Take it From NFL Quarterbacks: Be Thankful for Your Vendors

 

“…the Chiefs quarterback opted to go big with his show of appreciation for his offensive line with this year’s presents.  Mahomes hooked up his protectors with sets of TaylorMade golf clubs, complete with custom bags featuring their jersey numbers and a box of balls for good measure.”

(Nick Selbe in Sports Illustrated: 12/21/22)

 

“Hi, I'm Dan Marino, and if anyone knows the value of protection, it's me.  So I take care of the hands that take care of me with Isotoner gloves.”

(Ace Ventura 1994)

 

“Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you.”

(1 Thessalonians 5:16-18)

 

Every year I see articles talking about what Christmas presents NFL quarterbacks give to the members of their offensive line (typically around 10 guys).  Looking at past gifts from the quarterbacks below, they seem to be pretty nice items and run the gamut:

 

Mac Jones (New England Patriots): Bitcoin

Carson Wentz (Indianapolis Colts): Bourbon, some meats, & Yeti coolers

Jalen Hurts (Philadelphia Eagles): Louis Vuitton travel bags

Dak Prescott (Dallas Cowboys): Air Jordan 11 Retro sneakers

 

These are not cheap gifts.  When your livelihood (and long-term health!) depends on these offensive lineman preventing defenders from taking your head off, it is imperative to make sure they know they are appreciated.  And now all the starting quarterbacks in the league make it a point to give nice gifts to the guys that try to keep them upright every game.

 

On that vein, I was listening to a video the other day and the instructor was talking about running a property management company.  He reasoned that the main component of success was the ability to retain tenants; then he began his discourse into specific reasons why tenants did not re-sign their leases.  The #1 reason, by far, was that repairs were not completed in a timely fashion.  He argued that fixing things promptly is the silver bullet to keep tenants.  Landlords can try other things like offering gift cards or flat screen TV’s as lease re-sign bonuses, but they offer little benefit if a tenant’s heating system hadn’t been functioning for 3 weeks the previous winter (like a now ex-neighbor told me recently had happened to him).  To his point, most dissatisfied tenant’s Google reviews against property managers stem from delayed repair resolutions.

 

How does a landlord avoid lingering repair issues?  First of all, work orders must get off the landlord’s desk and be directed to the appropriate vendors ASAP.  Then, it’s all about vendor quality that will drive tenant satisfaction and property management success. 

 

So, the lesson is… hire great vendors!  Hire vendors who care.  Hire vendors that realize that having the heat go down on a Friday afternoon means that it is going to be an awful weekend for the tenant if the work order is pushed until Monday.  I’m amazed (and thankful!) that many of our vendors voice disappointment when they can’t get there the same day or a repair they made didn’t hold.  They have empathy that it could be their families who are shivering at night or have no working plumbing.  It takes a servant’s heart to put someone else’s family before your own.

 

Once a landlord finds these core, caring vendors and puts them to work, it is time to play the role of the thankful NFL quarterback.  I’m not sure that necessarily means Louis Vuitton travel bags or TaylorMade golf club gifts (maybe some Isotoner gloves?), but I’d recommend the following four things we try to give our vendors:

 

1. Loyalty: We give most of our business to our best vendors and keep it there
2. Payment: We make sure invoices are paid consistently, in full, and when expected.  They should be able to worry about their jobs, not exerting energy to collect due funds from us.
3. Grace: Everyone messes up from time to time.  Taking off people’s heads for honest mistakes isn’t going to help anyone.  And when you do this long enough, you know that grace is a two-way street. 
4. Thankfulness: Let them know how much you appreciate their effort on a day-to-day basis.  We all like to feel like what we do is noticed positively.

 

NFL quarterbacks may have millions of dollars to shower their guys with Bitcoin “thank you” gifts, but sometimes the smaller gestures above can go even further.  Give thanks and take care of the hands that take care of you!

 

Have a wonderful Thanksgiving & Happy Landlording!

“100% Guarantee For Your Rental Home!” Delightful or Sour?

 

Tommy:  Here's how I see it. A guy puts a guarantee on the box 'cause he wants you to feel all warm and toasty inside.

Ted:  Yeah, makes a man feel good.

Tommy:  'Course it does. Ya think if you leave that box under your pillow at night, the Guarantee Fairy might come by and leave a quarter.

Ted:  What's your point?

