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E019: Managing Student Rental Properties with Adam & Nicole Zell
Adam and Nicole Zell are two exceptionally interesting and talented people. Adam currently works at a $100-million water purification company. This year, he helped secure a $140-million tax incentive from New Jersey and built a brand new factory in Camden. Nicole works as a grants and contracts specialist for a scientific research organization in University City, Philadelphia. Adam and Nicole have a number of student rental properties in Philadelphia, and they continue to grow their portfolio through leveraging friendly relationships with clients.
Here’s what we talked about:
Episode Highlights:
Managing Student Rental Properties
Adam emphasizes the importance of forming a personal relationship with all of the students. Try to meet them and any of their parents that come along on the tour, and build a personal relationship with the parents. There are some big faceless property management companies for student rentals.
But they're in the hospitality business. They have to focus on the relationship and the hospitality aspect of it. And so, if the tenants don't feel like you care about them, they are so much less likely to care about your property. They are less likely to trash the house because they understand this is something they've poured a lot of time, effort and money into and because they've made enough of a connection with them.
Focusing on Relationships
In the student rental market, there's a lot of moving houses every year, and they tend to have much less than the average. And when the kids eventually graduate, and they leave, a lot of them refer their younger friends to them. So it makes it much easier to keep their houses fully occupied. Again, they credit their success to those personal relationships they’ve built over time.
The Power of Education
One of the biggest barriers to going down the wealth path is fear. There are all these jargons and it's scary. But if you can educate and teach people, you can take away that anxiety, and encourage them to take those first steps so they too can progress to whatever their financial goals are.
Links:
Accountable Equity
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By Bob & Usha with Melanie & Josh McCallen
5
66 ratings
Adam and Nicole Zell are two exceptionally interesting and talented people. Adam currently works at a $100-million water purification company. This year, he helped secure a $140-million tax incentive from New Jersey and built a brand new factory in Camden. Nicole works as a grants and contracts specialist for a scientific research organization in University City, Philadelphia. Adam and Nicole have a number of student rental properties in Philadelphia, and they continue to grow their portfolio through leveraging friendly relationships with clients.
Here’s what we talked about:
Episode Highlights:
Managing Student Rental Properties
Adam emphasizes the importance of forming a personal relationship with all of the students. Try to meet them and any of their parents that come along on the tour, and build a personal relationship with the parents. There are some big faceless property management companies for student rentals.
But they're in the hospitality business. They have to focus on the relationship and the hospitality aspect of it. And so, if the tenants don't feel like you care about them, they are so much less likely to care about your property. They are less likely to trash the house because they understand this is something they've poured a lot of time, effort and money into and because they've made enough of a connection with them.
Focusing on Relationships
In the student rental market, there's a lot of moving houses every year, and they tend to have much less than the average. And when the kids eventually graduate, and they leave, a lot of them refer their younger friends to them. So it makes it much easier to keep their houses fully occupied. Again, they credit their success to those personal relationships they’ve built over time.
The Power of Education
One of the biggest barriers to going down the wealth path is fear. There are all these jargons and it's scary. But if you can educate and teach people, you can take away that anxiety, and encourage them to take those first steps so they too can progress to whatever their financial goals are.
Links:
Accountable Equity