You Get What You AcceptPosted on March 6, 2017 by
If you ask my investors, private lenders, contractors, buyers, sellers, friends etc. to describe me, which I did, they will all tell you that I am easy to work with, a nice guy, dependable, hardworking and focused/ determined. These were the most common replies. To be honest I was a bit surprised. I expected the hardworking, dependable and focused, I was happy to hear nice guy but easy to work with was not on my radar.
Easy to work with was not something I would have used to describe myself so I decided to investigate. When I partner with other investors and/or private lenders I try to include in the agreement that I will be the final decision maker when it comes to renovations. Obviously, this does not always happen but I try. I do not do this to be controlling. I like it this way because everyone gives their opinions to me or the assigned person and that person makes a decision and executes. This keeps the project moving along smoothly. I’m also the person who actually reads through agreements and lender documents so if there is something that does not add up I make sure it is corrected and/or honored. There have been many instances where I have called the private lender to correct the documents his/her attorney sent that contained terms that were not agreed upon. I would have thought they would have said I was picky or a difficult partner or borrower but it was quite the contrary. They appreciated the fact that I was detailed and understood that I was simply making sure I got what was agreed. One person said that this actually made them even more comfortable with lending me money.
I was most surprised to hear that I’m easy to work with from my contractors. If fact, I know for a fact that they hate punch out day. This is the day they tell me the house is complete and I walk it to pick out any imperfections I see so they can correct it. On many occasions I have left a home covered in blue tape identifying even the smallest details. I do this to provide a great home to the buyers but also to assure it sells quickly. Even after this they say I am easy to work with. They explained to me that they know from the start what I expect from them. They also knew that once their specific trade work was complete to my standards and/or passed inspections they would be paid according to our contract. They know what I want and will not accept less.
Now buyers and sellers are different, right? Wrong! Many, many years ago when a buyer or seller said jump, I jumped and asked if it was a good jump. The reason this happened is because I allowed it. Now when I meet with buyers and sellers I tell them exactly how my schedule works, the hours I return calls, the hours I reply to emails, etc. And guess what? They have never fussed or complained. Sometimes there are real emergencies that cannot wait and those issues are handled immediately. Again they were explained what to expect up front and therefore as long as I kept up my end of the deal everything was agreeable.
Where people usually tend to fail in this process is in never letting others know what they are willing to accept. In a business like real estate always make sure it is in writing, and I am not just referring to the contracts. This not only makes the other person aware of what you accept but they can also decide if they are willing to accept it. If the other person does not accept something you always have the choice to come to an agreement. Either way, at the end of the day, everyone involved knows where they stand and what they can accept when working with you. Many times people also fail by not keeping to their end of the bargain. For, example, you cannot expect a lender to send funds to you on time but then turn around and make late payments. You cannot expect for a contractor to finish by a certain date when you delayed the job by not providing paint colors or tile design on time. You must give others what they accepted/allowed in order to continue getting what you have accepted/allowed.
This can be applied to all aspects of real estate including title companies, mortgage lenders, insurance companies, SDIRA companies, mentors, etc. All of this falls in line with my motto of creating win-win situations.