Tommy Boy (1995)

 

My 9-year old son was eating frozen blueberries a few weeks ago and started to complain about them.  “They’re so sour!  Gross!” 

 

I advised him, “Well, that’s too bad.  You get some good ones, and you get some bad ones.  It’s the way life goes…”  Then I patted myself on the back for imparting some timeless, Forest Gump parenting advice.

 

Sometime later, he complained again- and then three or four other times after eating these blueberries.  Finally, I grabbed the package off the table and saw it was the “Great Value” Wal-Mart brand.  My eyes narrowed on the “Great Quality.  Great Price. Guaranteed.” guarantee printed on the back.   Verbatim, it read:

 

If for any reason you aren’t happy, we’ll replace it or return your money.  Whichever you prefer.  All of you need is the package.  It’s that simple.  Guaranteed.

 

Now was the time to teach my son about the advantage of paying attention and reading the fine print!  “Son, we’re going to Wal-Mart and you’re going to take care of it.”  “Dad, are you sure we can bring this package in and they’ll give us the money back?  I’ve already eaten half of them…”  “Yes, son.  It’s that simple.  Guaranteed!”

 

After my son negotiated that he could keep the $2.99 windfall and put it towards a pack of football cards, he signed on to this gambit.  We drove over to Wal-Mart and, from a distance, I watched my son explain to the customer service person that the blueberries were sour and that he wanted a refund.  After a minute or so, he walked away from the counter, defeated, and let me know that we could swap it out for another bag of (sour) blueberries; there was no option of getting football card money instead.

 

Now Dad was sure there was a misunderstanding!  It’s guaranteed!  It’s simple!  And it’s a $2.99 charge to a multi-billion dollar conglomerate!  Well, yours truly fared no better when I approached the customer service desk and was promptly (but nicely) shut down.  If I didn’t have the receipt or credit card it was bought with, their hands were tied.  There was nothing that could be done.

 

Undeterred, as my young kids trolled the Wal-Mart aisles unattended, I called the #800 number that was located under the guarantee.  After a 14-minute phone call of providing serial numbers, date of purchase, and personal information, the customer service representative (who was also very nice) said that we would receive a $5.00 Wal-Mart gift card mailed to us within 2 weeks, but no cash.  When we got home, I sent a message through the “Great Value Guarantee” website and they referred me to the in-store customer service desk for any refund requests.   I wrote back saying that was where it all started!  Then I never heard back.  Ugh!

 

If for any reason you aren’t happy, we’ll replace it or return your money.  Whichever you prefer.  All of you need is the package.  It’s that simple.  Guaranteed.

 

The final scorecard read: (1) in-store visit, (1) 14-minute phone call, (1) web inquiry, & (1) 2-week wait for a $5.00 store credit.  So, obviously, it’s not that simple.  And it’s far from guaranteed.  And we are talking about getting $2.99 back from Wal-Mart which they explicitly stated was a sure thing on the package itself.

 

Great story!  But what’s your point?  What does getting a cash refund for a sour bag of Great Value frozen blueberries have to do with property management?

 

A lot, actually.  It’s about the danger of relying on corporate guarantees when picking vendors, especially in real estate.  Whether it is for home warranty insurance against bigger ticket items breaking down (HVAC systems, roofing, appliances, etc.), costly property management occurrences (eviction, pet issues, etc.), or just getting money back from poor work (a flooring vendor recently), it is difficult to get companies to honor them.  No company wants to pay (not even $2.99!) and there is always a reason why the guarantee doesn’t apply.  It’s frustrating, (super) time-consuming, and borderline unethical at times.

 

But that doesn’t stop them from being ubiquitous:

 

1. Home warranty companies: “If your HVAC system goes down and it can’t be fixed, we’ll buy you a new one!  It’s so simple.  Guaranteed!”   
2. Property management companies: “If there is an eviction or pet damage, we’ll cover the costs- It’s so simple!  Guaranteed!”
3. Wal-Mart: “If for any reason you aren’t happy, we’ll replace it or return your money.  Whichever you prefer.  All of you need is the package.  It’s that simple.  Guaranteed.”

 

Life is too short.  The best bet is to pick a company that consistently offers quality blueberries instead of trying to be compensated on the backend when they are sour.  Getting the $2.99 back is arduous at best, and unfortunately, usually fruitless.  Be wary of upfront guarantees and concentrate more on established track records of excellence!

 

Happy Landlording!