Episode 101: Rental Reputations and Community Memory with Terrie Schaue
Summary
Have you ever lived at a place where the neighbors knew every story about everyone who had lived in the whole community? Have you lived in a place so long that YOU knew the history of the folks in that area? My guest today and I discuss community memory, mindfully landlording, and how fear is a dashboard light that you may (or may not) want to heed. Best-selling author, former kick-boxer and established podcaster Terrie Schauer joins me on today's show all about your investing practice.
Listen to full episode :
This Week’s Blog Post:
The Journey to Property Management
In this episode, I had the pleasure of speaking with Terrie Schauer, a dynamic property manager and author based in Montreal. Terrie’s real estate journey started unconventionally when she managed student co-op housing while attending university. She quickly realized the challenges and rewards of managing properties. Eventually, she transitioned into owning her rentals, which allowed her to reshape her career and personal goals.
Building a Unique Model for Rentals
Terrie shared how she leveraged her early experiences to create a unique rental model. After purchasing a triplex in Montreal, she adopted a room-rental strategy to maximize revenue while maintaining affordability for tenants. This model allowed her to expand her portfolio significantly. By marketing to international students and young professionals, she built a community-focused approach that set her apart in a competitive market.
The Importance of Reputation and Networks
Terrie highlighted the critical role of reputation and community memory in property management. She emphasized that being part of a trusted network can help landlords connect with reliable contractors, property managers, and tenants. By aligning with others who share high ethical standards, landlords can avoid costly mistakes and build strong, trustworthy partnerships.
Lessons Learned from International Property Management
Terrie also shared insights from her time managing properties in France. While the legal and operational aspects differed significantly from Canada, the fundamentals of effective property management remained consistent. These experiences underscored the importance of adaptability and understanding local laws when expanding into new markets.
Mindfulness and Managing Fear in Real Estate
Finally, we discussed her book Mindful Landlord, where she ties mindfulness principles to the challenges of real estate investing. Terrie explained how mindfulness can help landlords navigate fear and anxiety, enabling them to make better decisions. She emphasized that managing emotions and maintaining presence are critical for success in a field that often demands resilience.
This conversation with Terrie Schauer was packed with valuable insights and practical advice. Whether you’re just starting or are a seasoned landlord, her approach to building community and managing rentals with intention is truly inspiring.