NOTES with Jay Conner Success
5 Ways to Build a Long-Term, Profitable Business Relationship
Y ou can’t run a successful business alone. I don’t care how good you are; success is built on strong business relationships. Real estate investors sometimes think they are a one-man show, but whether you’re doing two deals a month or two deals a week, you are relying on the strength of your business relationships to close those deals. When I talk about business relationships, I’m referring to everyone I do business with on an ongoing basis. This includes my private lenders, employees, real estate attorney, acquisitionist, Realtors, contractors, interior designer —
private lender really appreciated getting the check sooner, and it made our business relationship stronger. Having a servant’s heart means making it easy for people to do business with you. 2. Keep Your Commitments, Appointments, and Promises Here’s something amazing that I have discovered: Just doing what you say you’re going to do will leave the herd behind you. You stand out from the crowd by doing what you say you will do. Some time ago, I started offering a free business-strategy session to real estate investors who are not my students yet. It’s kind of like a free sample. In the first six weeks, around 40 real estate investors made appointments. Of those appointments, over 50% didn’t show up! Unfortunately, this is how the world operates. Most people don’t think twice about breaking their promises or ignoring “small” commitments. But you should treat every commitment or promise like the business deal of a lifetime!
If you want to nurture your relationships, show you respect the other person’s time, and prove that you are a person of integrity, just keep your
the list goes on! It’s important to cultivate strong business relationships with every one of these people. There are many ways to do this, but this month, I’m sharing the top-five habits I practice to build profitable, long- term business relationships. 1. Have a Servant’s Heart This is something I have discussed many times because it is at the core of what I do. In business, especially when you are building business relationships, you should always put the other person’s interests first. This isn’t always easy to do, especially when the other person is asking you to do something that’s not convenient for you. But putting in the effort to go above and beyond what would be expected shows how invested you are in the business relationship. Recently, I sold a property and cashed out with a $100,000 check for the private lender who loaned the money on the deal. I could have easily dropped that check in the mail and went about my day, but because they’re local, I gave them a call and offered to deliver the payoff check to their home personally. This is what it means to have a servant’s heart. The
commitments and show up — preferably 10 minutes early. 3. Show Honest and Sincere Appreciation
In other words, don’t take anybody for granted. I read a recent study that looked into why people stop doing business with companies. According to the study, 68% of people said they stopped doing business because they felt ignored by the manager or the employees of the company. This same thing applies to you and your business relationships. Keep in mind that business relationships include your employees. The No. 1 reason employees have low morale isn’t because of their pay or the number of vacation days they have, it’s because they feel ignored and underappreciated. The relationship you have with your employees is just as important as the relationship you have with your private lenders or real estate attorney.
Here are a few ways I show my honest and sincere appreciation.
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