Tag Archives: target market

Culture

10 Ways You Can Make Money from Your Condo

Leave a comment

Many people are currently looking at Montreal condos for sale, as the present boom in the property market makes it an ideal investment. As these developments continue, Montreal is also becoming more and more attractive to employees, tourists, homeowners, and investors alike.

Planning to buy a condo and make money from it? Check out these tips:

  1. Assess your surroundings.

First, check your location and what that means for your rental property. Are you near offices? Are you in a family-friendly suburb? Are there other rental properties nearby? How much are they renting it out for? Check out the city government website for said information which can help you better estimate the possible return.

  1. Pick a target market.

Who are you renting out your condo to? This will dictate where you’ll advertise it and how much you’ll rent it out for. Try to pick a target market that’s not particularly saturated, especially considering the area where your condo is located.

  1. Force appreciation of your condo’s value.

Before you rent it out, you can actually force appreciation on its value by negotiating lower maintenance rates. If you can increase the efficiency of utilities like water and electricity, this will lower operating costs and increase value – making it more desirable to possible tenants.

  1. Prepare your condo for renting out.

You have to remember that you’ll also have competition, as you’re not the only rental property available. Depending on who you’re targeting, you should make it appealing and furnish it appropriately. By doing so, you’re making it the preferred choice of consumers.

  1. Put it out in the market.

Even if your condo is ready for renting out, that doesn’t mean you’ll automatically have tenants. You’ll need to advertise that the property available, and using the right channels is also key.

  1. Make all agreements clear.

Be very clear about your rental agreements. Is it a month-to-month contract or are you looking at something more long-term, like an annual lease? Who pays for the utilities? Who pays for the condo fees? Make sure the agreement between you and tenants is very clear to avoid future conflict.

  1. Rent out unused garage space.

Most condos come with a garage space, and you don’t necessarily have to include this in your rental package especially if your condo is in the city and your tenants don’t have a car anyway. You can always rent out the garage space as a lot of people are simply looking for a dependable parking space where they can park when going to work. .

  1. Rent out unused street parking space.

If your condo comes with street parking space, you can also rent this out separately to other tenants in the building.

  1. Consider other schemes.

Open your mind to other schemes for rental, like a weekday-only rental or short-term contracts. This is more likely to happen if your condo is located in a dense area like downtown Montreal, where you have office workers and tourists as well.

  1. Rent it out as office space.

If your condo is the studio type, you don’t have to make it residential. You can also rent it out as office space for professionals.

Culture

Law Firms Should Nurture A Culture For Growth Factor

Leave a comment

Hillel pic Web

There’s a strong correlation between the growth of a law firm and the strength of its culture, according to a new survey published in February’s ABA Journal.

The most successful mid-sized firms are those that put a high value on their culture – how they do business and the written and unwritten rules for behavior, according to the survey conducted by TAGLaw and the Center for the Study of the Legal Profession.

“Firms in which everyone plays by the rules and values dictated by the leadership are more successful in part because, whether they realize it or not, they’re branding themselves,” says Hillel L. Presser, Esq., MBA, author of a new book, “The Lawyers Law of Attraction: Marketing Outside the Box But Inside the Law,” (www.lawyermarketingllc.com).

Branding – developing a unique, distinctive and consistent image — is vital for any lawyer hoping to stand out from the competition, Presser says.

It’s even more important to distinguish oneself in today’s post-Recession economy. Demand for legal services, revenues and rates have all dropped significantly since the Recession began in December 2007, according to a 2013 advisory by Hildebrandt Consulting and Citi Bank.

“The compound annual growth rate for revenues in the legal market was 9.8 percent leading into the Recession. From 2008 to 2012, it was 0.8 percent,” Presser says.  So how does a law firm – or an individual lawyer – develop a brand?

“In a firm, if you have a strong culture, start by giving it a closer look. What values define your culture? What rules govern interactions with clients? Do you have a collaborative team approach or independent individualistic lawyers?” he asks. “All of these answers will help you define your brand.”

 

Presser Book Cover Web

 

If you’re an individual lawyer, you are your brand. Your personality, your look, how you present your practice all contribute to your brand identity. To build a successful, strong brand, you need to be sure these things convey what you want them to – and more important, appeal to your market.

Presser offers these tips for building your brand:

• Identify your personality, your specialty and your target market: These form the basis of your brand and it’s important for all three to work well together. Presser defines his personality as “an innovator and educator who’s very social and very serious about financial protection.” His specialty is asset protection, and his target audience is all individuals with money, property or other assets that are not secured in the best way.

• Decide what will appeal to that target audience: If you already have clients, look for what they have in common – it will say a lot about what they value and, hence, what appeals to them. Everything from the clothes they wear to the cars they drive to the information they share about themselves offer clues to what they value. Maybe it’s reliability. Non-conformity. Social status.  Solid quality. Is that who you are? If so, make sure it’s reflected in your brand.

• Think about what makes you different from your competition. From soda companies to athletic apparel manufacturers, every industry includes rivals selling the same products. Through branding, they distinguish themselves to appeal to their target audience – to set themselves apart. What makes you different from other divorce, criminal defense or corporate attorneys? How does that fit in with your personality, specialty and target market?

• Look for ways to incorporate your personality into your practice.Everything from the furnishings in your office to the clothes you wear to your business card and website should incorporate the personality and values you want to convey. If the tone of the copy on your website is casual and light-hearted and you want your brand to say old-fashioned hard work and reliability, you need to have the copy rewritten.

Your brand will be the foundation for your marketing, so take the time necessary to ensure all of the elements work in harmony, Presser says.

“You don’t have to be everything to everyone – you can’t be,” he says. “So focus on your niche audience and what’s important to them as well as what’s important to you. It will make you more successful both in setting yourself apart and attracting the types of clients you want to attract.”

About Hillel L. Presser, Esq., MBA

Hillel L. Presser is the owner of Lawyer Marketing LLC, a company dedicated to helping lawyers effectively market their practices. He’s also the founder of The Presser Law Firm, P.A., representing individuals and businesses in establishing comprehensive asset protection plans. He is a graduate of Syracuse University’s School of Management and Nova Southeastern University’s law school, and serves on Nova’s President’s Advisory Council. He also serves on the boards of several non-profit organizations for his professional athlete clients. He is a former adjunct faculty member of law at Lynn University. For the Silo, Ginny Grimsley.