LANDLORD OF THE MONTH
Drew DeMasters
Drew is the author of the new landlord marketing book, "Landlord Marketing Secrets".
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Landlord Since 1994
State: Missouri
Property Type: Single-family, duplex, and triplex
How I Got StartedBought first rental house at my dad’s encouragement to put my small, but hard-earned savings into something that gains value (like a house) rather than loses it (like a car). The rest is history. This became the start of a family rental business that has grown over that past 15+ years.
Philosophy of the Working Landlord
Spend your time only on what matters most. Outsource or delegate everything else. Do what you’re good at, and you’ll accomplish much more . . . much faster.
How I Do It
Since I live out of state, my dad and family play a huge role in managing the day-to-day of the rental properties. I apply my career expertise in direct marketing with our shared experience in managing rental properties. We are finding that to be a powerful combination.
The Lease...
Our lease has evolved over the years to include amendments and new line items based on best practices or lessons learned the hard way (either by us or other landlords). ''Legalese" can be blinding, so it’s important when signing a new tenant, to sit down with them and verbally paraphrase each section of the lease agreement as you walk through it. This engages at least two of the senses (sight and sound) in helping tenants to remember and understand it better.
Tips on the Landlord / Tenant Relationship
My new book "Landlord Marketing Secrets" is full of them, including – "stop to say thank you to your best tenants" and "show them the value". Keep demonstrating
ways that your tenants benefit by renting from you.
Managing The Rentals...
I have found that two important aspects of being an effective landlord are
1) good 2-way communication with your tenants. Keep an ongoing dialogue with your tenants.
2) run it like a business, because that’s what it is. You are the business owner, your tenants are your customers, and everyone else is an employee or subcontractor. Manage your properties with this framework in mind.
Legal Tips and Words of Wisdom:
1. Look for opportunities to engage with your tenants and build each relationship. Why? Because that’s where the money is.
2. Really, truly know your customer. Understand and anticipate their needs to keep them longer and boost your profits.
3. Time is your most precious resource. Spend it only on what really matters.
Drew DeMasters is a landlord and marketing strategist. His new book Landlord Marketing Secrets is available at www.landlordmarketingsecrets.com
He can be reached at ddemasters@landlordmarketingsecrets.com
The LPA would like to thank Drew for sharing his helpful articles and contributions on the LPA website. His new book, "Landlord Marketing Secrets" is also featured on the LPA's Landlord Books page.
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