Why Loyalty Changed The Game For Us
Let me preface by saying that I was an investor for years (and still am) that hated real estate brokers - I thought they were a necessary evil to the game of relisting and provided no value to find off market deals...
Fast forward. I run a team of 19 agents and have a very successful investment business. Let me tell you that LOYALTY changed the game for us.
Loyalty between our investors and agents created a mutual beneficial relationship that was NOT BASED just on "who was bring them the next deal" but who could help them build their business fast. We lead with value and tons of it - showing them our systems, spreadsheets, contacts, subcontractors, competitive commissions, access to private money, and overall strategy.
Loyalty between our contractors and investors skyrocketed our profits, margins, and volume (commissions). No more babysitting and chasing subs down. They know they were the only one we are calling every time unless they are unavailable, then we go to our #2 on the list who was always inspiring to be our #1. Bids are competitive and straight forward. Change orders were reduced by nearly 50%. Repair addendums were handled in days and not weeks. Bids were fast and thorough.
Loyalty between our HML/PML and investors has created referral relationships that built faster funding and quicker underwriting. Rates have become more competitive and fees have been capped at respectable rates. Access is always there if the deal makes sense without having to bounce around.
Loyalty with our wholesalers and investors has given us more off market opportunities before it gets "sent out" to the rest of the list. We treat them fairly and compensate them greatly. If we pass on the deal, they have can take it elsewhere without any issues. But our business is #1 - We provide the dialer, the data, the scripts, the CRM...
We established this loyalty by FORMING RELATIONSHIPS and not just valuing PROFITS > LOYALTY.
This came from sitting down and drawing out our expectations up front. If they didn't want to follow our model, then we moved on. If they did, then we would test them out.
Once they passed the test, then we would keep meeting with them again and again to get deeper with them on their why and their goals. Working together to get them where they want to be in life was and still is our #1 priority. We stopped looking at business as who can I use as a "means to the end or tool to get the job done" vs. who can I put in the seat on the bus with us to accomplish our end game.
That's when things took off! Yes, people screwed us over. Yes, people would turnover. Yes, damage control would need to happen. But the BS slowed down significantly. We built a retail side and investment side business that everyone tries to work together for the common goal = wealth to change our lives.
Have loyalty and build relationships when forming your dream team. Take care of people. Don't be inconsistent. Your word is everything.
People will forget what you said and did, but they won't forget about how you made them feel...