Four little words that I believe guarantee business success .... #likeminds

[Vanessa]

Yesterday, I was lucky enough to attend the amazing Likeminds social media conference in Exeter.

 

More like a rock concert, than a business gathering, the energy in the room was palpable.  We were addressed by some of the leading social communications experts in the world, including Joanne Jacobs, Olivier Blanchard, and the amazing Chris Brogan.

 

 

There was much talk of ROI on social media, augmented reality, location apps, how brands use social media ... all of it was thought provoking and inspiring.

 

However, one very simple message really shone out for me.  It was a constant echo throughout the day, all the speakers made reference to it and they also led by example.

 

The secret to on-line (and off-line) business success (and maybe life in general?) can be boiled down into four simple words.  I am going to share then with you now:

 

MAKE

 

PEOPLE

FEEL

SPECIAL.

 

How simple is that?

 

What has this got to do with property investment and being a Landlord?

 

Everything.

 

Because property investment is a business.  It is not a hobby.  It is not something you do "on the side".

 

Property is also a "people" business.  You have to deal with people on a daily basis.  You are providing a "home" for someone - a very important place for all of us.  A place where we should feel relaxed and secure.

 

What can you do to make people feel special in your (property) business?

 

Could you take the trouble to occassionally thank your team and let them know you appreciate their efforts - your lettings agent, your broker, your builder?

 

Could you take the trouble to remember a tenant's birthday, or send them some M & S vouchers to thank them for their patience while you got the boiler fixed?

 

At our holiday let, SeaBreeze, I had a guest who was celebrating her 80th birthday at the house.  I left a birthday card there for her, to wish her a happy and memorable stay.  Only a small thing, but she wrote me a lovely letter thanking me for making her feel special and saying how much she enjoyed her stay.

 

Could you spend a few extra hundred pounds and make your properties feel homely and welcoming with a few extra special touches?

 

Could you take the trouble to advocate someone who has helped you move forward?

 

Could you listen to others' needs in property and see how you can help them or if you can connect them to someone else who may be a good contact for them?

 

In Nick's recent blog "Social Media Misconceptions", he wrote:  The "me" in social me-dia doesn't stand for "me".   He discusses how you can use social media to reach out to people and make things happen for them, make them feel special.  If you help others to become more successful and help them feel special, you will become more successful by default IMHO.  You will find it very rewarding too. :)

 

In this over-crowded world, none of us wants to feel "like a number" or "one in a billion" or feel like we have a barcode on the back of our neck. 

 

 

We want to be recognised for who we are, we want to be noticed, we want to be missed when we are not there, we appreciate a random act of kindness, we remember those who offered us a helping hand or went the extra mile for us.

 

I would like to ask you:  "Who are you going to make feel special in your business today?".

 

At the end of the day, one of the world's top experts in social media, Trey Pennington, picked me out of a crowd of 300 people and came over to me and said "Please do tell Nick how much I missed him being here today".  (@nicktadd is in San Francisco at the moment). 

 

That certainly made my day and I know Nick will be touched as well.  Likeminds certainly was a special day all round and for all the right reasons.

 

Although you may have not been able to attend, the information is being shared on the social web.

 

You can follow the incredibly busy twitter stream at #likeminds for more information about this amazing conference. 

 

I take this opportunity to thank the LikeMinds team for a truly wonderful and worthwhile day.

 

 

[JOANNA CAROLINE]

I have a slight problem with this.
When someone makes a gesture like this and it is clear that the motive is to enhance their business I don't feel special.
I feel insulted.
If people need to be trained to do these things in order to benefit their business, then it is not sincere.
BUT, if they treat people with kindness and respect simply because they want them to be happy, it comes through.
Paradoxically, your business benefits when you do things out of sincerity, which cannot be manufactured.

[JOANNA CAROLINE]

Maybe I'm just a cynical old bat.

[Vanessa]

Interesting viewpoint.

