Memphis Invest, GP Hits 500 Closings!
500 is a big number for us. Yes, we have been on INC Magazines 500/5000 Fastest Growing Private Companies In America list for three straight years...but, that is not the 500 I am talking about or even wanting to brag on our company for. This is a very unique, family-owned company with a strong culture and now over 50 full time team members. We are providing services to close to 900 real estate investors and are managing just under 2,700 properties in three cities. These are all incredible milestones, but none of them are the number we are wanted to celebrate our team for.
2014 has been an incredible year in many ways, but our real estate investing company has been blessed with continued growth in so many areas and this week saw a milestone. On November 12, we eclipsed the 500 closings mark for the second year in a row. The only difference is, we hit the 500 closings mark on the last day of the year in 2013!
We hit is much sooner in 2014 and are on pace to finish the year with close to 580 closings. The law of large numbers tells us that it is incredibly hard to keep growing a company when you reach these levels. We are reminded that anyone can buy and sell a lot of properties by picking up packages of homes and selling packages of homes.
We tend to operate a little differently, which is why there is a call for a big congratulations to our team. Consider these facts real quickly and be sure to congratulate any of the team members when you next speak with the...
- Every property is purchased individually and with very, very few exceptions, every property is purchased after our team has viewed and inspected the property.
- We have 130 properties in our pipeline waiting to close so while 580 will be a big numbers, we will have viewed, negotiated and closed on over 700 deals in 2014 to get those 580 closings.
- We spend on average $24,000 per renovation and replace the AC condenser, furnace, water heater and roof on over 80% of our properties. That means these are incredibly large renovations and we have over 50 going in three different cities at any given time!
- This is the biggest reason for me that closing over 500 deals so far this year is so impressive:
- 299 of those 500 closings were properties bought by existing real estate investors building up their investment portfolios. That is an incredible 60% of all sales to existing clients.
Commitment to Excellence In Customer Service
Our entire team prides itself on providing exceptional customer service, but our four woman customer service team sets the bar high not only for us but for any other service providers in this industry. It is one thing for a company to put out paper returns and attract new buyers every month with gimmicks and promotions.
It is quite another to hit an investors expectations each month, help them to feel comfortable and confident in their decision to invest in a property provided by your team and then have those existing clients purchase 60% of your closings each month. Real estate investors are starting to realize that they can and should expect more when they are buying property. The management company should be better. The communication should be better. The rate of return they get monthly should be consistent.
In todays' real estate investment world, there are companies who are striving to provide a top notch experience and service for real estate investors. We are very, very proud to be leading this industry and to be leading companies to think differently about how they approach and provide service.
Related Article: Advice For 1st Time Real Estate Investors
In light of that leadership, I just wanted to say thank you again to our incredible teams in Memphis, Dallas and Houston. We are incredibly blessed to have such talented and dedicated people on our teams and they are all committed to providing an excellent investment experience for our clients. Congratulations on a job well done and we all looking forward to a strong finish to 2014 and continued growth in 2015!
If you would like to say congratulations, feel free to forward this email to the team members you work with or to your customer service team member. Or you can simply drop them a line of thanks. Nothing means more to our team than a simple congratulations or thank you!