as well as while you're awake? Then latch onto the powerful, dynamic, and magnetic self-image exercises in Zero Resistance Living. This program will change your life... FAST. Go here and order NOW.
For more ideas about how to beat stress, sign up for ETR's FREE natural health newsletter here.]
It’s Good to Know: Online Music Sales
The music industry as a whole continues its downward slide. According to the International Federation of the Phonographic Industry, sales of music in North America dropped 18.6 percent in 2008, to $4.98 billion. CD sales alone dropped by almost a third. Not good news for brick-and-mortar retailers like Tower Records and Borders.
Meanwhile, sales of digitally downloaded songs, online subscription services, and ad-supported streaming music on websites grew by 16.5 percent, to $1.78 billion.
(Source: eMarketer)
== Highly Recommended ==
6 Steps to Success in 2009
When a toddler is first learning how to walk she starts with a series of small steps.
It’s scary at first. Holding onto tables, chairs and anything else within reach, she hesitantly moves forward.
Occasionally she’ll fall down, but she gets right back up and tries again.
Your path to success is just like that.
Success, like learning how to walk, is something you work towards and it begins with one step followed by another.
Like a toddler, you won’t be left alone as you journey towards success.
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Word to the Wise: Sallow
Someone who’s “sallow” (SAL-oh) – from the Old English for “dusky/dark” – has a sickly, yellowish complexion.
Example (as reported by The Sydney Morning Herald): “‘After several days of flying in space, the astronauts may look wan and sallow, so medical staff will put make-up on them to make them look ruddy,’ the newspaper said.”
[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]
Copyright ETR, LLC, 2009
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I’M RETIRED FROM AN ELECTRIC UTILTY COMPANY AND UNTIL RECENTLY NEVER CONSIDERED WIND GENERATION; BUT HAVE DESIGNED A BETTER CONCEPT THAN NOW IN USE TO ALLOW LESS WIND SPEED TO GENERATE POWER AT A MORE EFFICIENT RATE; AND I BELIEVE WOULD BE LESS UNSIGHTLY THAN WINDMILLS. AND COULD ALSO BE INSTALLED LOCALLY FOR INDIVIDUAL USE OR IN SUBDIVISIONS; AS SUPPLIMENTAL POWER WHICH WOULD BE AN AID IN THE EVENT OF THE ‘CAP AND TRADE’, IF IT BECOMES A LAW.