I was reading a white paper recently. Not specific to real estate.
It suggested that a lot more business could be done, with or without the Internet, if trust could be established and tracked over time.
Do people do what they say they will do and how can that be managed over time?
Reputation could be the keyword.
In most online situations I know, you post stuff and otherwise 'chat'. When something interesting comes along, you dig deeper. Numbers, details and similar facts start to be important. Once you have something that feels interesting, you then have a live conversation. The tone matters. If it is F2F, maybe it is something about the body language and their eyes.
We seem to be able to make judgement calls based on 'what our gut tells us.' As if our stomach area can talk.
What are your thoughts?
Relationships and reputation are 2 of the most important things, hands down. Actually, my biggest frustration is in fact people who say they'll do something, and then don't.
When it comes to posting here, from what I've seen, I think most people's intentions are good. That said, I think people are busy and oftentimes post things quickly without thinking them through or showing the data. Heck, I've done it more than once!
"Trust but verify!" And when in doubt dig into the details. One of my favorite quotes is "without the data, you're just another person with an opinion."
CJ, I like your quote. "Without the data, you're just another person with an opinion."
Interesting that many of the investment discussions are very similar. People deciding things without the data to back up their decision. Confirmation bias - looking for support for a decision you have already made. Thinking about the logic which can justify the emotion.
Reputation is important yet I think 1 to 1 relationships and trust building are paramount. I have been thinking about this lately in terms of how to build trust earlier on in my investor relationships as well as for custom home buyers. I am working on how to communicate my value and reliability during the prospecting phase when an investor or custom home buyer is interested but not a customer yet. There are obvious things like reviews, word of mouth referrals and of course the portfolio. Beyond that I'm considering doing testimonial videos as promotional material to prep interested customers. I'm using "customer" to define Investors and Custom Design Build Home Buyers.
I realize this falls into Marketing and I also think its critical to scaling the business. Thoughts?
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