The Easy Win
June 24, 2022 (Friday) 6 min read
There is so much in life that is challenging…but there are plenty of things that aren’t, or should I say, that shouldn’t be. A big variable in one’s ability to be successful often lies in whether or not they’re able to take advantage of the easy win…the opportunity that is just out there for the taking, but for one reason or another, is commonly missed. As a property owner, you’re in the real estate business, but you’re also in the people business, which is where easy wins are most critical and impactful.
THE WIDE WORLD OF SPORTS
The Atlanta Braves won the World Series last season after being a pretty average team for most of the year. They won 88 games but 11 teams won more than that and there were three teams who won over 100 games. Out of the 10 teams that made the playoffs, Atlanta was ranked only 6th in run differential. Many would argue they weren’t the best team overall, so how did they win their division and propel themselves to be the last team standing?
Well, over the last month or so, 25 of their last 28 games were against teams that were not very good (games they were expected to win) and they won 17 of those (68%). In short, they had some “easy” games on the schedule and they took full advantage when it mattered most. They valued the easy wins. They were then healthy and confident when it was time for the playoffs. That same Braves team separated themselves from the pack by going 25-13 (66%) against the two weakest teams in their division and by winning 63% of games against teams with less than 75 wins. The 2021 Atlanta Braves were average at best against the strongest teams, but they were masterful at taking advantage when the most winnable games came their way. The baseball season is a 178 game marathon (with playoffs) and the team that won it was one of the best at taking advantage when opportunities arose.
More impressively, future Hall of Famer and 7 time Super Bowl Champion Tom Brady’s career record against the lowly Buffalo Bills is 33-3 (and any diehard Patriots fan can tell you the details of those three losses). Love them or hate them, Brady and Belichick were the best at taking advantage of the easy win. They were 31-8 against the New York Jets and even without Brady Belichick’s Patriots have won their last 12 games against a New York team that routinely finds itself in last place. The greatest quarterback and greatest coach in football history have mastered the art of winning the easy ones.
DEFINING “EASY”
When assessing the “easiness” of an act I think it appropriate to define in terms of the amount of effort, or friction, needed to execute. Drawing a picture of a house is easy...very little friction. Actually building a house is not easy. Defeating the most talented teams in a sports league is really difficult; beating the less talented teams is considerably easier.
Thanks to technology, the ability to communicate is virtually without friction these days. The catch is that as a task becomes easier, it commonly becomes valued less and effectiveness decreases. This reality creates an opportunity for the easy win that so many overlook, which then adds greater potential value. Communication has never been easier and paradoxically so many people struggle to communicate effectively…don’t be like those people.
MISSED OPPORTUNITIES AS A PROPERTY OWNER
All people want to feel valued and your tenants are no different. If you have an easy opportunity to show that you care and you fail to do so, you’re missing easy wins. The most common spot we see this is in responding promptly to tenant work orders or other correspondence. It is beyond easy to respond quickly…not with a solution…but simply with acknowledgement. Too often we let the heavy lift that could be the solution become noise in our minds that blinds us from what should be our primary objective…to simply show “we’re on it”. For example:
FROM YOUR TENANT: “Hi, I’m concerned about the tree next to the driveway. It’s hitting the house when there’s a lot of wind and part of the trunk appears to be rotted.”
Your options:
Ignore it.
Make a point to reach out to a tree specialist for a quote in the near future as this is not urgent.
Respond to the tenant within 24 hours saying thank you and that you’ll look into it.
Admittedly, option 1 holds the least friction. But option 3 isn’t far behind, and it’s so easy to do. With option 3 you express gratitude and you’ve committed to nothing, creating no additional work. You could decide to ignore it ultimately, but you’ve taken the easy win and it took all of 3 minutes to respond by text, email, or an electronic portal if you use one.
MORE THAN JUST ISOLATED OCCURRENCES
Importantly, your added effort will prime your relationships and make future conflicts easier to handle. As a landlord, you get to control how your tenants view you and if you can influence that vision with minimal expense and effort why wouldn’t you? The point about which doctors tend to get sued that Malcolm Gladwell highlighted in his book Blink seems especially relevant here. He found that doctors who didn’t get sued spent far more time talking with and listening to their patients. That’s it! It didn’t matter what school they went to or how much experience they had. If doctors took the extra effort to show that they care, their patients viewed them in a whole different light. In short, people don’t sue doctors that they like and this rule is certainly not limited to the medical profession.
So other than communicating effectively, what other things can you do to show your tenants you care? What might this look like?
If you’re a landlord pick a couple holidays for the year and mail a gift card on those dates. $15 to Dunkin Donuts (or whatever their name is now) on Memorial Day, Labor Day, and Christmas/Hanukah/”The Holidays” is 45 well spent dollars that will surely be made up by a more hasslefree tenancy. When so much of our relationships are transactional, taking a step toward a more human relationship every couple months adds great value. Another great move: send a card of appreciation on renters’ anniversary dates. “Thank you for being a great tenant for 2 years now. We truly value having you live with us and hope the experience continues to be a positive one.”
Another strong suggestion: Nexus Property Management® recommends cleaning common areas quarterly. Common areas include stairwells, basements, interior halls, driveways, etc. Any area that is heavily trafficked matters in helping establish how tenants feel about where they live. If you don’t care about the property it shows you don’t care about them…and subsequently, they won’t care about the property either.
EASY WINS: TAKE THEM TO THE BANK
Your goal as a property owner is to create living conditions that are most likely to lead to longterm, hassle free tenancy. This might mean spending money to repaint a unit during turnover. It might mean installing new stainless steel appliances. It will likely include responding to work orders when there are plumbing issues, mice in the basement, or closet doors that need to be replaced. And all of those things will cost you money.
“Easy Wins” will have the same effect but will cost you next to nothing. Prime all of your interactions with your tenants by taking advantage of the easy opportunities to show you care. It’ll make your life as a landlord easier, your experience more rewarding, and it will undoubtedly save you money in the long run.
Notes:
https://www.sportstalkatl.com/atlanta-braves-the-anomaly-of-the-2021-win-loss-record/
https://www.baseball-reference.com/teams/ATL/2021-schedule-scores.shtml
https://www.si.com/nfl/2022/02/04/tom-brady-record-against-every-nfl-team
Excerpt from Blink, by Malcolm Gladwell
Don’t Neglect Your Common Area Maintenance
Costs of Painting During Rent Ready Turnovers
Photo Credit: https://getlighthouse.com/blog/tom-brady-and-bill-belichick-leadership-lessons/
GRATE ARTICLE !!! THIS GUY IS ON FYRE!!!