How out of crisis did we find a way to improve our relationship and our way of monitoring the management company that manages our assets?
Although I suppose you, like me, are already a little tired of hearing the word "k" that came to us from every direction,
Here is another projection of the situation that contributed to our business and actually embodied a kind of ‘dare came out sweet’.
The story begins with an asset I located together with the investor, close to the beginning of the civil year some time before the economic effects of the plague.
איתרנו, בדקנו, קנינו, העברנו אותו בטייטל, התחלנו את השיפוץ וכמו כל חוק מרפי טוב, בדיוק ברגע שיצאנו להשכיר את הנכס – הגיחה לה הקורונה ושלחה אותנו למקום שכולו אי-וודאות.
And that uncertainty started to hit us hard, the investor asked me is this really a good time to rent now? And maybe you should leave the property empty? Because what happens if the tenant is fired or evicted, and we can not evict him at all because of the new federal laws?
And what about the money? What does the aid package actually mean? Will our tenant receive assistance or not and even in a problematic situation will we be covered?
I thanked the investor for the truth. That I do not know. Everything just came out now. In fact these were great questions. After giving it our due. I realized that we are not capable of making a decision for ourselves.
I realized that this was a problem that needed more parties to help us, and I decided to involve our management company in the process.
I went up for a conference call with the leasing manager and the company owner and we started discussing the issue and doing a kind of "route recalculation"
After considering all the options we came to the conclusion, should we disqualify or accept a person based on conditions we are used to working with? Why not filter this time according to the source of livelihood as well? It is clear that the likelihood that they will fire the people or take them to the IDF depends on the classification of the business. Cleveland, for example, is the city of clinics.
The thing with Americans sometimes, and I say this in the affirmative, is that they are a little more closed than us Israelis to adhering to framed processes. So I prepared myself for a conversation on the assumption that a management company might object to changes in the tenant screening protocol. This is where the personal connection comes in and with all due respect also the strength of the group, so I asked the company manager to talk.
We agreed that the management company would transfer tenants from a stable employment profile to the property owner. And it was not long before the tenant we were considering entering the property worked in a profession we thought was stable enough. teacher!
The tenant of course was unaware of our considerations and actually applied based on the original price, and then we actually won twice!
Because not only did we take an informed gamble on a tenant (tap tap tap pays safely by this moment since the rental) but we didn’t even have to be “attractive” and lower the price of our rent at all.
We were able to produce certainty in a time of uncertainty. The investor and I, the management company and the tenant, were all satisfied.
In fact, the idea was so relevant that we decided to adopt it from now on with every new tenant coming to rent one of our properties.
The better thing that has happened is that in recent months we have started focusing on marketing clinics. For example in targeting a friend brings a friend or rather a tenant brings a tenant. I will not prophesy, but in a health crisis the medical industry will probably be the last to suffer financially. We have internalized this idea of employment classification.
What is the morality of the mind?
In every process there is room to innovate, refine or update. We always checked the source of the tenant's livelihood. And yet, apparently without the corona I would never have thought to filter by the tenants' source of livelihood
2. In any business in a normal situation and certainly in a crisis, a close conversation with the staff can lead to creative solutions and successes. This is a test point for your team.
And here is the deal specification.
Well done dude, out of the box thinking and execution that brought results in the field, aspired?
Thank you very much Nir Babjani, a beautiful example of conduct and communication!