Business Success Today

Brought to you by: Randy Elgin
210-232-2310

September 2009

REAL ESTATE
How to Build a Good Relationship with Your Tenants

Creating policies to deal with tenant requests creates a positive landlord-tenant relationship and protects your long-term property investment. Policies need to include time frames for dealing with complaints, tenant-landlord responsibilities, a list of qualified professionals, the various types of common requests that may be encountered and the maximum allowable costing for requests.

Time frames are best when established prior to the tenancy period. During the negotiation process there will be tenant requests negotiated into the Agreement to Lease. Tenant and landlord improvements will be established along with time frames and responsibilities. Responding to requests is something that isn't covered in the negotiation process but contact should be made within 24 to 48 hours of the initial request being received.

Finding qualified professionals to deal with any possibility can be difficult. The property manager should have a list of trusted professionals to deal with any eventuality. This will help when dealing with tenant requests as well as potential emergencies.

Common requests deal with a wide range of items such as electrical and plumbing improvements and changes to the existing fixtures and signage. Having a plan to deal with issues will allow you to handle requests in a timely and cost-effective manner.

Setting guidelines for costs will establish a reasonable approach to dealing with the expense of improvements. Setting a maximum cost for signage and electrical and plumbing improvements will create guidelines for negotiating for improvements and dealing with requests.

    SALES
    How to Create an Offer That Customers Can't Resist

    on_sale.jpgA good offer is a deal that tilts the scale so that value outweighs cost in a prospect's mind.

    In today's economy, people often view price as the most important factor in an offer.

    Yet customers are actually more likely to balk when the value of products and services isn't apparent to them.

    An offer must reflect genuine value to a customer.

    How can you help prospects understand the value of your offer?

    • Relate the value to the problem they want to solve.
    • Express the value in the customer's own words.
    • Relate the value to something specific.
    • Articulate both the short- and long-term value of the offer.
    • Tell your prospects exactly what they're going to get.
    • Compare the value of the offer to the opportunity cost of not taking the offer.

    Getting Attention

    To get customers to pay attention to your offer, make it instantly recognizable and state it succinctly.

    Use strong, simple, bold language and dramatic colors.

    Timeliness is critical, so you should carefully consider your launch dates and follow-up during the offer's duration.

    A versatile offer that includes a variety of products at different price points will appeal to a range of customers and allow you to obtain maximum revenue.

    You need to give prospects a convincing reason to act.

    The offer should tell your prospects exactly what you want them to do.

    Picture credit.

    MARKETING
    How Even Small Businesses Can Create a Powerful Brand

    brand.jpgA strong brand is an invaluable asset. But how can a small or medium-sized enterprise or solopreneur create a powerful brand? And how can you consistently deliver on the brand's promise?

    Your brand incorporates elements of your name, logo, slogan, offerings and business philosophy.

    It identifies your products and services, but even more important, it reflects the personality and integrity of your company.

    It tells customers what they can expect from you, and it differentiates you from the competitors.

    Your brand is derived largely from who you are, the value you deliver and perceptions people have about how you conduct business.

    Effective brands establish a connection between the brand personality and the actual product/service. An effective brand will:

    • Make a clear statement
    • Affirm your credibility
    • Connect with customers on an emotional level
    • Motivate buyers
    • Cement customer loyalty

    It's important that you reinforce your brand at every point of public contact. Your website, business cards, vehicles, signage, letterhead, premises, etc., should all affirm your brand identity.

    A strong brand is a powerful competitive advantage. It's important to spend time researching, defining and building your brand. After all, it is a promise to your customers that you and your employees will live out each and every day.

    Ultimately, your brand resides in the hearts and minds of customers, prospects and the general public as the sum total of their perceptions and experiences with your company.

    Picture credit.

    REAL ESTATE
    How Green Buildings Can Save You Money

    Our impact on the environment is a serious issue requiring global awareness and responsibility.

    It has also resulted in standards and guidelines to govern construction projects and limit their environmental impact.

    There are many benefits to property owners who use green construction practices. Greener construction means savings long after the building is completed, as a result of reduced energy consumption and less waste.
    The U.S. Green Building Council has introduced LEED (Leadership in Energy and Environmental Design) to provide guidelines for developers so they can reduce their impact on the ecosystem.

    It's an internationally recognized green building certification that provides third-party documentation indicating that the construction practices applied to a building improves energy savings, reduces water consumption and limits carbon emissions.

    The standards for LEED were developed by volunteer committees. They used a consensus-based approach to establish a universally accepted rating system.

    The system can be used by industry professionals such as architects, real estate salespeople, construction managers and government officials to establish a sustainable environmental standard. The professionals use the system by applying the guidelines, which allows them to reduce long-term expense and minimize the environmental impacts created by the construction process.
    LEED standards are currently a voluntary set of guidelines governing all aspects of commercial and residential construction.

    Through proper site selection, monitoring water efficiency, reducing energy consumption, and proper use of materials and resources, your company's projects can be part of an environmental impacat solution.

    Projects are judged on a 100-point scale with a possible 10 bonus points.
    The structure for commercial construction gives points for sustainable sites, water efficiency, energy and atmosphere, materials and resources, and indoor environmental quality. An additional 10-point bonus can be attained for excelling in innovation of design and regional priorities with regard to environmental impacts. Buildings achieve certification by scoring at least 40 points on the 100-point scale.

    LEED-certified projects have grown beyond U.S. borders, and projects are taking place in Canada, Brazil, Mexico and India.

    As the world becomes more aware of the damage inflicted by pollution and the irresponsible use of global resources, there will be an increased effort to reduce our long-term impact on the environment.

    Businesses and real estate professionals can drive this change by assuming a leadership role. By adopting these practices, building owners will have the ability to attract higher-quality tenants and reduce energy consumption and waste.
    Ultimately, there will also be cost savings due to lower levels of consumption and superior tenancies.

    For more information on LEED, visit www.usgbc.org.

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