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    ASK138: What is considered a good yield? Plus: What do I need to be aware of when buying a prefab?

    enMay 29, 2018

    Podcast Summary

    • Understanding Yields in Property InvestmentYields can vary greatly depending on location, with higher yields often found in areas with lower property prices and higher rental demand. Gross Yield is a good initial filter, but ROI is the ultimate measure of profitability.

      While a yield of 5-6% may be achievable for some investors, it's important to understand that yields can vary greatly depending on the location of the investment property. Rob and Rob, the hosts of the ask Rob and Rob podcast, emphasized that Gross Yield, which is the annual rent divided by the purchase price, can be a good initial filter for evaluating potential investments. However, they also noted that ROI (Return on Investment) is the ultimate measure of profitability. Guy from Wakefield asked about what constitutes a high yield in today's market, as he was getting around 5-6% on his properties in Yorkshire. Rob and Rob advised him that it's possible to get a higher yield, but it depends on where he invests. They mentioned that yields can be lower in areas where property prices are high, and higher in areas with lower property prices and higher rental demand. Therefore, it's crucial for investors to do their research and consider various factors before making a purchase decision.

    • Investing for Higher YieldDespite decreased yields, continue investing for growth or focus on areas with untapped potential. Be cautious not to chase yield too aggressively and prioritize fundamentals for long-term stability.

      While it's true that your yield may have decreased in recent years due to capital growth, it doesn't mean you have to accept that yield. You can continue investing and potentially earn more growth or look for areas where growth hasn't yet kicked in to secure a higher yield. However, be cautious not to chase yield too aggressively as market heating up could lead to investments in less desirable areas, which may offer lower long-term stability and potentially larger losses in a market downturn. It's important to consider your investment strategy and focus on fundamentals first, ensuring a semi-acceptable yield as a foundation. Remember, a percentage point or two here or there may not be life-changing, but capital growth can add significant value over time. Ultimately, the decision depends on your investment goals and risk tolerance. As for your next purchase, consider factors such as location, property condition, and market trends to maximize your chances of securing a higher yield while minimizing risk.

    • Consider factors beyond yield in real estate investmentsWhen making real estate investment decisions, it's important to look beyond just yield and consider long-term potential, exit options, and unique benefits and challenges of non-standard construction properties.

      While a high yield may be desirable, it should not be the sole focus when considering real estate investments. Instead, it's important to look at the full picture and consider factors such as long-term potential and exit options. For instance, buying a non-standard construction property like a prefab may offer unique benefits, such as desirable locations and lower costs, but it comes with challenges. The main issue is that mortgages are often unavailable for such properties, which could limit exit options for the investor. However, if the investor is comfortable without a mortgage, then the potential rewards could outweigh the risks. Ultimately, careful consideration and thorough research are key when making real estate investment decisions.

    • Considering prefab properties for investment? Weigh the pros and cons first.Before investing in prefab properties, research thoroughly and understand financing challenges to ensure a clear exit strategy and potential rewards.

      While prefabricated properties can offer attractive yields, they come with limitations in terms of mortgageability. Before making a decision, it's essential to consider the importance of an exit strategy and weigh the pros and cons. If yield is the primary motivation, other options like HMOs or high-yielding areas should be explored first. While prefab buildings might not be for everyone, they could still be a viable investment as long as potential investors are aware of the financing challenges and proceed with their eyes wide open. So, in summary, the decision to invest in prefab properties should be based on thorough research and a clear understanding of the potential risks and rewards.

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    ASK435: Should I set up one company or many? PLUS: Should I be trying other brokers?

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    Happy Tuesday! We’re back with two more listener questions! 

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    TPP588: June Market Update

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    House prices: 

    Rents: 

    Build to rent: 

    Election: 

    Hub Extra:  

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    The Property Podcast
    enJune 20, 2024

    ASK433: How do I value new build properties? PLUS: Are flats with cladding an opportunity?

