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4 Keys To Speed That Makes You Untouchable To Competitors
If you appreciate that speed is a critical factor of leaving competition behind you to smell your dust, you must be wondering what it takes in real estate to have what is equivalent to a V12 engine in your arsenal. What a great feeling it must be to have your competitors wonder what hit them. Or have them go through all the work hassle only to realise that the deal was closed 12 hours ago – by you.
Everyone involved in real estate will implicitly understand that the swiftness of getting things done can serve any opponent a crippling blow one way or another. And if you are a realistic person rather than a dreamer, you will be looking at ways on how to achieve the type of speed in dealings that will leave everyone else in awe.
In fact, one of the reasons why major organisations fear small players is the speed in which they are able to operate. They don’t need to go through 3 levels of authority just to reach the decision maker. And they don’t need a week waiting for paperwork to go through the proper channels. Which is why if you do not take full advantage of your speed capabilities, you are leaving money on the table. These are the 4 keys to moving as fast as a squirrel.
It is almost a given that in this modern day and age, anything which has to do with productivity and efficiency will be aided by some form of technology. This means you should be ashamed of yourself if you are still on dial-up internet connection. Even a cable connection should be frowned upon if you are serious on using the best available technologies. So get that optic-fibre installation done and say god bye to webpages and internet connections that just wouldn’t load.
A premium connection is not just something to feel good about. It adds real value when you are connected to the many networks and data sources you use to access information from your partners and service subscriptions. Can you imagine trading in the stock market with a 56k dial up modem? We are not in 1998 anymore. You will also find sit a great timesaver when you have to access and download maps, titles, research reports, satellite photos, etc.
Other stuff concern with technology that you should adopt are software, mobile apps, data crunching programs, etc. These little things really do make our lives better. Just a simple GPS can save you from wasting a huge amount of time.
The most valuable assets of any organisation is it’s staff. But it is sad to say that they are the most costly as well. And the biggest challenge of managers is the management of people. If you have the budget, you should hire real experts in different aspects of real estating. If not, go for people who are jack-of-all-trades. When you are an entrepreneur and every major decision has to go through you, it could be better to hire staff who are good in many things rather than specialists who only have an expertise on one area. Aspects that require professional services can be easily outsourced.
A resourceful team should be able to quickly draw up slideshows, type out a report, and support each other with as little micro management as possible. But remember that you are the manager and how they perform depends very much on your ability to raise their performance levels and motivations. A football team full of superstars can still fail if they don’t have a good coach.
The process of getting funding or loans can be the most time-consuming activity in real estate. It can take as much as a month from the first application for a pre-approval to the generation of a concrete facility letter. That can effectively kill your chances in a competitive market. Most investors start out with banks. As they get more involved in real estate investments, they will realise this huge bottleneck of a problem preventing them from closing deals. It will them dawn on them that they need private capital. This will immediately eliminate bankers, brokers, appraisers, just to name a few.
There will always be private investors or fund managers who are more than willing to fund good investments. Your job is to find them. The good part is that when you are working in a specific niche, very often, you will find people controlling private money who are interested in what you can offer. They are already vested in the niche and do not need to be sold on the reasons why it is a winning niche. Private capital is the quickest avenue for property investments.
Networking and building relationships have always been championed as a cornerstone of success. That is even more so in real estate. This is a business where networking can bring huge advantages on deal making. You need people who you can trust and have the expertise to provide you information in a timely manner. Imagine if you had to get the urgent inputs of a real estate attorney in the middle of the night. You won’t be able to reach anyone at the lawyer’s office. But you surely can make a friendly call with a golfing buddy who happens to be exactly the person that can give you that information.
Networking can also open up your doors to a vast array of opportunities. You can definitely expect calls to come in pitching new partnerships or quick deals if you are someone people have learned to trust after spending time with you. The funny thing is that most people understand the overwhelming benefits of building strong dependable relationships. But very few do.
Time is of the essence
Having the speed and flexibility to move with little hindrance is a trait that even you will fear your competitor possess. You fear it because you know that a lack of agility could very well be the downfall of your potential deals. So start taking action to enhance your speed. It can be the one factor that makes your business one to envy.