Attracting The Right Tenants Is A Subtle Art

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When you are invested in real estate, it can be difficult to know what step to take next. One of the most important things about the whole process is knowing how to attract the right tenants. Getting people interested in your property can be surprisingly difficult. A lot of people get into real estate thinking that it is a walk in the park. Some even seem to have this idea that tenants will just fall into your lap. However, the truth is a little more severe. For most people, it is a matter of continually finding ways to try and attract more and more people to your properties. It is highly competitive, no matter where you are in the world, and you need to know the tricks. In this article, we are going to have a look at some of the more basic tricks behind attracting tenants. Let’s take a look.

 

Know Your Target

The truth is, most people come to real estate from completely the wrong angle. The majority of investors will buy a property and then go hunting for tenants to fill it. However, it is likely to be much less hassle if you do it the other way around. Before you even go shopping for that first property, you should have a target tenant in mind. If that sounds complex, don’t worry – it’s not. It is just a matter of thinking about a certain key demographic, and then looking for a building to apply to it. If you have a target tenant in your head when you are looking around, then it is more likely you will be able to fill the property.

 

Emotional Promotion

At some point, you will need to get engaged with the process of promoting your properties. This can be quite a difficult affair, and it is likely you will want the help of a realtor. However, there are certain attributes which all the best promotional efforts have. It is a good idea to get to know the tricks and tips as well as possible. One of the main things which tends to draw people in is that the promotional material is emotive. With genuine emotion, you are more likely to draw people in faster. This is best expressed through the architectural visualization itself. But it does apply to all parts of the advertising. As long as you are evoking emotion in your potential tenants, you will be more likely to attract them.

 

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Focus On Efficiency

Let’s now take a look at the actual property itself. If you are keen to attract as many potential tenants as possible, you need to ensure it has everything you can possibly give it. The priorities are worth knowing here, so that you know where to spend your time. The research shows time and again that people really favor energy efficiency above all else. Therefore, work hard to ensure your property is as efficient as possible. This will make it much more likely to be attractive to more people.

3 Avoidable Errors People Make When Investing In Overseas Property

For anyone who has dabbled in the world of domestic real estate investment, the obvious next step is to expand your portfolio and begin to look for opportunities overseas.

There are a great number of benefits to this choice, not least the ability to protect your overall investments from the irregularities of the domestic housing market – but the process of investing overseas is rarely as simple as one might hope. Below, we’ve detailed the three most common mistakes people make when investing in overseas real estate, as well as some advice on ensuring you’re able to avoid the same issues as you progress along your own real estate investment journey.

#1 – Over-focusing on popular locations

There are numerous hotspots across the globe for those looking to invest in property overseas, and you will likely be drawn to these hives of activity also. While it’s generally positive to be led by demand, over-focusing on these popular, of-the-moment destinations can cause you to miss the potential elsewhere.

While it’s always worth looking into the possibilities in the cities and countries most famed for providing excellent opportunities to overseas investors, it’s helpful to also expand your scope further. There are countless real estate investing opportunities outside of the more in-vogue choices, all of which can be just as profitable – if not more so – than the better-known options. By expanding your horizons, you may be able to find the hidden gem that is the perfect choice for your property portfolio.

#2 – Lack of research

The purchasing of buying homes, offices, or commercial buildings seems relatively uniform, as if it would be similar throughout the developed world – but, unfortunately, this isn’t the case. Assuming that the process of buying will be as simple as the domestic process you are accustomed to is likely to lead to more than a few unpleasant surprises, some of which may be severe enough to derail your plans.

When you have settled on a country or city as the location for your property venture, a long period of research should begin – before you look at properties. Take the time to understand the market, the local customs, and the tax laws; when you’re confident you know what is required, you’re ready to take the next step.

#3 – Failing to account for language-related delays

If you are buying property in a country where English is an official language, then there are no particular concerns in this area. However, if you’re buying in a non-English speaking country, it’s vital to note the difficulties the language barrier will present – even if you speak the local language fluently.

Many investors assume that language will not be an issue when investing overseas, especially given the raft of translation and interpreting services that can help overcome this issue. However, translation and interpretation take time, which will impact your overall progress on your investment. While this is manageable, you do have to be aware of it and plan accordingly to ensure you’re prepared for the occasional long delay.

In conclusion

In many ways, investing in real estate overseas is similar to the domestic market – the process of finding the right properties to meet demand is the same, and you’re subject to similar influencing economic factors. However, overseas investment can also be incredibly difficult; by avoiding the most common mistakes as described above, you can be confident of making the right decisions as you look to expand your portfolio abroad.

15 Things Your Business NEEDS To Know About Personalized Emails

If you’ve heard it once, you’ve heard it before – email marketing offers the highest return on investment of every other form of marketing there is. And considering that the ROI is an average of $38 for every $1 spent (that’s a whopping 3800%!), it is no wonder that even companies with a tiny little marketing budget are jumping on the bandwagon.

