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3 Tips for Starting Your Rent Roll from Scratch (Ellen reads her blog ep #6)

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Welcome to The Rent Roll Starter Podcast with me, Ellen Bathgate.
This podcast is for you, the rent roll owner.  You’re going to love it if you want ways to get more leads into your rent roll and tips for running your Property Management business.
Today’s episode is the final in our 6 part series: Ellen reads her Blog.
This is the recording from a Facebook Live I just recorded recently where I share 3 things you MUST do in the first 3 weeks of starting your rent roll.
But here’s the good news.  Even if you’ve already started your rent roll, it’s not to late to check these 3 things off your list.
Want the links to all the tech tools and resources Ellen mentioned in this episode?
Read the original article here: 3 Tips for Starting Your Rent Roll from Scratch
5 Hot Tips for Starting Your Own Real Estate Agency (article from my friend Kristen Porter from O*NO Legal )
Extra Rent Roll Growth Training: 5 Ways To Grow Your Rent Roll
How I went from being TERRIBLE with video to being TOTALLY okay with it! (article)

Want to read the transcript instead of listening to the episode?

 

Welcome to the rent roll starter podcast. My name is Ellen Bathgate and I’m a property manager, turned rent roll owner, turned rent, roll growth coach. If you want to discover how to grow your rent roll using cheap and often free marketing strategies, you are going to love the rent roll starter podcast.

Welcome to the rent roll starter podcast. Today’s episode is a recording from a Facebook live. I did all about three tips for starting a rent roll from scratch. So if you are starting your rent roll in the next six months, or even if you’ve started recently and you just want to go through the things that I would do differently. If I was first starting a rent roll from scratch. And again, then I think you’ll love this episode. This episode is part of a series called Ellen reads her blog, where I go through a recent blog that I wrote and read it for you, but also expand on it a little bit more. So if you were thinking about starting a rent roll, or if you’ve started a rent roll from scratch yourself, I think you’ll love this episode episode. Let’s jump in.

Well, hello and welcome to episode six in side. The, this is actually the final episode in this series of Ellen reads her blog. If we haven’t met before, my name is Ellen, and today I’m going to be reading one of my books, you and adding a little bit to it because this one, I’ve got some extra stuff to add to the mix today. So if we haven’t met I’m Ellen, I run rent roll starter, and we help rent roll owners to start and grow their agencies using cheap and often free marketing strategies because I love free stuff. So today we’re going to be reading a blog. I wrote a little while ago. That is all about starting your rent roll from scratch. So if you are thinking of starting a rent roll this year or next year, this is something you’re going to want to listen to.

And if you’ve already started your rent roll, it’s not too late for you. So you still might want to jump on to jump in on this episode as well. So whether you are watching this live or listening to it on podcast later on, this is going to be an awesome episode for you. If you are thinking you’re going to start your rent roll in the next couple of years, or if you are in the first couple of years of studying your rent roll. So what I want to do is I’m going to open up my screen so that you can see the blog that I’m going to be reading. So let’s get started by reading this blog three tips for starting a rent roll from scratch. When I first started my rent roll, I did not have someone to tell me what I needed to do to start at the right way.

And let me be honest. I made a bunch of mistakes along the way. So if you’ve decided that it’s time to start your own rent roll, there are three things you must do in the first three weeks of getting started. But I can hear you ask the question. What if you already own, what if you already own a rental? What if you are already I rent roll? Oh no. What are you doing? You can still look at these three things and they show you’ve checked the box on all of them for yourself. It is never too late to take these three steps. So before I keep reading, I just want to reassure you. It’s okay. If you have already started your red role, you will still be able to check in on these things and make sure that you’ve done them already, because maybe you have maybe you haven’t.

All right. Let’s keep reading this article. All right. Step number one or tip number one is get the bullring legal advice. When you first start a business, you want to save money. So when a lawyer tells you that they charge $800 an hour to talk to you, it’s an easy thing to avoid. In fact, most new rent, roll owners, the rent roll owners often tell me that once they get to about 50 properties, then they’ll hire a good business lawyer. I don’t know if you’ve ever felt like this yourself. I don’t know if you’ve already started a rent roll and you know what this is like, but I hear this all the time that, that, you know, you’re first starting out and you first talk to a business lawyer and they say, yeah, it’s going to be 800 bucks an hour to talk to me.

It’s like, I don’t have a hundred bucks an hour. And if you’re anything like me, you’re not even interested in the boring legal stuff like that just doesn’t even interest you. So it’s like, I want to spend $800 an hour talking about something that doesn’t interest me, but let’s keep rating. But getting legal advice is the most important thing you’ll ever do in your business. You must determine the best. You must determine the best entity structure for your business. This means the entity structure that will work for you now, like when you first start, but also in the future, you need to know how to structure your business best. If you’re taking an investor or a business partner. And let me tell you, I talk to lots of people, starting rent rolls from scratch, who takes silent investors like solid business partners. You must know how to create an exit strategy for your business and for your business partner too.

