Connect with us

How to

How to Start Your Own Rental Property Business

Published

on

How to Start Your Own Rental Property Business

Who doesn’t want to make money from real estate? There’s a huge demand for housing across the United States, which means there’s a ton of money to be made on real estate. And let’s be honest: real estate just as a certain sex appeal to it.

Rental properties can yield high returns on investment, and they’re also a great way to dramatically increase your wealth.Starting a rental property business is easier than you think, so long as you follow these simple steps. With careful planning and hard work, you could be making lots of money on an investment property, whether you’re renting it for residential or commercial use.

Evaluate the Market

Before you purchase a rental property, it’s important that you carefully evaluate the market where your property-of-interest is located in. Be careful about purchasing a property in a neighborhood where there are low property values, and in which there seems to be no future up-turn.

When you buy a property in one of these neighborhoods, you might find it difficult to find tenants unless you set rent prices very low—in which case you might not be able to make enough money to make the property very profitable. If you’re going to buy a property in a low-value neighborhood, try to pick one that might see redevelopment within ten years.

Learn how to tell if there’s a legitimate money-making opportunity on a property, so you don’t wind up investing in a property that has minimal returns.

Get Financing

If you’re going to buy a rental property, you’ll probably want to choose an investment property loan over a traditional mortgage loan or personal loan. An investment property loan is usually a short-term loan (paid off within 1 to 5 years), which is good because you’ll obtain full equity in the property faster, and thus, make money faster. The only catch is that the interest is high and your monthly mortgage payments will also be high. But that’s the benefit of having tenants paying rent. You can put your rent toward paying off the loan. Once the loan is paid off, you’ll get to pocket all the rent in the future.

But you still need to budget carefully. There’s a good chance that you won’t find tenants for your first month or two, which means you’ll have to pay the mortgage payment entirely with your own funds. That’s why you want to be careful about where you buy your property. You’re going to need to gain enough rent money to help you cover most or all of the cost of the monthly mortgage payment. You shouldn’t buy a property where you won’t possibly be able to get sufficient rent to cover the loan cost. That’s why it’s important to evaluate the market and know your budget.

Prepare for Landlord Duties

Once you rent out the property to tenants, you become a landlord. It’s important that you do ample research on how to become a landlord, because it isn’t easy. There’s a lot that you’ll have to take care of, from maintenance requests to finding the right tenants.

Maintenance requests are time-consuming. As the property owner, you’ll be in charge of hiring contractors to fix plumbing, HVAC, and pest issues. You’ll need to respond to these maintenance requests in prompt fashion, or else you’ll be dealing with angry tenants who are legally able to withhold rent until the maintenance is taken care of. If you make tenants too unhappy, they might not decide to renew a lease, and the vacancy could cost you money.

It’s a lot of work being a landlord, and if you’re trying to maintain a passive income, you might consider hiring a property management company. For a fee, these companies will handle maintenance requests for you, collect rent, and find good tenants.

Always Be Looking for Tenants

If you have many units to fill, you might constantly have to be advertising to prospective tenants. Finding good tenants can be difficult, especially in markets where there’s little demand or markets where there’s a lot of housing competition. Rely on digital marketing techniques to advertise. Advertise on social media, or post listings to a rental listing website. And always remember to use a tenant screening service to ensure that you’re giving a lease to tenants who have no criminal record or prior evictions.

Are you ready to start making money? In order to get your rental property business started, just carefully evaluate the market, get a solid loan, prepare yourself for the landlord life, and get ready to fish for tenants. In no time, you’ll be making a huge supplemental income, and you’ll drastically increase your overall wealth.

Continue Reading
Advertisement

How to

How to Become a KOL

Published

on

How to Become a KOL

You may have heard the term before Key Opinion Leader or KOL, and that they are a major source of exposure in the digital arena. So when trying to develop an overall digital marketing strategy, especially one focused on user engagement, it’s a good idea to consider working eventually with a KOL to be able to approach the target markets they’ve developed.

