Admin Fee Misconception

Well, greetings. Robert Locke here, and thank you for joining us. Today's conversation is all about the move-in admin fee. Now, when I first heard this 20 years ago, I kind of pushed back. I didn't like the idea.

What I thought it meant was this: have the tenant pay more money. We struggled with that. We didn't like the idea, and we didn't implement it right away. We simply thought it meant get more money from an already strapped tenant. Tenants are always thin on money to move from one property to another.

We just felt a $150, $250, $300 move-in admin fee just made it that much harder. We saw it as a hurdle. We saw it as something that just didn't work and made it harder for us to rent properties. Now, back then, we were still under the delusion that went something like this: to get revenues up, you must increase someone else's cost.

Correct Understanding

Now, that's kind of a natural conclusion, but after you think through it a little bit, you find out it's not the right conclusion, and there are errors in it, and this program does not mean tenants have to come up with more money or owners are shorted, and it's just a net number to you. So we, about 20 years ago, had a colleague share with me on a way to look at this. And oh my gosh, sirens went on, and lights went on, and we implemented it right away, and we've been doing it for 20 years. We've made $1.5 million so far just on this one fee, and there's no offsetting expenses.

It's kind of right straight to the bottom line.

Implementation Details

All the strategies, all the details regarding this idea are on this page. Questions and answers, how to implement it, when to implement it, when to get the money, how to explain it to tenants and owners. You have everything on this page, including exhibits and some forms that you might want to download to help you implement this idea. Now, we've got others just like this one. This one is a big one, and it's going to make you a lot of money starting immediately if you'll implement it.

But we got a lot of other ideas like this as well. So take your time, get this one up and running, get the money flowing into your coffers. Then let's sit down and have a conversation about some other revenue streams, because we want you to fully embrace the world of cashing in on property management.