If you’ve got one, you need to know how to set yourself up for tax reasons. So, so your lawyer needs to be able to talk to your accountant and with all the different types of taxes out there, you got to prepare for this. And I’m just going to stop reading because I just want to, I want to dive into this. I know that so many people I talk to will take an investor to get started in their rent role. So you need to make sure you’re set up for that, that you are well-structured for that. I know the option for that. I know so many people who start their rent roll, and maybe you don’t even plan on selling it. Maybe you plan on having your kids work in the business and take over the business eventually. But even that transition from you, owning it to your kids, owning it means that you need a lawyer to make sure that you are set up correctly.

So there’s so many things you need a lawyer for in the early days, let’s keep reading. He is the truth about the boring legal advice. It will feel expensive. It will feel boring, and it will feel like overkill. Especially if you work with a lawyer who really understands rent, roll ownership, but if you don’t, there’s a fair chance that you will wish that you did. So before you start your rent roll, get the boring legal advice. Don’t stress. If you’ve already started your enroll though, just find a lawyer who understands rent, roll ownership, and get that legal advice for your business right now for your business right now. So it’s not too late. If you’ve already got a rent roll in place, this will ensure that you stay protected and continue to grow with the best business structure for you. So if you need really great legal advice from a lawyer who knows all about starting a rent roll, I have linked, uh, wherever you are watching or listening to this.

I have linked five hot tips for starting your own real estate agency, which is written by Christian Porter from Ono legal. So she will be able to help you with that. And just reading that article. I popped that on the screen here. If you’re watching this live, it’ll also be in the show notes. If you’re watching the replay, make sure that you go and read that article just to get you started. Let’s keep reading tip number two, get away from your computer. When I first started my rent roll, I did three things. I chose my property management software at my computer. I selected a business name at my computer, and I built a website for myself also, also at my computer. And then I waited for landlords to call me here’s what happened? They didn’t, nobody called me. Nobody asked me to do an appraisal. Nobody wanted me to manage their investment property.

So I sat at my computer. I designed a new listing kit. I wrote all my template, emails and volts. I created all my systems and procedures. I created a brochure to do letterbox drops, and I even designed my full lease science. I sat at my computer wondering why landlords weren’t calling me for about six weeks. That’s right. No money, no clients, no nothing for six weeks. I didn’t start growing my rent role until I stepped away from my computer and got out into the real world. So when you decide to step away from your computer and grow your rent roll, here’s what to do. Get yourself into an organized business networking group. You’ll likely have to pay to join a networking group like this. And you’ll use a group like this, and you’ll usually have to attend the group meetings every single week. And you’ll likely have to do this early in the morning.

Cause they usually breakfast meetings. I’m just gonna stop grading just for a moment because with everything that’s going on in the world at the time of recording this more than half of Australia is in some level of lockdown. But the good thing organized networking groups is most of them have continued in some capacity, mostly on zoom for the last 18 months or so. So even if you’re not in a networking group just yet, it’s not too late to join one. Even if you can’t physically go and attend one at the moment and you have to do it all on zoom. One of the advantages of doing it on zoom means that you only have to dress up from like the waist up. You can wear your pajama pants on the bottom half while you’re catching up on zoom. Eventually they’ll end up in person again.

But if you are watching this buddy, if you are watching this in real time and listening to this in real time, and you’re still in lockdown, you can still get yourself into a networking group. All right, let’s keep reading this article. So why these does networking groups, organized business, networking groups are the ultimate place to connect with other business owners. These groups create strategic alliances with your local business community. Your local business community is the perfect place to secure new business. So get yourself into your local cafe as well. Ideally meet someone for coffee, but you’re not going to be able to do right now if you are in lockdown. But plan next, meet someone for coffee, meet other business owners for coffee. Your job when you are first starting and growing a rent roll is to be out meeting people. Your job is to grow your network and your mission is to find referral partners.

So your sole purpose is looking for leads and forming referral partnerships and your local partnerships and your local cafe. All your business networking group is a great place to do this. Now, if you need some extra ideas for rent roll growth, then join me for my masterclass. Five ways to grow your rent roll. That will be linked either in the comments below the live video, if you’re watching it live or, uh, on the show notes, if you’re listening to the audio. So right at the moment, especially if you are listening to this or watching this in real time, you’ll probably realize that network is not done the way it used to be. If you can’t go out, attend a group networking event, then you’re just going to have to be resourceful and get on zoom. Get on FaceTime, get on, you know, Facebook messenger chat so that you are still catching up with your business community during these times.

