Real estate is first and foremost people
#יםמהשבוי Diana Pinhasov, #Post3
Hello friends:) Happy Tuesday. It seems that Facebook still doesn't want me to post from my user, so I'm also posting today's post from Robert's user.
And let's start:?
Our happiness and success are directly affected by the quality of the relationships in our lives, investing in the relationships with our environment leads to a better life
In my opinion, this is something important that we apply in every layer of our lives
And certainly in the field of real estate when all this activity from the beginning to the end is connected with people
What accompanies us in the real estate business is that there must always be a WIN - WIN for all parties
Let's start with choosing a partner for the real estate business, I think most real estate entrepreneurs prefer to work in partnership rather than alone, first of all because it's much more fun together, more brains and more ideas, work can be divided and thus progress faster, and also usually everyone is good at something specific And maybe less in something else and a partner who is strong precisely in the field in which we are weak can form a great team and lead to excellent progress together. In a partnership as well as in a relationship, it is important that each party feels that he is growing, contributing, belonging, leading, needed and loved.
Beyond partners, there is a network of people that we will have to work with as part of our real estate activities, a significant part will be professionals who live in the US who will work together with us to promote the business and it is important to us that they feel that we appreciate their work, that they will be rewarded accordingly and will want to continue working with us for more and more transactions and make Good job. Local professionals include:
Brokers, inspectors, contractors, management companies, title companies, insurance companies, wholesalers (if they also work on transactions that are not advertised in the market) and more..
It usually takes time to find a winning team that you want to run forward with, sometimes professionals are also replaced because they see that there is no match or that there is no desired progress.
For example, it took us a lot of time to find intermediaries with whom we would like to move forward and continue doing things together. With some we made individual transactions, with some we did not reach a deal at all because they were so slow that by the time they were going to see a property for us it had already been taken, some disappeared of their own accord, so it took a while until we found better brokers who suit us and take care of our interests.
But as they say, the best thing is to try to make lemonade out of lemons in any situation
And in times when we didn't have a good enough mediator of our own to work with
We found a strategy that helped us achieve great returns even when the market was very hot - a seller's market
By choosing the seller's broker to also be our broker (dual agent, so that broker would have benefited from a double commission on the deal because he would have represented both the seller and the buyer, and because he had an interest in closing the deal with us and receiving a double commission, it was more significant It is easy to offer a lower price than the asking price and the broker knew how to influence the seller why it was worth it for him to accept our offer even when it was not one of the highest they received, because again the broker had an interest in receiving a double commission, and for us it made it possible to get good returns. So it seems that obstacles actually make you be More creative. It should be noted that although this is a broker who also represents us, there is no guarantee that he will protect our interests XNUMX%, so it is important that we examine this whole transaction very carefully, however, the advantages are that in this way we received much more information about the property and the seller, which helped us formulate an offer Optimum (Tip for those who plan to sell a property through a broker, make sure you stipulate in front of him that he cannot be a broker for the other party as well)
We are currently working with excellent brokers, agile and knowledgeable in the market, and it is always important to us that they feel our gratitude for the great work they do by evaluating and rewarding them beyond expectations.
As owners of rental properties, we would also like to be in personal and continuous contact with the representatives of the management companies that manage our properties, on the one hand know how to value them and trust them, and on the other hand always check that they manage the properties in an optimal way that suits us - in the next post I will detail more about inspections of all kinds.
It is important to remember that the management company has a direct impact on our income from this business, and it is important that we choose a reliable and professional company.
Another success factor is the optimal choice of contractors for the renovations in our properties. Although we do not do renovations on a large scale like in flips, sometimes even in rental properties there are renovations that we will have to do such as replacing the roof, flooring, heating systems and more. futurity.
It is always good to get recommendations on contractors from the experience of other entrepreneurs who have already worked with them, but if there are none then
I highly recommend finding contractors on the platform of: thumbtack.com
We have already managed to find excellent professionals there.
It is important that we find out what drives the professionals and what their motivation and vision are, the more appreciation, sympathy, belonging and opportunity they are given to reach their goals, the more strongly they will contribute to this joint effort and the results will not be late in arriving.
Another thing that is very important for us to always remember as owners of rental properties, is that it is not just about the final line in Excel that we care about that works out and brings us a good and regular return, but it is always important to remember that these are people who live in these houses and that we want them to feel comfortable in this house and be satisfied, and along the way They will also keep it and want to continue renting it. So when there are malfunctions or problems that arise in the property, it is important for us to take care of them as soon as possible, and if there are requests that come from the tenants that could have a positive effect on their stay there, we will always consider and not reject immediately, and perhaps in return we will land the tenant for another year in the property, so that there is It's a win win for us and everyone is happy.
Beyond everyone I have mentioned so far, we will always want to be in relationships with other entrepreneurs, there is always something to learn from others, to be inspired, motivated and maybe also to forge collaborations.
I must point out that I really like the community of real estate entrepreneurs that has developed here in Israel
Charming, quality people, supportive, always happy to help and share knowledge - simply champions!
As someone who loves people and defines herself as a people person
Do I feel like I've reached the right field?
I think that a supportive environment is one of the most important things for growth and fulfillment.
Our environment has a huge impact on our lives, so it is so important that we always choose to be in an environment that lifts us up and not the other way around, that gives us drive to run forward, that believes in us and gives us strength and of course that makes us want to give back many times more of all this goodness.
I choose to end this post with the parable of the frogs, I believe that some may be familiar with it. I won't exaggerate with words, I am attaching a lovely video that accurately illustrates how much the environment affects us. And on this note, I will also add how important it is that we know how to filter out background noise, both external from the environment and internal within us - because if we believe we can, become determined and persist in doing, we will achieve everything we want.??
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