Now you might think that a ROI that high can’t be beat. But according to a study done by DMA, one in 5 companies are reporting ROI’s as high as 70:1! So what are these companies doing that is so special compared to what all the rest are doing? Well there is no way to provide an exact answer, but one factor is probably that they’re personalizing their emails with anything from the subscribers name in the subject line to dynamically adjusting content based on their subscribers data. There’s also the fact of using an email list cleaner that helps them keep their contact database valid for the best performance.

Back in 2013 Experian reported that only 70% of brands were actually personalizing their communications with subscribers, while a more recent report by Adobe says that the majority of brands have basic personalization in place. However nearly one third of Tier 1 retailers (annual sales exceed US $1bn) say that they have limited or no capability to support personalization efforts. And that is shocking because email personalization isn’t that difficult!

No matter the size of your company, or how large your list of subscribers is – email personalization is relatively easy to implement. And the nice thing is that many of the more established bulk email providers support the sending of personalized emails! Now if the stats you’ve seen so far don’t shock you into building personalized email campaigns – then maybe the following email personalization stats will!

  1. In a research report titled Email Marketing: Get Personal With Your Customers, Aberdeen Group revealed that click-through rates are improved by an average of 14%, and conversions improve by as much as 10% when subscribers receive personalized emails.
  2. In another more recent study by Campaign Monitor, unique open rates had increased to 29% and unique click through rates to 41% when comparing personalized email campaigns to non personalized ones.
  3. The same study showed that simply personalizing the subject line of an email can improve your open rates by as much as 37%. And by implementing the most basic of personalization techniques, which is essentially just segmenting your email lists, you can increase your email revenue by as much as 760%!
  4. Although website analytics, namely the ability to track the activity of individual visitors on a site and keeping a record of a buyers past behavior has vastly improved; only 39% of online retailers are using email to send personalized product recommendations.
  5. And this is despite a survey by MyBuys Inc. And The E-tailing Group Inc. that found that between 39% and 41% of consumers purchase more often when they receive emails that are personalized based on their past interactions with a retailer, their past purchases, or their on-site browsing.
  6. A study by Listrak reinforces this with their report that revealed 80% of consumers find it helpful when emails from retailers feature products based on their past purchases, with 71% liking emails that feature products based on their browsing behavior.
  7. Although Digital Trends found that 88% of consumers think that companies should give them the option to decide how their personal information will get used to personalize their shopping experience, as much as 73% of consumers said that they prefer to shop with retailers who make their shopping experience more relevant by using their personal info.
  8. A report by Infosys shows that 59% of shoppers who have experienced personalization believe that it had a significant influence on their purchasing decisions, while 89% of shoppers who have engaged with retailers via social media channels believe those interactions have also impacted their choices while shopping.
  9. A study by Chadwick Martin Bailey revealed that the two main reasons why consumers like and subscribe is because they want to receive discounts and special offers, and to take part in a specific promotion. Personalized email campaigns allow you to provide relevant content that is more likely to keep them as subscribers.
  10. The two main reasons that subscribers in the U.S. will opt out of emails from a business or non-profit is because they are receiving too many emails (69%) and because the emails they are receiving are no longer relevant to them (56%).
  11. In a survey of more than 1100 digital and ecommerce professionals, Econsultancy and Monetate found that 94% of businesses feel that personalization is critical to both their current and future success.
  12. According to Demand Metric, 78% of consumers feel that a company who takes the time to provide them with custom content is actually interested in building a good relationship with them.
  13. The Experian Data Quality Study discovered that the biggest challenges with personalization are gaining insights quickly enough, having the right amount of data to properly personalize emails and subscriber data that is inaccurate even though it is the subscriber who provided it.
  14. In a study conducted by Janrain, it was discovered that 77% of customers would trust businesses more and be more willing to provide personal info if the business explained how they plan to use the personal information provided to improve the customers online experience.
  15. According to a study by Gleanster, emails that combine segmentation techniques, a personalized greeting, product or service recommendations and the use of custom database fields in their copy deliver up to 360% higher conversion rates than a broadcast message that uses nothing but a personalized greeting.

As you can see, email personalization has a lot going for it and as long as your subscribers list is not filled with people who are paranoid about their online privacy – then personalized email campaigns are probably one of the best things that you can invest in. And that holds true for every kind of business – from a small content blog or local business to a massive ecommerce platform or multinational company!

Email personalization obviously starts with some simple data about your subscribers, and between email and website analytics you may be able to glean a fair amount of info without asking a single question. But if you want to be absolutely certain that your emails are relevant and that the information you’re using is accurate then take the time to build an en email preferences and customer info page, then send an email asking your subscribers to update their details.

Then start building customized emails, enjoy the benefits and let us know how your personalized email campaigns are doing!