And, and in lots of ways, this is the time that you want to be supporting and being supported by your business community services community. So don’t miss out on those opportunities, even if you’re watching or listening to this in real time and you are currently in lockdown, there’s still some great opportunities for you. All right, let’s read it. Tip number three, make friends with your camera. If you’re like most property managers, you probably don’t love having a photo taken. It’s possible to feel that you feel uncomfortable on video as well. And here’s the thing. You just need to make friends with your camera and get cool with appearing. Okay. On camera a lot. Now I told him I totally understand that this can feel narcissistic. Like there’s a reason that you need to be on camera and sharing these photos and videos on your social media.

It’s not actually about you. It’s about your audience getting to know you better. So they need to see you. They need to hear you. They need to know like trust you and trust you and getting on camera. If it’s on video or whether it’s just some still photos of you, that is one of the most wonderful ways for you audience to get to know you. So it’s not actually just about you. It’s about allowing people in your network, including your social network to get to know you better. Let’s keep reading. As you begin to make friends with your camera, your discover so many opportunities for photos and videos in your work day. So you can leverage these opportunities and share them as part of your marketing plan. So here’s some ideas for getting you in front of the camera ID, number one, snap, a selfie, or even a group selfie.

Every single time you do a key handover with your tenants then with your tenants permission, of course, share this on social media and share it more than once. Because remember once, because remember not all your audience sees every single post you do so you can share it as a still, you can share it as a boomerang. You can share it in your stories. You can share it in your feed. So there’s a few opportunities for you just by snapping that little selfie at a key hub. Uh, tip number two is jump on a live video at an empty rental property, run a virtual open home. Now, if you are watching or listening to this in real time, this is not something new to you. You’ve probably been running some form of virtual open homes for about 18 months now. So you know all about virtual open hopes.

So just please don’t forget about them even once you’re allowed to run regular open homes again. So don’t, don’t miss out on that opportunity, even when things return to normal return to normal, because things will return to normal eventually, but you just don’t want to miss out on the opportunity to do a little live video and do a little video virtual open home, even when we’re allowed to do regular open homes again. So tip number three is hit record on your video. Next time you have a coffee with one of your referral partners. So these can look like asking for advice that will serve your landlord clients and asking your referral partners about their business. So this can be something that you do that you do either in a planned scripted way, or it could just be that you’re sitting either in a coffee shop or on zoom with one of your referral partners.

And they’re sharing some really awesome advice for property investors. And you could just interrupt them and go, Hey, do you mind if I hit record on this zoom meeting? Because this is something that would be, because this is something that would be so valuable for my clients. And then you can get a little edit done. If you want to get a little edit done on the video recording and then share it on social media, tip number four, grab a picture. The next time you sit down with a tenants pet again, with the tenant’s permission, of course I’ve taken photos and sharing photos of their pets without their permission, but then use it as inspiration to write an article about pets in rental properties. Certainly across Australia, there are all sorts of changes happening with the rules around keeping pets in rental property. So this can be an awesome opportunity to educate your tenants and your landlords about that topic.

And then tip number five, practice talking direct to the camera when you’re in the office alone, or when you’re at home alone. The skill of speaking as though you’re talking to a friend while looking at the camera lens itself is exactly that it’s a skill. So it requires, so it requires deliberate practice and the easiest way to get used to using your mobile phone as a camera, easing your office all by yourself. I know that for me, I struggled with being on camera so much. And the thought of going live like I’m doing right now was absolutely terrifying. So please just practice. If you are not used to being on camera yet, if you watch yourself on camera and you feel uncomfortable about it, then the trick is just to practice. Now, if you need more ideas on how to get comfortable in front of the camera, then check out my article.

I’ve got an article on how I went from being terrible with video to being totally okay with it now. And if you’re watching this live or replay, it’ll be linked in the comments below. If you’re listening to this on podcast, it’ll be in the show notes for you. So if you need a little bit more inspiration for getting it okay on camera, you can check out that article. You can check out that article as well. Let’s wrap up this article here, starting your own rent. Roll is fun, exciting, and extremely rewarding, but there’s work to be done. And some of that work isn’t as fun, exciting, or instantly rewarding. It’s usually eventually rewarding, but it’s not always instantly rewarding. So if you do these three things in the first three weeks of starting your rent roll, or even in the next three weeks, if you’ve already stopped at your rent roll, you will set yourself up for success in the years to follow.

So whether you’re watching this live, watching the replay, or if you’re listening to this on podcast, I want to hear from you, which the three things are you wanting to take action on straight away. Are you going to get the boring, legal advice? Are you going to step away from your computer and get out into the world and do some networking? Although right at the moment you networking might be here, your networking might be in front of the computer. If you’re in lockdown, what’s step number three. Are you going to make friends with your camera wherever you’re watching this or wherever you’re listening to this love to hear from you? Which one are you going to take action on today? And remember if you need more ideas about how to grow your rent roll, make sure that you register for my on demand master class on five ways to grow your rent roll. That’ll be linked either in the comments or in the show notes, wherever you are watching or listening to this episode. Thank you so much for joining me on episode six of Ellen reads her book. I’ll see you for the next month. Bye for now.

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