WHAT IS KOL?

The KOL meaning is specifically what a modern-day influencer is. They work both offline and online. They will use social media channels, ranging from Facebook, Instagram, YouTube, and TikTok, but will also have a presence on mainstream channels and outlets. Their whole mission is to work on nurturing and growing a specific community based on their interests and themes. These KOLs are always producing some type of content or engagement to keep their user base interested and motivated.

When looking at what a KOL meaning is, it’s truly being present for users to always look out for and see relevant and new content in their preferred theme.

WHY DO I NEED A KOL?

Another way to look at KOL’s meaning is authenticity. There’s a lot of marketing noise and advertisement out there, and these social media platforms have allowed KOLs to develop in an environment with no external commercial pressures.

This has led to giving them a voice of authenticity and helps users resonate with these influencers in many ways. There’s no hiding behind a corporate marketing team or a hidden agenda either. Because of this, you want to focus on using a KOL to get access to a highly engaged targeted audience. When a KOL discusses your brand or product, there’s a captive audience ready to listen and potentially buy the products as well.

HOW TO BECOME A KOL

To become a Key Opinion Leader requires efforts that may not be for everyone. Here are a few steps to get you on the path to becoming a KOL:

Step 1

Find your niche. Anytime you want to become a subject matter expert and a key opinion leader, you need to have a focused approach to it. Don’t just do ‘wellness’ but focus on either a healthy gym routine or a mix of yoga with meditation. You want to be able to master your activities so that people look to you as a leader in the field.

Step 2

Expand online. Choose your digital arena and completely focus on it as well. If you’re going for wellness, then you may want to consider YouTube as a way to showcase recipes or yoga. If you’re a travel blogger, then entertain Instagram as a choice to broadcast high-quality images.

Step 3

Collaborate. Build your digital village by working with others who are doing the same. This helps to grow your following in a faster way, with already vested and like-minded users.

Step 4

Produce consistently. This is the marathon portion of being a KOL. You need to produce content in constant intervals. This means having fresh and up-to-date information in your specific niche. You will also be busy with your offline events and activities to get the right mix offline and online.

Step 5

Review the data and adapt. Here you’re looking at the results of your online and offline activities and see what events worked, what your users responded to the most or least, and changing your strategy accordingly. Again, have a data-driven mentality to ensure you’re always on the right path.

WRAP UP

KOLs are the best way to get the highest quality users when trying to launch a product or brand. This is because of their authentic approach and the fact that their users are willing to believe in what their KOLs are telling them. As a result, they’re one of the best types of recommendations you could ask for.

Continue Reading

How to

How to Develop a Killer Content Marketing Strategy for a Startup (with 5 Examples)

Published

on

How to Develop a Killer Content Marketing Strategy for a Startup (with 5 Examples)

When it comes to running your own startup, the prospect of finding success can seem pretty grim. According to statistics, about 90% of startups fail, and that failure rate is about the same across all industries. There are many reasons why some startup companies might go belly up, including lack of managerial qualifications, inexperienced founders, and failure to reach the right people.

Another reason for startup failure is the lack of a clear content marketing strategy. And in 2022, there is no excuse for not having one.

Your startup, regardless of how skilled your employees are or how great your product or service is, is not going to get in front of the eyes of your target audience by itself. This is where content marketing comes in. Content marketing costs 62% less than outbound marketing, but it generates three times more leads.

To help you out, we have put together a list of things you need to do to develop a killer content marketing strategy. You’ll also find some useful examples, so read on.

1. Define a Buyer Persona

Researching your target audience and creating a buyer persona will help you figure out who’s going to be buying your product. Obviously, demographic data is a good start, but you need to go beyond that and look at their biggest challenges, pain points, and their interests.

How do you find all of this?

Well, the simplest way would be to ask them using polls, surveys, and focus groups. You can also check out where they hang out online, check your competitors’ followers, and use the data gathered by analytics software.

