As I often say, we are not in the housing business. We are in the relationships business. Relationships are the key to be successful. This is a people’s business. The more people you know, the more people you help, the more people knows what you do and what you can do for them, the more deals will be attracted to you. The key to attract people to your business is to make sure everyone wins!
I would not sell, buy, rent or even consider doing a deal if the other person involved in the transaction is losing! There are plenty of properties, buyers, sellers, lenders out there to focus on deals where other people are losing in any way or form. The transaction ALWAYS has to make sense for all the parties involved. This is the way we do business and this is the way you should do business as well. Real estate investing is an extremely lucrative business and its not worth it to take advantage of others. I believe in karma and everything I do will come back to me. So, if I treat people fair, people will treat me fair. If I help others in their needs, people will help me when I have my own needs. If I am fair with the offer and make sure that the other party involved wins and solves his or her problem either if they are selling or buying the property from me, karma will return the favor when I am in need. Im sure the next buyer or seller will treat me right, help me solve my problem and allow me to win as well.
On the other hand, if I am dishonest, not transparent, take advantage of their situation to make an extra dollar here or there, it will come back to me and play the same way when I am the person in need of selling a house or purchasing one. As I mentioned before, there are way too many opportunities to make a good profit in real estate no matter what type of deals anybody is doing. Whether buying, selling, lending, appraising, inspecting, repairing single family houses, condos, townhomes, buildings or even commercial real estate. There are hundreds of different professions to make a great income in the business but everything comes down to the quality of relationships built within your business. To be clear, I don’t mean that I don’t negotiate or I try to have a better profit on our deals. I still negotiate and create great opportunities for my business, but never to the point that the other party loses. I make sure they are happy with their result, that their problem is being taken care of and that they are financially comfortable with the transaction before we move forward.
This is what I mean by having a “WIN-WIN” strategy. It is so important that to make sure I am reminded every single day about this, I printed a simple label that just says “WIN-WIN” and placed at the edge of my computer screen. This way every time in front of it I am reminded to go back to the true core of my business. I make sure everybody wins all the time, helping people in their needs and make sure they are having their fair financial share in the transaction and make sure they are winning.
Building relationships is the key to success in any real estate transaction no matter what your focus is. And to be honest, this is the way every single business should be run. The core of any business is to have a product or service that solves another person’s need for a profit. Being in business is making sure the other person wins and is satisfied with the result. This is how I do it and it has been the reason for our success. Happy clients always come back to me to purchase another house from me or to sell me another deal he may have. If they don’t repeat business, they will refer my business to his or her friends, family and everyone he knows. I will be their top of mind person to call whenever he or she needs anything that has to do with my business. Last but not least, this creates a good will for my business and my name.