Fritz Ritter and his team at Kronos Investment Partners are skilled at obtaining tenant data to help them form their business plans and fit properties with the appropriate amenities. The age, family size, professions, and hobbies of your families play a large role in the type of property that they are interested in. In this episode, Fritz shares his tools and strategies for creating tenant profiles that can be used to make smart investment choices. For Fritz, understanding the lifestyle of your prospective tenant is key to serving them well and getting the most out of your assets.
Key Points From This Episode:
- Learn some background about our guest Fritz Ritter and his journey into multifamily.
- The most important tenant information to obtain.
- What the strategic evaluation of a target area (SEOTA) entails and how it serves them.
- The tools they use to source the information.
- Examples of how they use the information to provide the preferred amenities.
- The importance of understanding the lifestyle of your prospective tenant.
- Tips for implementing and building effective systems.
“We go into the demographics and the psychographics of the tenants in those areas from various sources online and build up that profile and get as much information as we can. And this helps us build the business plan.” — Fritz Ritter [0:02:05]
“The better you can understand the lifestyle of your prospect tenant, the better you are going to be able to serve them.” — Fritz Ritter [0:04:13]
Links Mentioned in Today’s Episode: