The BetterLife Podcast He Adds Millions to Your Net Worth by Solving a Single Problem | Pete Kelly
10 snips
May 7, 2024 
Pete Kelly, CEO of Apartment Life, discusses how to reduce vacancy rates in multifamily buildings, increase net worth by millions, and the impact of loneliness on tenant retention. He shares tips on finding real estate deals in 2024, his parenting advice, and the importance of cultivating relationships in the industry for success.
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Seven-Neighbour Rule Drives Retention
- Knowing seven neighbors roughly doubles a tenant's chance to renew their lease.
- Building neighbor relationships is the single biggest driver of retention in multifamily housing.
Proactive Welcome And Renewal Visits
- Greet every new resident and proactively invite them to community events.
- Use friendly check-ins 90–120 days before lease renewal to ask if they plan to stay.
Low-Cost Structure To Fund Community Coordinators
- Convert an unused two-bedroom into a coordinator unit and budget $2 per door for events.
- Expect an ApartmentLife management fee (~$800/month) to deploy and manage coordinators.