One of the best examples of defining a buyer persona is Coca-Cola’s original “Share a Coke” campaign launched back in 2011 in Australia, which used personalized Coke bottles. The genius thing about this campaign is that it allowed the company to reach 42% of the population with just 150 different names on their bottles. Plus, they invited everyone to buy a Coke for someone else as well, not just themselves.

Image source: https://us.coca-cola.com/store/

2. Create High-Quality Content

Great content allows you to:

  • engage your audience
  • raise awareness about your brand
  • boost your SEO
  • establish your startup as a thought leader in the industry

Covering every single channel is almost impossible, so you need to decide at least on those that are relevant to your niche and your audience. As for content type, you can’t go wrong with blogs, images, videos, and infographics. Those are the top four formats leveraged by marketers.

For a great content marketing example, take a look at how Somnifix uses its blog not just to promote its products, which help stop snoring, but also to publish useful, actionable content that allows readers to improve the quality of their sleep through other methods, such as proper dieting and exercise. You will also find out everything you’ve ever wanted to know about the science of sleep, snoring, sleep apnea, and other sleep disorders, as well as possible solutions for each.

Image source: https://somnifix.com/blogs/snews

3. Share Customer Success Stories

Audiences are tired of being pitched to, which is why so many startups are turning to influencers for collaboration. This can be very effective because your audience gets to hear about your product from someone who is relatable to them rather than some corporate entity.

However, an even better option would be to share success stories featuring your customers. This not only provides social proof but also makes your startup come off as genuine.

BaseLang, an online platform for teaching Spanish, used social proof to its advantage by sharing actual customer testimonials. The platform even came up with a branded hashtag, #BaseLangStories, to spread the word across its social media accounts, which is quite similar to what Coca-Cola did with the #shareacoke campaign.

Image source: https://baselang.com/blog/success-stories/adam/

4. Create a Content Calendar

The best approach to executing your content marketing strategy would be to create a calendar that contains all there is to know about:

  • the type of content you will be producing
  • frequency of publishing
  • publishing dates
  • relevant links and keywords
  • promotional plans that include distribution channels and budget

How often should you publish? HubSpot has done a fair bit of research on this, and they suggest 3-4 content pieces per week for smaller businesses looking to boost organic traffic, while larger ones should publish 4-5 times weekly.

As for boosting brand awareness, shoot for 1-2 times a week if you’re running a smaller startup, or 3-4 times a week if you’ve got a bigger organization. Of course, feel free to adjust your content calendar based on the specifics of your business and your target audience. Just try and remain consistent in terms of quality and quantity.

Image source: https://www.hubspot.com/

5. Keep Track of the Results

After doing all of the above, your startup will reap the benefits, but you’ll have very little use of them in the long run if you aren’t tracking your KPIs. Sure, it’s great that you have awesome content, but you need to determine what is and what isn’t working and why. Using the information gathered through analytics, you can eliminate parts of your content marketing strategy that aren’t working and focus on those that are bringing real results.

Five9 was able to build a campaign around its eBook and drive four times as many leads and three times as many deals as they did in their previous campaign. Instead of focusing on their product and its features, they created a buyer-centric eBook called “Practical/Tactical: A Guide to Maximizing Agent Efficiency.” It drove so many new leads that their head of marketing had to turn off the notifications. By tracking the performance of their content before and after they published the eBook, they were able to use those numbers for their future campaigns.

Image source: https://content.marketingsherpa.com/heap/cs/five9/3.htm

Summing up

Although content marketing involves a lot of work, your startup will definitely benefit from it as long as you have a solid strategy to lean on. We hope that you will find the advice presented in this article helpful and that you will implement it while building your own content marketing strategy. Good luck!

