Podcast 141: setting your vision in your landlord rental business

Setting a vision is crucial to your rental business and that’s why we’ve invited a guest onto the podcast.
We have a special guest Dr. Roger Firestien who joined us in our office to discuss setting your vision for your business as a landlord.
He is a creativity professor and a business consultant with a long… long… impressive client list.
He has helped numerous organizations set their vision including the L.A. Times.
In this week’s podcast we chatted with Dr. Firestien and asked him all about setting a vision for your landlord business.

Interesting takeaways from this episode:

3:30 – Setting a vision and why it is important.
6:00 – Why a vision is compelling and a bit of stretch.
10:00 – Removing money from the equation and setting a life vision.
12:30 – Drawing a connection with your vision and the future success you may have.
14:45 – Using your vision as a litmus test to benchmark your decisions against.
18:00 – How to set your vision using Roger’s infographic (see below).
21:00 – Setting a vision for the type of tenant you want for your rental properties.
22:20 – A vision guides action.

Free resources from this episode:

Things to consider:

Setting a vision for your rental business will help you with critical decisions to your business.
If you have a vision for what your personal life is like, then you can use that as a litmus test for future decisions.
Do you want to build aggressively and sell all your rentals in 20 years?
Do you want higher quality rentals that can attract higher quality tenants?
Do you want more rentals at that are lower quality and more affordable?
Do you want to transition the management of the properties at some point to free up your time?
If so, when will that happen?
What does your work/life balance look like in 5, 10, 20, or 30 years?
These are all things you can consider while setting your vision for your landlord business.