As we are entering into 2015, I thought we should reflect and recognize that none of our successes in RE investing could have happened with out the hard work of our Supporting Team".
You know whom I am talking about: The hard working peoples we call if the roof leaks, furnace brakes down, pipe leaks, etc...
Did you think of these people during the Holidays? No, I don't mean when you got the call on New year's eve about the leaking toilet, and you need someone fast......
What I meant is: how did you show your loyalty and appreciation to your supporting team so they will be there for you when you really, really need them?
Well I have to confess, when I was a beginner Investor years ago I used to just send my contractors each a gift card for $50-$100, and my thinking was that I did show them that I care about them. It toke me probably a decade or more to realize that this is very superficial way of thinking.
My own contractors help me realize how can I build REAL loyalty with a little bit better planning. What I started noticing that my Roofer, HVAC man would often ask me in Dec and Jan each year if I need a new roof or a new HVAC system. I used to say I am good thanks! What was I thinking? Here is what happened:
One day I needed a new roof and as it happened it was in right about middle of January so I called the roofer and he was thrilled to hear from me and gave me a 50% off price in real discount, because he needed the money pretty bad after his wife spent to way too much for the holidays. I also noticed that after this January Job he was nice to me all year round.
So that gave me the idea and I started budgeting for major improvements that are feasible to do in cold months.
The results: I have been getting done quality work for close to half price, such as Roofs, Furnaces, Bath remodels etc...... And the guys are very nice to us, and they show their appreciation all year round, because we help them out in times when they need work/money the most.
By the way we never push the guys to give us discounts, they offer it. Nowdays they know that we schedule our improvement like this on purpose to help out. A little planning goes a long way to show consideration and build loyalty, and the savings can add up too!
This is a WIN - WIN situation for all parties involved.
Happy New Year to All of you!
@Val Csontos That's great! Yes, we too try to schedule work during the slow season for the different vendors, for some that means winter, for some that means summer. Showing appreciation in other ways too helps.
This December we gave our property assistant and our plumber each a gift certificate for a one-hour professional massage. Boy, did they need it! They were ecstatic!
We gave another trusted worker an advance of $200 for the holidays and then he had a medical emergency and couldn't pay it back right away, so we told him not to worry about it until his health improves. Now he can do light duty stuff and we are arranging some things for him to do; helps his pride and helps his wallet.
We once paid rent to another landlord when our handyman was in a bind (he happened to be in jail for doing something stupid - right when rent was due). Then we went to court on his behalf and spoke to the judge for his release. He never forgot that and was endeared to us.
Also, we routinely take workers out for lunch together when we are working on a big project together. The comradeship and loyalty we receive in return is priceless.
When we have an urgent need, our team comes running! We are happy to give them good referrals for a job well done too. :-)
Marcia Maynard, Fischer Properties | Podcast Guest on Show #83
@Marcia Maynard To treat your plumber and your staff for a professional massage does sound like a great idea, and a nice personal touch!
Does anyone else has any ideas, how to show appreciation to your team?
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