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    The Property Podcast
    enJune 18, 2024

    TPP587: How to avoid a leasehold nightmare

    TPP587: How to avoid a leasehold nightmare

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    • (0:58) News story of the week 
    • (3:27) Let’s talk about leaseholds… 
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    • (9:50) Details on the Leasehold Reform Bill 
    • (12:40) What about service charges? 
    • (21:37) Hub Extra 

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    The Property Podcast
    enJune 13, 2024

    ASK432: Who should I vote for? PLUS: Do I really need to pay this fee?

    ASK432: Who should I vote for? PLUS: Do I really need to pay this fee?

    It's Tuesday, and that means it's time for Ask Rob & Rob! Join us as we tackle two new listener questions… 

    • (0:44) Tom wonders what property investors should be looking for in each party's manifesto for the upcoming July election. He's curious if any appear to favour landlords and investors and which might introduce stricter policies. He turns to Rob & Rob for their insights to help him decide who to vote for based on his investment strategy. 
    • (2:44) Jalon received a payment request from the Information Commissioner's Office and wants to know if the fee is something he’s required to pay as a small property investor. 

    Enjoy the show? 

    • Leave us a review on Apple Podcasts - it really helps others find us! 

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    The Property Podcast
    enJune 11, 2024

    Related Episodes

    How Successful Retailers Win in Endless Disruption

    How Successful Retailers Win in Endless Disruption

    Organizations do not have the luxury of focusing solely on operations these days. Over the past decade, retail as an industry has changed. To survive, retailers must put the customer at the center of everything they do. 

    That said, not everyone believes it yet. 

     

    Not so long ago, I was having a conversation in the C-Suite of a company about Customer Experience. Unfortunately, this company was not into the idea of putting the customer at the center of everything they do. Now, I won’t tell you the name of the company, but I will tell you that when I read the room, I had an image of what it must have been like in the room when Blockbuster decided not to buy Netflix because “streaming is never going to catch on.”

    Don’t just take my word for it. Take Professor Barbara Kahn’s from the Wharton School at the University of Pennsylvania. As a guest on our recent podcast, she spoke about how retailers are winning in today’s hypercompetitive retail market. (Spoiler alert: their strategy is built around the Customer Experience.)

    Professor Kahn co-hosts a weekly program on Sirius XM Channel 132 called “Marketing Matters,” and her new book, The Shopping Revolution: How successful retailers win customers in an era of endless disruption, discusses the chaotic world of retail. She shares the details of what worked and what didn’t when she had a front-row seat to witness it unfold as the director of the Patty and Jay H. Baker Retailing Center.

    When she was the director of the center, she spoke with a lot of retailers. She asked them to describe their idea of the perfect retailer. They mentioned a lot of operational details from products to managing inventory to optimizing the supply chain. While their definition included understanding products and building an attractive mix of wares that a customer wants, it didn’t mention the Customer Experience.

    Kahn decided to research her marketing library to see if there were any frameworks that were about customers, but to no avail. The frameworks she found were product and logistics-focused. 

    She wasn’t satisfied with these. So, she decided to write her own. The result was the Kahn Retailing Success Matrix, which she included in her book. http://whartonmagazine.com/issues/spring-2018/the-4-best-retail-business-strategies/#sthash.hob4hi4Z.ji6jXm2z.dpbs 

    This episode of our podcast explores how the Kahn Retailing Success Matrix can help you with your Customer Experience.

    Listen to the podcast in its entirety to learn more about how The Kahn Retailing Success Matrix could work for your Customer Experience.

     

    The Intuitive Customer podcasts are designed to explain the psychological concepts behind customer behavior.  

    If you would like to find out from one of our CX consultants how you can implement the concepts we discussed in your organization’s marketing to improve customer loyalty and retention, contact us at www.beyondphilosophy.com.

    To subscribe to The Intuitive Customer and never miss a podcast, please click here.

