A Long-Term Landlord's Guide to Rehab a Rental
Just for fun, I'd like to suggest that long-term landlords should carefully distinguish the difference between making repairs and rehabbing their rental.
And when they have an opportunity to make an upgrade, they should follow a sequence for maximum benefit.
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The above graphic is a landlord-centric version of Maslow's Hierarchy of Needs.
It's my attempt to illustrate Maslow argument that:
1. Our needs can be grouped and prioritized
2. Our needs must be sufficiently satisfied before we can aspire to satisfy the next higher set of needs
3. It's our nature to want to climb the pryramid
Would you agree that a tenant won't full appreciate their landlord's holiday card (love) if they climb wobbly stairs everyday (safety)?
Do you think there's an optimal sequence to rehabbing a rental (not repairing but upgrading)?
Comments (5)
Hey Al, I remember that ol heirarchy from my college psychology class! It makes total sense in this way (much more than it did when I was in college!) I personally need to do more in the "feeling loved" category. I like the birthday card thing. I wonder if there is some kind of online automated cheap way to do this? Nice stuff though Al!
Brandon Turner, about 12 years ago
Jeff S, Bill Gulley and Shane Woods Thanks for weighing in. I'm looking for peer feedback before including this graphic in an e-course I'm creating. You're input is much appreciated. Personally I'm trying to lift my Class C apartment to a Class B-. My theory is that Class C units have Personal Safety issue and Class B have Appreciation/Love/Belongingness issues. I've addressed our safety issues so I'm ready to stretch. I'm very suprised that my thinking is pointing me to address touchy-feely issues. Maybe I'll start with a satisfaction survey.
Al Williamson, about 12 years ago
Great stuff Al Williamson. This should be everyone's outlook :)
Shane Woods, about 12 years ago
Playing to the Id is just good marketing! All of my tenants got Holiday Cards in December, so long as there was no really adverse situation. Showing an interest in others and that you care is the best public relations mission you can have in business and in life. :)
Bill Gulley, about 12 years ago
A real frustration for me has been finding reliable help and not having time to do much myself. Many things come up short under these circumstances. Having recently been able to devote time to working on a property and making it really nice was very satisfying for me and a bonus to my customers too. Positive feedback is a good thing. Having time is a luxury in life that only few can appreciate. Using it correctly can push you up that ladder.
Jeff S., about 12 years ago