Why are relationships important in real estate?
In real estate, as well as other sales-related jobs, creating strong partnerships between buyers and sellers is one of the keys to business success. Understanding the types of behaviors that help foster this partnership is of great importance to salespeople who want to build lasting relationships. By developing strong loyalty among their customers, salespeople create a competitive advantage because these long-term relationships help drive repeat sales as well as provide references and word-of-mouth that help to attract new customers.
Once you have decided what type of property you want, the next step is to think through every different way that you may be able to contact the owner of the property or somebody who knows the owner of the property.
Maybe this is someone aware of some of the challenges of life that the owner can face. Changes such as divorce or medical conditions may motivate an owner to sell. Sometimes, the owner's motivation to sell comes from the fact that he does not want to face the challenges specific to the property. Smart business investors find ways to learn about people who are aware of the challenges that can arise with ownership itself.
There are many ways to learn about or know the owner of an asset. The benefit of this is that you will be better placed to be able to sit directly with the landlord to know exactly what the landlord wants. After you know this, you can often put together a big deal that satisfies the needs of the seller, yet still allows you to make a big profit. Never, ever try to "swing around" a realtor. Even if you agree directly with the landlord, ensure that the real estate broker earns a commission, whether this broker is directly involved in agreeing.
Commercial real estate is a small world, and you can bet that this word gets around the way you "robbed" a broker's customer to get a deal. If you get "stamped" with this reputation, other brokers will steer you away like the plague.
Relationships that you build with other investors, business brokers, landlords, and everyone in your life will be vital to your commercial real estate investment business. This will also be the difference between living a life that concentrates solely on comparative material wealth. with the richness of living a life that also embraces your capacity to create lasting relationships with others.