    TSE 1261: How To Pair Inbound Leads With Sales Triggers For Higher ROI

    TSE 1261: How To Pair Inbound Leads With Sales Triggers For Higher ROI

    How To Pair Inbound Leads With Sales Triggers For Higher ROI

     

    Are you thinking of ways you can pair inbound leads with sales triggers to get a higher ROI? In this episode, we’ll talk about how to do just that. 

     

    Tukan is the CEO and co-founder of LeadSift. It is an intent data platform for B2B technology companies. Tukan's company helps them identify which accounts and which contacts within the accounts they should be going after based on signals of intent. 

     

    What is an inbound lead?

    For Tukan, an inbound lead is anyone who comes into your website and fills out a form on gated content, requests a demo, or in other ways your website offers engagement. Other inbound leads may have come to you, chatted with you and given you their email address.  They could have also downloaded your webinar, your ebook, or another offering. If a person requests some form of information from your company, that is considered an inbound lead. 

     

    There’s a variety of sales triggers, including internal triggers or first party data triggers. These include:

    • The number of pages that were visited
    • Average time they spent on the site
    • Number of downloaded content from the site
    • Number of webinars attended
    • Times they’ve opened an email from you

     

    All these are triggers that can offer you insight about how far along your prospects are on the buying journey. Several marketing automation tools such as HubSpot and Marketo provide this information for entrepreneurs. 

     

    External sales triggers  

    The second type of triggers are the external sales triggers. These are outside your digital properties, not on your landing page and not on your websites. The reality in sales is that less than 1% of your market is coming from your website. Many companies’ activities happen outside of their digital properties. Inbound leads coming from external sources can be broken down to two categories: the company level growth event and the behavioral intent triggers. 

     

    The company level growth is when other companies get funding to host certain events. These companies may be hiring specific roles or skills whereby your software and services can be used.

     

    As for the behavioral intent triggers, these are triggers coming from other people looking into your products and services.  Make note of the people who are looking at your competitors and your industry. Helpful questions include: 

     

    • Are they researching our competitors or another third party web?
    • Have they been engaging with content you can pick up?
    • Have they been talking to competitors?
    • Are they asking questions on blogs?
    • Have they mentioned their needs in forums?

     

    Challenges of inbound sales

    Marketing is typically responsible for generating inbound leads and sales people follow up on the leads to create opportunities. However, not all leads are equal and a lot of times, they don’t fit the profile of your ideal clients. Those are easy to spot. Then there are people who fit your target market but that can be where the challenge is because many salespeople mistakenly think of these as equally valuable leads. 

     

    Based on stats, only 3% of your target is in the market right now. Without external leads and additional knowledge, the sales development team is just sent on a wild goose chase. It is imperative that they pair these ICP fit inbound leads with some triggers to figure out which ones they need to go after first.  As they are able to prioritize, armed with the right information, the contacts become more meaningful. 

     

    Inbound sales that aren’t ready yet can be put on a nurture track.  When salespeople are reaching out to them, they can gauge if the timing is right. Salespeople can then follow up when they’re ready to purchase. 

     

    Pairing inbound leads with triggers

    There are a lot of tools that try to solve the nuance of pairing inbound leads with triggers but it all boils down to CRM. This is where you can see most of the information you need as a salesperson. 

     

    When a lead comes in, it is being captured by your automation system. The lead then syncs with your CRM (Salesforce). When the data is already in your CRM, the marketing automation can log within the lead at the account level. This means that the account marketing can analyze the data and look at the kinds of activities the lead does on the account level. You can then add additional plugins to offer additional information from the base data you got from your CRM. The data includes the activities the lead engaged in on your website, if he attended your event in the last 30 days, if a company has used your tools, hired a new executive in the last 90 days, and more. 

    Salespeople can get all this information without much trouble. If they need to do a follow up, the sales rep can just click on the lead and look at their account within the CRM. They can gauge with better accuracy if the lead is worth pursuing based on the data.