I think it is the intention behind it. If you want to make people feel special because you want to make people feel special and give them an enjoyable experience, then I do not see any harm in that.

If you are doing it for "business", then still I see no harm in that - provided that you are making someone feel special and they get value from that.

People do need training in business skills IMHO. Going the extra mile is a good philosphy in business.

If it does not come from the heart, then it will seem inauthentic and there will be inconsistencies in the service of that person/company and people will feel that.

I guess what I am saying is that we all have a choice how we conduct ourselves in business and this is a simple way to connect with your customers/clients and differentiate yourself from others and spread some good vibes. It may not cost you anything other than your time, but it will have a high impact on your business and your clients' experience of interacting with you.

[Crystal Diamond]

I agree that our acts of kindness must be sincere and without any ulterior motive. However, I am wary of people trying to take advantage of my generosity and that does annoy me sometimes.

A couple of weeks ago I flew to California and one of the cabin crew was particularly helpful and he had a great personality. I could see that he enjoyed his work and he did it cheerfully (which is not always the case with some of them). I found myself wishing that I had some "thank you" cards on me so that I could give him one. I just wanted him to know what a great job he was doing and how much I appreciated him so near the end of the flight I got up and told him so. He was so surprised and appreciated the fact that I had told him so (I thought he was going to cry!). It felt good to be a source of encouragement without an ulterior motive. The funny thing is is that he then asked me if I like chocolate and of course I said yes I do - he then went into his , took out a big bar of chocolate and gave it to me! One of his colleagues said that I must be special because he doesn't easily give away his chocolate! :-)

During my stay in California I went to the store and purchased some "thank you" cards and shall endeavour to have a couple on me at all times so that I can just show appreciation to anyone who has given me great service. Before checking out of my hotel room I left one of the thank you cards in an envelope with a tip for the cleaner. Everyone likes to be appreciated and I really enjoy doing things like that!

Crystal

Vanessa said:

Interesting viewpoint.

I think it is the intention behind it. If you want to make people feel special because you want to make people feel special and give them an enjoyable experience, then I do not see any harm in that.

If you are doing it for "business", then still I see no harm in that - provided that you are making someone feel special and they get value from that.

People do need training in business skills IMHO. Going the extra mile is a good philosphy in business.

If it does not come from the heart, then it will seem inauthentic and there will be inconsistencies in the service of that person/company and people will feel that.

I guess what I am saying is that we all have a choice how we conduct ourselves in business and this is a simple way to connect with your customers/clients and differentiate yourself from others and spread some good vibes. It may not cost you anything other than your time, but it will have a high impact on your business and your clients' experience of interacting with you.

[Stephen Fay ACA]

I agree and diasagree with some of this ...!

Property is most certainly something that most investors do 'on the side'. Most investors have a day job, and the property investment is a hobby, albeit one where the aim is to make money as well as while away the hours. That doesn't mean that part-time investors can't operate in a business-like way. Most investors, traders, and developers start on a part time basis, and many keep it that way ... some go full-time. Those that succeed on either basis tend to take a business-like approach. I see plenty of part-timers who make more money than full-timers.

I agree that looking after your staff and key suppliers, in any business, is good practice. It's also common sense! On a day to day basis, we treat our tradesmen well. As we have worked with them for years, we don't try to chip them down on the price they quote ... an irritating habit of many customers. Having said that, I don't need to as they know to price the work sensibly. At Xmas, they all get a bottle of JD, or a ticket to a footy match etc. As they all know each other, we put some cash behind the bar for them to have a few beers on us. Even the solicitor and his assistant get a bottle ... don't forget the white collar workers! :)

But, I would draw the line at buying birthday cards for tenants. That to me, is rather twee, and also not consistent with operating a business. I don't buy my clients birthday cards, and I think clients would think it rather odd if I did. Similarly, I would only spend money on props where it is justified on a business basis. Having self-managed for many years, I find this approach works. It also ensures there is a clear business relationship with a tenant, and there is no straying beyond that.

