Have you ever tried to follow a recipe, got to the end, and found that you’d accidentally skipped an ingredient? Maybe you used the wrong ingredient entirely! We’ve all had a good laugh over those really salty chocolate chip cookies, I’m sure.
Recipes gone wrong make a funny story. A good laugh. Sure, you waste a few ingredients and a little bit of money, but it’s just a small inconvenience in the grand scheme of things. It’s far more serious to leave something out of your real estate investment business!
Wait—how can that happen?
Even if you’ve read all of the books, gone to all of the seminars, and think you’re at the top of the pack in the real estate biz, sometimes...we forget vital elements that belong in our investments. Do we forget them all the time? No, not necessarily. But throughout the year, it could be that other things start stealing our time and attention, or we begin to get lax on the things we were diligent about in the beginning.
As we wrap up 2016 and head into a new year, it’s a good time to step back and ask yourself: have I been missing something important?
3 Things Your Real Estate Investments NEED for Success
Excellent Management & Customer Service
Okay, we know. We harp on this one a lot! But only because it’s really, really important. In this business, there’s not much that matters more than the quality of the services you provide. For us, that’s the services to your tenants. Has your property management team continued to provide excellent, attentive, and quality service throughout the year?
Sometimes we burnout, get complacent, or get tired of dealing with a difficult tenant. Patience can run thin. It might take some refocusing and reminding to get back on track if services aren’t where they should be.
We’ve said it before and we’ll say it again: your management is the public face of your business. They are the impression you make on your customers, the tenants. So if they aren’t up to par and aren’t projecting the image you want out in the world, maybe you need to rethink who your managers are.
They—and the services they provide—are your most valuable asset in this business.
Regular Inspections, Maintenance, & Anticipation
This one is also a ball in your manager’s court, but you should be raising a red flag if you haven’t been getting any updates about the condition of your properties or any routine inspections! As they say, prevention is the best cure.
Are you working to anticipate issues before they become serious problems? Are you working to ensure your properties are prepared for the upcoming season? Due diligence doesn’t stop after you purchase your property. You owe it to yourself to make sure your investment stays in the best condition possible.
From there, you can focus on what improvements you want to make...instead of being blindsided by costly surprises.
Marketing & Outreach Strategies
It can be really easy to let your marketing and outreach efforts to fall to the backburner. Real estate investors can get really wrapped up in one of two things: dealing with the properties they already have or making a deal to get the properties they want to have. Focusing on building connections and a personal reputation kind of takes a backseat to all of that.
Well, it just doesn’t have results that are as clear. Sure, you might market your properties by making rental listings. But market yourself? That just seems strange sometimes. But listen: you need to start getting your name out there. Especially if you’re not a passive turnkey investor.
Every investor needs to network and build up their Rolodex of connections. It’s just especially important for investors that don’t have the network of support that comes from a turnkey investment company.
When you start making professional connections and building up a positive reputation in the real estate community, you’re going to have an easier time finding deals, solutions, and partners when you need them. It will be easier to get those private money lenders, it will be easier to find properties, contractors, and realtors. It will be easier to learn markets and get help when you need help.
Simply put, the more connections you have, the easier it will be for you to invest. Focus on building up your positive reputation and nurturing good professional relationships whenever you have the chance!
We all forget things from time to time.
Now, at the end of a season and the end of the year, it’s a great time to step back and evaluate yourself and what might be missing from your strategy!
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