Tenant Profitability and Consistency

Consistency is King in everything that you do so you don’t let success and victory slip away from your hands. In today’s episode of The Property Entrepreneur Podcast, Gordon focuses on the topics of tenant profitability and the importance of consistency in everything that you do. In terms of tenant profitability, it pays to know what are the tenant types, what the area’s demographics are, and how much profit do you need to be sustainable. It’s okay if you have to change up the setup in your property; you have to be observant and strategic, so your property business continues growing. In the last part, we also discuss consistency. Being consistent is a characteristic that should be possessed not just for people in business, but for everyone who wants to improve their career, their relationships, and themselves. All of these will be discussed and more when you tune in! KEY TAKEAWAYS Gordon’s highlight of the week: He has been running consistently for the last four months now. His advice is to know your limits and plan accordingly. Don’t overdo it. He had a bad experience in a restaurant. It helps everyone that to move up in their career is to have the ‘owner’ mindset rather than the ‘worker’ mindset. Tenant Profitability You can have a different amount of profits depending on the type of tenants that rent your property. For example, student rental will be lower than a professional rental. Each tenant type has its pros and cons. Make sure to do your research. Remember that you can change your market anytime especially when you’re having problems with the current setup. Observe the demand in the area and your needs also. You can work with the Local Council so you can house people on benefit schemes. In business, an avatar is an ideal customer. It’s created with a complete background, interests, and specific issues. Think about it so it can be the basis of your plans. Consistency Break down the bigger goals into smaller goals, and always celebrate the small wins. Those small wins also mean that you’re getting close and closer to your big goal, so be consistent on getting those small wins. When you take action, make sure to do it regularly – daily, weekly, etc. In the property world, try to see 10 real estate agents a month. If it has become comfortable, then increase the number on the next month. Just remember to do it consistently, so you don’t miss out on opportunities. BEST MOMENTS “Just because you can do more, it doesn’t mean necessarily that you should.” “When you’re in a job, you should be operating in an ‘owner’ mindset, not a ‘worker’ mindset.” “It’s worth having to think about your tenant type and how will that reflect on your strategy.” “If you’re not consistent at getting the small wins, then you’re not going to achieve those bigger goals.” “It’s the consistent actions that take you to the next level.” ABOUT THE HOST Welcome to the Property Entrepreneur Podcast. We don’t know about you, but we’re fed up of being broke and relying on exchanging time for money working for others. Join Gordon Done on his journey to becoming a full-time property investor. You’ll get a no holds barred introduction to property entrepreneurship. It doesn’t matter if you’re completely new to property or you’ve been working in property for years; we’ll give you the tools you need to create a mindset for success. We’ll help you avoid any mistakes we make along the way while giving you the blueprint to any successes we achieve. Join us on our journey to becoming professional property investors and learn how you too can become financially free through property entrepreneurship. “Financially free…Brick by Brick” CONTACT METHOD FB: https://www.facebook.com/The-Property-Entrepreneur-Podcast-519677241877352/ IG: https://www.instagram.com/thepropertyentrepreneurpodcast/ Website: https://www.thepropertyentrepreneurpodcast.com/ Email: [email protected]