Real Estate Investing in the Real World
Real Estate Blog
TUESDAY, AUGUST 14, 2007

I put a premium on making things happen and getting things done. If I compare a bunch of B+ deal that I can actually get done vs. an A+ deal that doesn’t close guess which one I prefer?

This is a philosophy that I’ve learned over time, and one that doesn’t really jive too well with my background as an Army officer and my academic training as an engineer – two disciplines where finding the right solution is pretty darn important. So this is something that I have to work at.

This extends to the way that I deal with people. Real estate is a people business. Yeah there’s financing, and strategies and technical know-how, but at the end of the day it’s all about you and the person sitting across the table from you – whether she’s a contractor, a Realtor, or a buyer.

So I’m rarely thinking about cutting the best deal I can. I focus on cutting a good deal; one that I’m satisfied with, which gives me a good return and one which builds the relationship. A good relationship today will yield more good deals tomorrow.

Loyalty is important to me, and that is a value I try to communicate through my actions. Case in point - when I have a maintenance issue that I have to deal with here’s what I like to do: I call the contractor and tell him to head over to 123 Elm Street and take care of it, then send me the bill. No bid. Just fix it.

Now I certainly can’t always do this because many contractors are evil and dishonest (sorry if I offend anyone, but this is a statement of fact.) But I can do this with one particular contractor that I work with on a regular basis. I trust him, he trusts me, and we have a symbiotic relationship – this is a relationship that I value like gold. I know he’s not going to rip me off because he knows I’ll be coming back – he values the repeat business. And he knows I will treat him fairly, because he knows that our arrangement helps me manage my life – I value the ease and convenience. We both value the relationship and we both take care of it. Honesty. Trust. Case closed.

Reciprocal, symbiotic relationships don’t grow on trees and they don’t happen overnight. I always think of those hippos on the Discover Channel with the little birds perched in their wide open mouths. A real win-win deal: the hippo gets clean gums and the little bird gets an easy, risk-free meal of leeches and whatever else hippos end up getting stuck between their teeth. Kind of a disgusting analogy, when you really think about it.  Anyway, what you don’t want is to realize that you’re more like one of those whale sharks that has a bunch of blood sucking remoras attached to his underside; the remoras get a free meal and free transportation to boot, but the whale shark gets jack.

So relationships are something you have to keep reevaluating; make sure you're getting what you think you're getting. 

Tags:
Add to:
Add to Technorati Favorites
Add to Digg
Add to del.icio.us
Add to Reddit
Comments(12)
posted by: Chris Smith
Comments
August 14, 2007
09:22 PM
Chris, you nailed it! Wonderful words- you prove time and time again why you are at the top of your game!
August 15, 2007
12:22 PM
Thanks Lani....glad to have you as a reader!
August 17, 2007
05:57 PM
Spot on observations! Relationships are what its about in the long term. If you devour someone today to squeeze every cent out of a deal, you are less likely to have a long lasting relationship. Great article!
August 21, 2007
08:39 PM
Great words of fire. Someone should learn on that, it's not about the money all the time.
August 21, 2007
11:23 PM
homes: Or....you could argue that it is about the money, but that trying to squeeze every cent out of every deal isn't the best way to get there from here!
August 22, 2007
04:22 PM
Great post! I am gonna share it with my own blog readers at jason.landbrokr.com ! Thanks.
August 24, 2007
09:55 PM
Chris, nicely done...again. Despite our few difference I believe we have a lot of the same beliefs. Why argue over one particular price. Look at the overall picture. What will that include?
December 21, 2008
10:10 PM
Someone should learn on that, it's not about the money all the time.
January 23, 2009
01:18 AM
Quest Overseas has in the past been involved in photographing whalesharks for the eOcean database. The eOcean project aims to provide good quality data from earth and environmental sciences for future use in global change studies, research projects, and operational services such as portals, search engines and library catalogs.Everyone needs a spare room, that space where you can pile all that stuff you dare not throw away but you're really not sure where it should go. It's always fun to have a nose around it though, you find things you completely forgot you'd kept hold of.
*******************************************
daisy
Home Loans
January 23, 2009
01:20 AM
Quest Overseas has in the past been involved in photographing whalesharks for the eOcean database. The eOcean project aims to provide good quality data from earth and environmental sciences for future use in global change studies, research projects, and operational services such as portals, search engines and library catalogs.Everyone needs a spare room, that space where you can pile all that stuff you dare not throw away but you're really not sure where it should go. It's always fun to have a nose around it though, you find things you completely forgot you'd kept hold of.
*******************************************
daisy
[url=http://www.talkinghomeloans.com]Home Loans[/url]
February 03, 2009
12:34 PM
Networking, networking! Build your network along with good balanced relationships. That's how I do it. Loyalty has its rewards.
June 17, 2009
07:21 PM
Loyalty has its positive and negative sides. When it comes to investing its always better to be cautious.
Leave a Comment
Enter Name
Enter Email - will not be published
Enter Website Address
Enter Your Comment
email a friend
print this page
About Me
Chris Smith
Email Sign Up
Enter Your Email Address

Add Email
Delivered by FeedBurner
Archives
My Blog Log