Continue Reading

How to

How to Encourage and Reward Strong Employee Performance

Published

on

How to Encourage and Reward Strong Employee Performance

As a business owner, attracting top talent, increasing retention, and motivating your employees to remain productive and efficient are likely among your top priorities, and for good reason. This can help to improve loyalty and devotion, boost employee happiness and morale, and result in an increased output of your company. Motivation and encouragement are vital to the success of a business, and there’s no better way to achieve this than by rewarding your employees for a job well done. With that in mind, here is how you can encourage and reward strong employee performance:

Align awards with goals

Aligning rewards with important company goals and recognizing strong performers is a great way to demonstrate to employees how their efficiency and productivity help the business. If you need to reach specific sales targets, for example, a rewards program can be created to incentivize workers according to how they meet or surpass these targets. The rewards programs can include salary increments, bonuses, reimbursements, stock options, remote work opportunities, etc. Digital HR tools can also be leveraged for monitoring employee performance, enabling you to track the metrics needed for determining who has earned the rewards.

Reward all achievements

While celebrating great accomplishments and successful projects and goals is imperative, it may also be helpful to recognize even the smaller milestones that have led employees to those important achievements. This can motivate employees and encourage them to stay focused on reaching all the necessary objectives. To achieve this, you can celebrate employees whenever they get promoted within the company, or even offer gifts and special recognition for work anniversaries and milestones such as completing five, ten, or more years at work.

Recognize teamwork

Recognizing and awarding teamwork is another great way to inspire employees to improve communication and collaboration, which can boost the overall productivity and innovation in the company as a result. Since this tends to be a more skilled, elaborate, and time-consuming process, rewards for teams should be a bit more substantial than rewards for individuals, while still managing to honor the whole team. For example, you could plan a special outing for the team or even arrange a fine dining experience once the team has managed to reach a major milestone for your business.

Offer unique rewards

Along with conventional incentives, there are a number of unique rewards you can offer your employees based on your company culture. For instance, you can pay an affordable annual fee for a David Jones American Express platinum card and provide your employees with exclusive perks such as reward points, deferred payment options, and free delivery when shopping. You can also surprise them with some additional time off, a personal lunch with the CEO, tickets to a live performance event, a sponsored getaway, or any other interesting reward that agrees with your budget and overall culture.

Provide specific recognition

When employees complete some major individual achievements, it may be best to offer more specific and personalized recognition. This can make your employees feel valued and appreciated, as it highlights the impact of their individual contributions to the business. It will also help to demonstrate that you truly care about your staff. To provide personal recognition, you could feature employee interviews in your internal communications platform, present certificates of achievement, provide recognition notes from the CEO, create an “Employee of the Day” program, provide enhanced office equipment, and use other similar tactics.

Focus on development

Another method that could be quite advantageous to the company includes providing personal and professional development opportunities to employees. Not only is investing in the future of employees a great incentive for them to remain with your company, but highly skilled workers can also bring more value to the business overall. To invest in the development of your employees, you can reimburse fees and tuitions for different educational programs, sponsor seminars held by motivational speakers, pay for masterclasses and hobby classes, arrange mentoring sessions, provide gym and library memberships, and utilize similar solutions that promote personal and professional improvement.

Try some fun surprises

In addition to more common and traditional rewards, employees could also be encouraged to reward one another. For instance, peers and managers can treat each other for their milestones and support in fun ways that boost morale and strengthen employee relationships. This could include sending care packages and gift baskets, giving gift cards and vouchers, giving decorative plants, ordering takeout and reimbursing the bill, gifting charming memorabilia that remind employees of the company, and any other small token of appreciation to increase employee happiness and satisfaction.

Evidently, encouraging and rewarding your employees for their performance can have a number of benefits for the overall growth and success of your business. Use the tips mentioned above to find ideas for rewards that are bound to satisfy and motivate your staff.

Continue Reading

Trending

Subscribe to our Free Newsletter

Get Business and Marketing Insights from Experts, only onTimes of Startups!

Your Information will never be shared with any third party