“If you don’t have anything nice to say, don’t say anything at all.”
It’s a valuable saying that most of us know and try to follow. Except, our reputation is more than just “saying nice things”.
It’s much more complex.
In the real estate investing industry, people talk. If you build up a bad reputation, this could put roadblocks in your way of success because people won’t want to work with you.
So, how do you maintain a good reputation?
It’s all in your actions.
There are a few main points that are important in considering how your reputation is perceived by others.
Be On Time and Efficient
This is a big one for your business with sellers and with other real estate investors and vendors.
You should respect other people’s time.
If you have an appointment, give yourself extra time to get there. You never know if traffic will be heavy and leaving someone waiting will almost certainly put a sour taste in their mouth.
In addition, it’s critical to be efficient. Efficiency comes with time but regardless, you need to be able to make a decision so that other people aren’t waiting for you.
Time is money.
If you’re taking too long to meet with a seller and provide them with an offer, they’re going to move on to the next person.
With vendors, they won’t want to work with you on future projects if you aren’t respecting their time.
This is a hard one if you don’t have experience. It’s inevitable that someone is going to ask you a question that you simply don’t know the answer to.
But you need to handle the situation properly. Let them know you’re going to double check and get back with them.
If you are a newer investor, you have to work harder and performing due diligence before meetings with sellers. Research the area, get there early to take a look at comps, and be ready to present an offer that would work for you (after calculating your numbers).
By showcasing your expertise, it will be much easier to gain their trust. If you’re skirting around an answer or are being too vague, they’re not going to feel comfortable doing business with you.
Be Upfront and Honest
This goes a long way with sellers and vendors.
You aren’t in the business of playing games.
Set expectations early and let them know what’s going on. They’ll appreciate it.
When you’re meeting with sellers, don’t be afraid or embarrassed about your offer. Let them know early on that you are a discount home buyer and it’s okay for them to tell you “no” to your offer.
Let them know your offer after you’ve analyzed the deal. You never know… they might be okay with your offer because they need out of the property and you’re their solution.
If they want to know why your offer is lower than they expected, be ready to explain estimated costs of repairs and that you can’t go above the dollar amount you offered.
Go the Extra Mile
You’re not going to be able to buy every house you look at.
You probably aren’t going to need your vendors all the time.
This doesn’t mean you can’t help them out a little.
If you aren’t able to buy a property, give them a bit of guidance. They’ll respect your opinion and will remember the simple gesture.
We’ve had many deals come back to us after the first appointment when they decided our offer was the one they wanted to take.
Never burn a bridge.
For vendors, if you aren’t needing them full-time and trust their work enough to recommend them, pass their information along to fellow investors.
They’ll appreciate your referral.
Once you find vendors that work well with you, building a long-term business relationship with them can help your business exponentially.
This also goes for new investors. As you become more seasoned, you will most likely get questions from a newer real estate investor.
It’s okay to help them out some! We were all in their shoes once. While they might be your competition to an extent, do the right thing and at least provide them with a suggestion or recommendation.
Be Able to Close!
Sounds simple, right?
If you get the reputation of backing out of deals, word of mouth will get around and wholesalers (and maybe even motivated sellers) in the area won’t want to work with you.
If you secure a deal, make sure you have funding in place and can close quickly without problem.
Do Good and Good Will Come to You
Get into the mindset of thinking about how you can be better.
Better at your job.
Better in your personal life.
Better to others around you.
Leave good, lasting impressions on those you meet. Think about how you can do even better next time.
This will slowly become your new norm and people will notice.
Don’t take your reputation lightly.
Your reputation is your brand.