Stephen Fay ACA
Tel: [phone]
Email: [e-mail]
Web: fyldetaxaccountants.co.uk

[Nick Parkin]

Dear Bat,

I think it's the skill with which you do it. Some are blessed with superb people skills, and can sell refrigerators to Eskimos, the rest of insult the world with our good intentions.

Have a nice day!

Kind Regards,

Nick

---

Renting Flats in London
Follow on Twitter

[Vanessa]

Hi Stephen,

The birthday card was a special occasion in a holiday let. Imagine how you would feel if someone did this for your Mum to make her day special. I know I would appreciate it.

I was just making a few suggestions of how to make clients feel special. Everyone will have their own way of doing this. Sometimes a simple smile and "how are you doing?" and showing an interest in someone is all it takes to make someone's day. Rather like Chrystal's story of the air steward. She probably made his day by showing her appreciation.

[Stephen Fay ACA]

Hi Vanessa

I would think it rather odd that the landlord of a property I was renting for a week's holiday bought me a birthday card! Maybe that's just me, I tend to view that kind of thing with suspicion! I reserve cards and presents for friends and family only.

In my experience, tenants appreciate a good property, reasonable rents, and good service from the landlord (i.e. attending to maintenance quickly etc). It goes without saying that a friendly approach pays dividends ... that's business, and life. Whenever I speak to tenants, I might ask how their kids / new car / hobby / spouse is ... that's just good manners, and builds rapport with tenants.

Investors need to be careful to be business-like in their dealings with tenants ... or it will come back to bite them. I say that from many years of self-managing a large portfolio, so I feel I have the practical experience to speak boldly on the subject. I have a tenant at the moment whose 14th Feb payment has not been made. He did not call me, so I called him, after a week. He promised to pay the rent by the end of the week ... but didn't. So, I move to 'phase 2' ... a home visit! During that conversation, I listen politely to his situation, and am sympathetic. However, I also explain that while I understand his financial problems, I don't want them to become my financial problems!

It is difficult to have those conversations if the lines between business and personal are blurred, by sending birthday cards, and similar well-intentioned, but unbusiness-like, actions. Also, and again I am speaking bluntly through experience, some tenants will conclude, perhaps subconsiously, that the landlord is a 'soft touch'. Then, you find that rents are a week late, or worse, because the tenant thinks they can get away with with it.

We'll have to agree to disagree I think ... although as with most aspects of property investment, there's no one way of doing things.

Stephen Fay ACA
Tel: [phone]
Email: [e-mail]
Web: fyldetaxaccountants.co.uk

[Vanessa]

I think we are talking at cross purposes. A holiday let is a different proposition to a long let. In that context, they are "guests". I do not believe it un-business-like to make people feel special or valued.

Like you say, we each have our own ways of doing it. The main thing is we do it. :)

[Stephen Fay ACA]

I think the principles are the same, whether it is a holiday let, a single-AST, a HMO or a multilet. In all scenarios, you are renting a property to a paying customer. We'll agree to disagree.

I didn't say that it is unbusiness-like to make people feel special or valued. I said that, in my view, sending birthday cards, and the like, are not consistent with operating a business. I satisfy my tenants by ensuring they pay a fair rent for a good property, and I deal with issues promptly.

Stephen Fay ACA
Tel: [phone]
Email: [e-mail]
Web: fyldetaxaccountants.co.uk

[Marcus]

Concerning a person’s intent:

In my experience, if someone attempts to make me feel special in what I consider an insincere way, then I agree with Joanne, I find it patronising and an insult to my intelligence. Also, Nick sums up my thoughts with his comment:

…the rest of [us] insult the world with our good intentions.

Natural is good.

Well intended is good.

Insincere is bad.

Insincere coming across as natural could be the sign of an inexperienced person, a snake…or a psychopath.

[JOANNA CAROLINE]

I think this is about is what Stephen Covey points out as the difference between just learning techniques and character.

Less Cynical Bat