Building Trust Whilst Investing in Property
Trust, integrity and sound communication are all part of successful property investing. Wanted to related several recent stories.
- We wanted to add a new building team in one of the locations in which we are working. Spoke to one builder & explained our spec. Scheduled to meet….Never heard back and dropped communication.
Probably he was inflected with the common disease- Builderitis!
2. We had a tenant contact us on one of our professional HMOs that one of the bed bars broke in her bed. Our colleague who is managing, instead of simply going and buying a new bed, He went to the manufacturer and ordered the part. He saved us both money as we are 50/50 JV partners. Speaking about communication. First he told me the piece arrived in the post…then the next day he told me he installed the piece. This type of action of great communication builds trust and confidence. Then he followed up with the tenant. The idea of adhering to maintenance also builds trust with tenants and hopefully they will stay longer.
3. We sold a local Manchester investor 2 Social HMOs at 9.5% several weeks ago. In inadvertently our solicitor made a mistake on the conveyance statement requesting slightly more money. Immediately we contacted her & told her not to send that amount of money as it was too much. She was in shock that we called and informed her. This simple act of integrity builds trust and she told us that she will probably buy another 2 more properties from us.
4. Another good example of good communication is we gave an estate agent an exclusive for a conversion project to make 3 flats. As we are keen to sell we told him he could have a 2 week exclusive to market to his clients. Today is Thursday, one day before 2 weeks goes by. Just had an update of the status. He might have 2 buyers and will let us know definitely end of today with one…and tomorrow by 5pm. Again open communication…Plus if he does not bring a memo of sale he will continue to market as well as we will list on Rightmove.
Bottom line…if you want to build your property career….Need great communication…honesty…integrity…We have been in property now 25 years. Seen alot of people go and come…or better to say..Blow up either due to too much leverage or simple lack of integrity. Think of the long run and money will come.
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