     

    It is important for salespeople to be trained on how to use CRM so as to avoid following up with leads that won’t turn into a sale. Always look at the account, and not just the individual person, to see the leads with the highest potential. 

     

    Reaching out your inbound leads

    Sales reps need to be brave when reaching out. There’s no space for being shy in the sales industry. When you are reaching out to your leads, connect with multiple people within the account who you think might fit the same criteria. 

     

    Pairing your inbound leads with triggers is especially helpful when a certain lead starts showing interest six months after you put them in your CRM. You may have forgotten about them but because you have the data coming from your CRM and other plugins, you’ll see they are now ready for your services. Sales reps need to spend time following up on inbound leads. When picking up on behavioral intent triggers, sales reps can utilize internal and external triggers. 

     

    Tukan’s company LeadSift searches the web and looks for the different kinds of triggers based on the data pushed from your marketing automation and your CRM. When their system spots a trigger event, it shares the information directly to your CRM. This information will tell you if it’s a new lead and if it’s from an old account, it updates the account so that sales reps can follow up. 

     

    Don’t waste time and resources on hope. Have solid leads for your sales development team. #SalesLeads

     

    “How To Pair Inbound Leads With Sales Triggers For Higher ROI” episode resources

    Connect with Tukan and ask about his software by visiting the official website. If you are interested in more sales stories, you can talk to Donald about it. Reach him via these channels: LinkedIn, Instagram, Twitter, and Facebook about any sales concerns. 

    This episode is brought to you in part by TSE Certified Sales Training Program. It’s a course designed to help new and struggling sellers to master the fundamentals of sales and close more deals. Sign up now and get the first two modules for free! You can also call us at (561) 570-5077. 

    We have a new semester beginning this March and we would love to have you and your team join us. Follow this link to apply to the program. 

    We’d love for you to join us for our next episodes so tune in on Apple Podcast, Google Podcast, Stitcher, and Spotify. You can also leave comments, suggestions, and ratings to every episode you listen to. 

    You can also read more about sales or listen to audiobooks on Audible and explore this huge online library. Register now to get a free book and a 30-day free trial. 

    Audio provided by Free SFX and Bensound. Other songs used in the episodes are as follows: The Organ Grinder written by Bradley Jay Hill, performed by Bright Seed, and Produced by Brightseed and Hill.

    Is Any Attention Good Attention?

    Is Any Attention Good Attention?

    Is Any Attention Good Attention? 

    I like Oscar Wilde. His best quote is, “There is only one thing in life worse than being talked about, and that is not being talked about.” Of course, there are times when people are talking so bad, one might wonder if it is worse than being ignored.

    This episode of The Intuitive Customer explores if there are times when the bad press can be good news for your brand. In other words, are there times when bad news is good? Is any attention good attention?

    The answer, for my part, is it depends. It turns out scientific research says the same thing. There are no absolute answers to this question. The circumstances of the attention, the bad press, and the goals for your organization all play a part in how you answer the question.

    In the early days of our global Customer Experience consultancy, Wilde’s statement sums up the marketing efforts for my brand. We started back in 2002, when nobody knew who we were, or, frankly, what a Customer Experience was. To get attention, I published my thoughts on customer behavior and emotional experience anywhere I could.

    Back then, the idea that customers had an emotional experience in business or consumer situations instead of rational ones was not widely accepted. (You might argue that we are still working on that one.) It was controversial, and many people in the industry thought I was mad and, well, wrong. The result was I debated a lot of people.

    These disagreements were fantastic for us. Why? People knew who we were and what I did.

    Now, in this case, the negative attention I generated from my views was positive for my brand. I needed people to know who we were and, based on my beliefs that few people agreed with at the time, they discovered us. However, this result is not always the case.

