There are so many elements that make up the real estate industry but have you ever thought about the value that closets could add to your residential property? On today’s show, we are joined by Jim Monk, president of CLOZZITS, a closet manufacturer and installation company. He’s here to discuss how closets are a differentiating factor that will increase your rent and your ROI and why. Jim explains the ways property owners are utilizing CLOZZITS’ services, at which stage of the real estate cycle, and in which asset classes.
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He also shares some tips to set you on the path of growing your own business, including the process he uses to find people to join his team, which he believes is the biggest contributing factor to his success. We also dive into the various technologies that ensure the optimal functioning of his company, the program that they are in the process of launching, trends he is seeing in the market, and the charities that Jim and his partner are involved with. This episode is full of insightful and practical information, and advice, so be sure not to miss out!
Key Points From This Episode:
- How Jim found himself in the closet business.
- Average rent increase and ROI that Jim’s clients are seeing.
- The way Jim is scaling his business, and the growth they are currently experiencing.
- Jim talks us through the closet installation process.
- Stages of the real estate cycle when property owners are most likely to make use of CLOZZITS.
- Real estate asset classes within which CLOZZITS’ service is most popular.
- CLOZZITS is a manufacturer, so there is also the option of buying the product from them and doing the installation yourself.
- Tips for growing a successful business.
- Processes are so important; Jim shares how he and his team document theirs.
- Technology that CLOZZITS uses, and what they use the different platforms for.
- The program that Jim is in the process of getting ready to launch.
- Trends that Jim is seeing in the market; construction is slowing down, causing prices of existing properties to increase.
- Why Jim is no longer too concerned about the multifamily space.
- Jim’s personal daily habits and the daily activities he engages in with his team.
- The vital role Jim’s team members play in his success, and how he finds them.
- Charity organizations that Jim and his partner are very involved with.
[bctt tweet=”Today’s rent class is looking for resort-type amenities and I would say this really plays well in the B to A market. — @Clozzits1″ username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Jim Monk
Jim Monk is the President of CLOZZITS. CLOZZITS has developed a program to increase rents by 3%-5% while improving the Net Operating Income (NOI) and Asset Value, all without multifamily owners laying out much capital. His goal is to differentiate beyond the normal amenities and tap into a new area of construction development, renovations, and property management. A conversation with Jim Monk is the opportunity to hear the stories and experiences he’s picked up as a business owner navigating the multifamily industry. Jim expertly discusses what led to this passion, supporting information and why companies like Katerra, Harbor Group, MMA, and Pinnacle are seeing space optimization as a game-changer in turns, make-readies, and new construction. Creating more space for residence is more of an issue than most owners think, and Jim is changing how investors, owners, and managers look at the closet, which can provide an immediate rent increase
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