Real estate is mostly discussed as a business for a real estate investor or a landlord. However, it is important to remember that you also need to work on your business rather than just working in it. This happens when you learn to create value as a real estate investor. It does not mean adding value to your properties but also to all the people you come across as a landlord or an investor.
For example, you know you are ruining a business when you are the landlord of a property. Your aim, just like any other business, is to earn profits. But you also need to create value for others. It is like giving something more or extra to all those who make a deal with us. It is this extra value that compels these people to work with us on a continuous basis or on a new project in future. As a landlord, you cannot compel someone to live in your property on rent. You cannot sell a property to anyone as an investor. But by creating value for your customers, you can increase the likelihood of doing business with most people you come across with. This means you earn your business by creating value for your customers.
Now that you know how important creating value is, you would be interested in knowing how to create value. Here are some interesting ways of creating value for others:
Make it smooth and hassle free
No matter what business you do, last thing your customers want from you is some sort of hassle. Be a facilitator rather than problem creator. If you are a landlord, you can create value by making it easier for your potential tenants in finding your property. When seeking mortgage, make it easy for your lender by providing correct and relevant financial information. Make it easy for tenants by arranging a network of vendors to carry out repairs. You create value for others by getting rid of hassle.
Always keep your word
Others develop confidence on you when you keep your promises. There are many who renege on their word in the realty business. It is frustrating for your customers when you change the deal, price, or your terms at the last minute. You will find that people are not searching for you to do business. Therefore, it is important to be a person who is famous for keeping his word, always. This is another way of creating value for your customers.
Give solutions
Be a professional who has solutions to the problems of his customers. Realty business gives you an opportunity to solve problems of your customers. If a tenant is not happy with the location of his room, offer him a solution in the shape of another room. Offer a tenant the option to pay his rent in two parts if you know he is facing a financial problem. You will create value for others in this way.
If you create value for others, they prefer you over others as they know they will get that something extra form you. It is a wonderful feeling to see people eager to do business with you again and again. This is what you can easily achieve by simply learning how to create value for others.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
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As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
