How to Run Rental Property for Profit and Peace of Mind with Terrie Schauer

Welcome back to the REI Mastermind Network! In today's episode, titled "How to Run Rental Property for Profit and Peace of Mind with Terrie Schauer," we have a special guest joining our host, Jack Hoss. Get ready to gain some valuable insights and strategies from real estate expert Terrie Schauer.

Terrie believes that there isn't a one-size-fits-all answer when it comes to real estate, and she has found her niche in property management, specializing in poorly managed properties owned by older landlords. With a focus on the Montreal market, which shares similarities with New York in terms of rent control and protected tenants, Terrie explains how implementing strict rental laws and policies can greatly improve property management and remove problematic tenants.

But it's not just about addressing property management. Terrie highlights the importance of cutting expenses, finding value-adds, and setting goals to increase revenue and provide value. She also shares her insights on mental training and the power of mindfulness in the real estate industry and beyond.
In addition, Terrie addresses the impact of the pandemic on the industry and how it has affected tenants in low-income areas. She reflects on the government's reaction and believes that the lockdown and support measures have led to addiction and mental health problems, which will have long-term consequences.

To maintain professionalism in property management, Terrie shares valuable advice on communication practices, setting boundaries, and using technology to create a seamless experience for both landlords and tenants.

So get ready to dive deep into the world of property management, mindfulness, and professional communication with our insightful guest, Terrie Schauer. Let's get started with episode 497processed of the REI Mastermind Network!

Connect with Terrie Schauer: mindfullandlord.com

Topics:
- The speaker specializes in property management
- Focusing on poorly managed properties
- Market similarities to New York with rent control and protected tenants
- Implementing strict rental laws and policies
- Improving property management and removing problematic tenants
- Benefits to remaining residents and increased property value
- Importance of cutting expenses and finding value-adds to increase revenue and provide value
- Setting goals and not getting derailed by sad stories or personal challenges
- Methodology for mental training
- Difference between mindset and thinking mind
- Aligning the whole mind and understanding that one is not their thoughts
- Dissociating from stress reactions to improve performance
- The concept of being a watcher
- Importance of meditation and dedicating time to training the mind
- Comparing mindfulness to dieting and the importance of understanding how the mind works
- Exercise: training the monkey mind
- Canada vs. United States ecosystems
- Impact of the pandemic on low-income area units
- Government's response and consequences of lockdown and support
- Importance of professionalism in property management
- Putting things in writing and maintaining professional boundaries
- Using a call center or phone system for better communication
- Timely communication and commitment to returning phone calls within 24 hours
- Maintaining separate personal and business phones
- Communication funneling and specific email addresses for different requests
- Importance of written communication to avoid misunderstandings
- Levels of consciousness: thinking mind, emotions, and pure consciousness
- Mindfulness as understanding and training the mind
- Benefits of mindfulness in financial decisions and mental well-being
- Lessons on mindfulness and mental toughness from kickboxing
- Transferring mental training skills to real estate business
- The struggle to take action in the real estate field despite access to information
- Importance of mental training and alignment to achieve goals
- Impact of strict mask mandates and lockdowns during COVID
- Stability after initial chaos in repairs and payments
- Awareness of eviction moratoriums and tenants taking advantage
- Communication approach as an agent doing their job
- Confidence in their abilities and not taking things personally