Updated almost 6 years ago on . Most recent reply
How can I add value to somebody?
What are some ways I can add value to an experienced multifamily investor. I’m simply looking to learn and want to be involved in the business.
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This is a tough one and the answer won't be the same for everyone. That said, asking this tells me two things: you're not sure if you're doing enough to help and be helpful and also that you are aware that you're not. Promising to see!
Finding your niche in any market can be tough and getting people to like you is even harder. This isn't an industry where people like you because you crack a nice joke every now and then or seem like you're cool to have a beer with. It helps, but so does knowing your market and the numbers. In my market, the investments can get very 'street-by-street,' and it's my duty to my clients to be able to tell them which ones are good and which ones may not match their personal investment goals and strategies along with several other things.
One thing I do to add value to a transaction may shock you: kill it. If a transaction is going sideways and the numbers get messed up or come back different than what you started at and your client feels uneasy or is unable to close or the units are in a worse neighborhood than originally thought, let them know their outs and you can try again with that client. It will take some time to learn the difference between nerves and genuine concern for this working or not, but backing out and moving on will mean that you have a client that doesn't feel like they were being pressured into making a deal that they truly didn't want. It's the difference between closing one deal with that person/company or many more as you now seem much more honest in their eyes.