    There are times when the bad press is good news for your brand. There are also times when it isn’t — knowing which is which and whether it’s suitable for your current marketing goals is essential to your brand message.

    Do you and your marketing team know the answer? In this podcast we help you figure out how to get there and get the results you need.

     

    The Intuitive Customer podcasts help you take your Customer Experience to the next level by unlocking the “hidden” aspects of your experience and determining what really drives value for your customers.

    To find out more about how your organization’s marketing can improve customer loyalty and retention, contact us at www.beyondphilosophy.com.

    To subscribe to The Intuitive Customer and never miss a podcast, please click here.

    Ep.115: 3 Common Mistakes Plastic Surgeons Make

    Ep.115: 3 Common Mistakes Plastic Surgeons Make

    📖 Get a Copy of Catherine’s FREE Book

    📲 Schedule a FREE 30-Minute Strategy Call with Catherine

     

    Beauty and the Biz

    3 Common Mistakes Plastic Surgeons Make

    Oftentimes the simplest of things are overlooked the most frequently, yet affect your bottom line more than you realize, so this blog post will cover 3 common mistakes plastic surgeons make in their practice.

    Mistakes in easy, day to day tasks can lead to confusion, chaos, and frustration throughout your office, and impact your plastic surgery practice in a huge way.

    It’s easy to miss what’s not working when you have your hands full and are focused on your patients’ needs, as well as managing staff and performing surgeries.

    See if you are making any of these common mistakes and then address them so your practice and profits flow better.

    MISTAKE #1: Not Having an A-Team Supporting You

    Surrounding yourself with an outstanding team may seem like a daunting task, but ultimately those working for you are vital to your success.

    You may need to evaluate your workplace and ask yourself; Are the people on your team helping or hurting your practice?

    While working as a business and marketing consultant to cosmetic practices for decades, I have seen a wide variety of behaviors that go unchecked and hurt your image. For example:

    • Staff is charming to the surgeon and disagreeable to everyone else; 

    • You think the staff is following up, taking photos, getting consents, but you find out
      it’s not happening;

    • The receptionist is not the right fit for the front desk and is losing callers, and it goes on and on.

    If you have experienced any of these common scenarios, it may be clear that you do not have the right team in place.

    If you have your doubts about who has your back and are questioning their value to your practice, try out the simple exercise of a “Daily Duties” form for one week.

    Beginning on Monday, the members of your team will write down every task they actually perform throughout the day and record the amount of time that it takes for them to complete each task.

    They’ll do this real-time so you get an accurate accounting of what they actually do – NOT what you think they do. On Friday, they will submit the completed form to you.

    By evaluating these forms, you will be able to see who on your team values their time and work by thoroughly filling out their form.

    It will also show you those who rushed through the assignment and carelessly completed the form. You will also see which team members don’t complete it at all, and therefore do not value their work, or you.

    This exercise will give you a better idea of which staff members take their jobs seriously and care about the practice as a whole, as well as those who don’t.

    It will also indicate who does what. So many times, a certain team member was doing certain tasks and when they left the practice, nobody picked up where they left off.

    Or, you have 2 or 3 different team members ordering inventory with no one person responsible so they either order too much or not at all since they assumed someone else would handle it.

    Here’s MISTAKE #2: Not using the resources you already have to attract more patients

    Let’s consider the value of just one of your patients and how they can grow your practice for you.

    On average, a typical cosmetic patient has approximately 200 people such as friends, family members, colleagues, neighbors, hair stylists, gym buddies, etc. in their circle of influence.

    Now imagine that your patient refers them to you, and in turn these new patients refer those in their circle of influence and so on.  Your patient database and revenues would grow exponentially with the compounding effect.

    The way to get these word-of-mouth referrals is to set up systems that happen automatically as part of your processes so your patients know you value them and their referrals.

    A great example of this process can be as easy as taking photos of your patients once they are healed and making them readily available to them so they can show off your work to their friends.

