Operation Moneysuck
My mentor Perry Marshall, sent me an excellent article about doing what is most important in business. I am inserting part of his article to introduce you to this concept.
A few years ago, John Carlton told me this story about his edgy writing career with copywriting legend Gary Halbert:
“I think the term Operation Moneysuck is a term that makes people chuckle. But to be honest, it is the most deadly serious thing for any businessman to learn. The earlier you learn it, the better you are going to be. The more you take it to heart, the more profitable your business is going to be.
“I’ll tell you quickly how this story happened. When I sat in a office with Gary Halbert, we were supposed to go over a bunch of ads that we were going to write. We had a lot of business so we were going to call some clients. We had some hours to do this.
“Just as we sat down, his secretary came in and said, “OMG, your landlord is on the phone and he is really pissed about something.” The copier just broke, the computer just went down and there were 15 fires that were going on essentially.
“I thought to myself, “That is it. We are not going to get down to any business here because we have to stop and take care of these little emergencies, but how.” Halbert really surprised me and said, “Calm down, back up, get out of the room, close the door, locked it and not another word of explanation.” Then he came back and said let’s get busy. And, we worked for the next three hours, got a lot of business done and brought in a lot of money.
“When we opened the door later, we found the problems had solved themselves and the ones that hadn’t weren’t that important anyway.
So right about then, what I really got jammed into my head was what Operation Moneysuck was about.
What is your number one job as a landlord or property manager?
Bring in the money steadily; number two, jobs; bring in the money; number three, four, down the line, on and on, etc. If you are bringing in a negative cash flow or no flow, things can get difficult really quickly.
The best way I know to bring in the money as a landlord is have good tenants who pay their rent on time.
Stick to the basics.
- Have applicants fill out rental applications and pay an application fee.
- Screen your tenants; run background and credit reports. This avoids 90% of the issues before they ever happen.
- Have your tenant sign a good lease agreement.
If you don’t believe a good lease agreement is necessary, you are seriously wrong. Go to Renting Authority’s Forum and look at all of the lease agreement issues people are having because of poor or no lease agreements. Click here for Renting Authority’s Forum
We offer you an additional option in collecting rent. You can set up and use our online rent payment system. Click here for online rent payment
Remember, stick to the basics. Your job is to bring in the money, so focus your efforts around that. Money doesn’t solve all problems, but it makes a lot of them go away.
To your success,
Troy Boldt
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