Excuse Me, Can I Be Your Partner?
Over the past 2 weeks, I was meeting with a few people who has read my book. Some of them wants to be my business partner. I thought, what a great idea! So I considered in great depth as to how this can work. I think the following arrangement would be ideal.
From the beginning, the partner will be advised on what kind of properties to acquire for our specific purpose. The math and the calculations will be done to ensure that such a property can generate sufficient Net Operating Income (NOI) to be considered as economically viable. I will also provide guidelines on how each room is to be decorated and presented to the market audience. Marketing strategy and viewing management will also be planned to maximise tenancy opportunities. This is the first step to maximise your profits while reducing your risks.
After the tenants are in, I will manage the tenants to ensure they are happy with the place they are going to call home for this period in their life. Tenant management can be pretty tricky since people are unique and it takes someone with diverse experience to manage and care for the issues they face. This is something that can help them to continue staying in the apartment or move out the next opportunity they get.
I will also be organising events to engage the tenants to ensure they are more than happy to stay on with us and also to recommend their friends to consider us in the future. Word travels and if you are good, people will flock to you. Engagement is something that is going to ensure your business will continue to prosper in good times and bad.
I think this method of partnership is a win for me, a win for the people who want to be my business partners and a win for the tenants.