    In my book “Your Aesthetic Practice/What Your Patients Are Saying, I asked patients about their before/after photos and here’s what they said:

    • 82% stated they wanted their before/after photos 
    • 76% stated they would have shown them to others, if only they were made available to them


    But to succeed with this, it’s all in the presentation.

    The best time to provide a patient with their photos is at their post-op appointment when they are healed and happy. This is the time when they will be most excited about their results.

    Presented them with A handwritten note thanking them for their trust in you, along with their photos, can speak volumes!

    Be sure to include your name, telephone number, and website in the notecard so their friends can contact you to book their own consultation with you.

    This simple process can be used for both surgical and non-surgical procedures alike.

    Another simple, yet effective process to grow your practice is with the use of gift certificates.

    So many practices offer them, but it seems to be an unspoken secret in your office. How do you change that?

    The best way to market your gift certificates is at checkout with an eye-catching gorgeous display and customized gift bags.

    A sign that reads “Need a Quick Gift?” is sure to grab the attention of those busy patients standing with their wallets out and credit cards in hand.

    Not only does this increase your revenue for the day, but it also introduces a new patient to your practice and it’s convenient for patients needing a quick gift their family and friends will love. 

    And common MISTAKE #3 is Not having a clear patient attraction plan in place

    Something to always remember is “If you fail to plan, you plan to fail.” By failing to plan how you acquire new patients, you are setting yourself up to lose would-be patients to your competition.

    Acquiring these new patients is so much more than just one email, one social media post, one Google ad. It requires a persistent plan that keeps your name in front of your current patients, as well as new perspective patients online looking for cosmetic rejuvenation.

    Because in today’s noisy world, you need up to 31 points of contact to get someone’s attention so you need to be everywhere your preferred prospective cosmetic patients are.

    You need lots of poles in the pond working together. So, in addition to your Website, SEO and google ads, put together a plan that includes lots of other strategies such as:

    • Themed emails
    • Fun social media posts
    • Website banners leading to opt-in pages to collect their name, email & cell phone
    • In-house signage and
    • Texting

    And, once you create your new patient attraction plan, be sure to assign tasks to each team member to ensure things get executed.

    This way, you allow your staff to focus on practice-building in a fun and engaging way, so they feel more part of your success.

    Here’s an example, choose a theme for each month, as well as a marketing plan like this:

    January’s Theme – “Show Off a New You This Year”

    Now make a list of tasks and who is responsible. For example:

    • Google ads for Tummy Tuck and Mommy Makeover (Web Company)
    • Website spotlights with videos explaining Tummy Tuck and Mommy Makeover (Surgeon)
    • Email to Patient List with January tummy tuck special (assigned to Karen) 
    • Social Media Posts – 2x per week (assigned to Sandy) 
    • In-house Signage (assigned to Sue)
    • Add more MM B/A Photos and testimonials to Website (assigned to Ken) 
    • Write a blog post (assigned to Sophia) 
    • Text certain patients your tummy tuck special (assigned to Karen) 

    Now everyone on your team has clarity and focus for January. Just do that every month and see how much better your results are when the plan is clear.

    Once you fix these all-too-common mistakes that are seen throughout plastic surgery offices, you will find that your practice is running more smoothly and effectively.

    If you could use some help fine tuning your practice to run on all cylinders, let’s talk. I can show you how other successful practices handled the roadblocks in their way and are now set up to succeed.

    Just leave me a message at www.catherinemaley.com and I’ll get back to you.

    Ok, that’s it for this week and I hope you got a lot of value from this.

    If so, please subscribe to Beautyy and the biz and share it with your staff and colleagues.

    If you want to talk more about your specific situation, just leave me a message at www.CatherineMaley.com or DM me on Instagram.

    And, if you haven’t done so already, please subscribe to Beauty and the Biz and leave me a review since that helps me reach a larger audience.

    Thanks so much and talk soon!

     

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