The Hidden Key To Success In Real Estate Investing
Any given day you will find a flurry of activity in our office.
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Looking from the outside, it may seem unorganized and at times unorthodox and to me that is okay. Our walls are covered (really covered) with white boards, hand drawn graphics of our business plans, vision boards and inspirational quotes.
It looks like a scene from the movie “A Beautiful Mind” starring Russell Crowe.
We track nearly everything from pending projects, future deals and a list of business ideas that would enable our future growth. We have a weekly overview meeting first thing on Monday morning and a short planning and update session daily. What is my point of telling you all of this?
The point is communication. I believe this is (at least one of) the hidden key to success in real estate!
Why Communication Matters!
No matter what your stage of investing or business, communication that is clear and open, communication that allows for growth is detrimental to your success. This is the sole purpose that I write this blog each week. I want to share with you the ideas and strategies that we use to be successful and with wide margins communication is the biggest and best.
My company deals mainly in Turnkey Real Estate, which means we have investors and business partners, maintenance professionals and most importantly tenants.
The ability to clearly define our goals, gather information and provide a sound investment rests on our team communicating and sometimes challenging each other to find a better flight path. Without this function we would be grounded.
The #1 Component to Our Success
I recently attended a meeting for Real Estate professionals in Southern Ohio.
After speaking to many of the attendees and sharing some laughs we headed for home, about a 3 hour drive. I like those drives, they give you the time to decompress and review all of the information gathered and shared. You have a moment to evaluate your position and, in relative silence, understand where your business is and where it’s going.
During that time I realized that the #1 component of our success was our ability to communicate who we are, what our company offers and how we can help others. We have a great team and we are all focused on providing a clear understanding on all of our business functions and how everyone can benefit greatly from them.
I once read somewhere that 80% of person to person communication is in fact miscommunication. That means only 20% gets through in the way you intended! When people ask me what we are doing to bring in business, increase sales and create happy investors, what we do is communicate clearly, concisely and often.
Real Estate is a Relationship Business
Real Estate, as I have written previously, is a business of relationships. We need to put effort and focus on building them. Each relationship also needs to be fed regularly to continue.
In my experience, reaching out with a genuine, no sales pitch newsletter, a personal email, phone call or a talk over coffee, although takes time, is the secret to lasting success.
If you struggle in this area, no worries, just about every book on business has at least one chapter about communication. If you don’t like to read or don’t have the time get the audio version and listen while traveling. Watch the news, it helps you relate and stay current. Read the blogs here and join the forums! Most of all, just keep moving forward.
How do you stat current?
Be sure to leave your comments below!