Steve Welty

Issue# 25

November 2024

Happy Saturday Housing Heroes!

There’s a fascinating book, Blue Ocean Strategy, by Renée Mauborgne and W. Chan Kim that suggests an interesting approach to business:

Focus where there’s no competition.

Easier said than done, but the idea of going where there is no competition can have a big return when applied to relationships.

Blue Ocean Tenants

Nobody is fighting over taking care of your tenant. Often, tenants are treated with a “bare minimum” mindset:

Addressing only essential repairs and responding slowly or ineffectively to requests.
Being reactive instead of proactive and managing concerns without going above and beyond

But what if you did something out of the blue that showed them how much they are valued?

Here at Good Life, we apply this concept with our Tenant Appreciation Holiday Gift program. We give our clients the option to send a holiday card and gift card to their tenants as a small token of appreciation. We take care of everything. It’s a way to say, “Thank you for being a part of our community. We appreciate you.”

This can lead to a big impact, strengthening tenant loyalty, encouraging better care of the property, and increasing the likelihood they’ll stay longer.

Blue Ocean Vendors

The same approach works with vendors. Who is going out of their way to wow their vendors?

A simple card, text or a little holiday gift card can go a long way in winning a relationship with your most important vendors. They may prioritize your calls, offer discounts, or even help with last-minute needs, strengthening your network and support system.

So, as we head into this holiday season, I encourage you to think of “blue ocean” relationships. Where can you build connection and appreciation with little competition?

Often, it’s the relationships closest to us that we overlook but hold the greatest opportunity for growth and lasting value.

Want more? Check out this 60-second video for a quick breakdown.

Get A Free Rental Analysis

Are you wondering how to pinpoint the perfect rental price for your property? Setting the right rate isn’t just about covering your expenses, it’s about maximizing your investment while staying competitive in the market.

Get my Free Report