What’s The Secret To Property Investment Success?
IT’S NOT ABOUT YOUR BRAINS. IT’S ABOUT YOUR LIKABILITY
Buying properties Below Market Value (BMV). Knowing your numbers. Property area analysis. Demographic profiling. Pricing considerations. Managing Tenants. Blah blah blah…..Admittedly, the technical areas of Property investment can be sexy.
Mastering the principles above would certainly give one a competitive edge. However, intellectual prowess alone MAY NOT ensure PROPERTY INVESTMENT SUCCESS.
So, what’s that secret ingredient or “special sauce” that one may need for property investment success?
PRINCIPLE # 1 – YOU WANT PROPERTY SUCCESS? IT’S ABOUT YOUR LIKABILITY.
My portfolio comprises mostly of residential properties. Many people ask me how I keep up with the turbulent “headaches” of managing a scalable portfolio, unreasonable tenants, endless repairs and handling the stress of vacant units.
Yeap, you guessed it – Property investment isn’t just about your cerebral Einsteinian brain. To me, a large part of your investment success is also due to your LIKABILITY.
Why do some Investors complain about having Tenants who frequently move out of their units? Why do they complain when Bankers or Agents do not return their calls? Why do they have a hard time finding a reliable Contractor, Plumber or Handyman?
Your Tenants are not just your assets. They are human beings. Be firm but respectful to them. It’s the small things that you do for people that matter. Till this day, my wife Lauren sends all my Tenants Chinese New Year/Hari Raya/Deepavali hampers. What’s more, we personally hand deliver the hampers to them.
I can promise you that your tenants will appreciate simple gestures like these. Even their own Bosses don’t give them hampers! When it comes to tenancy renewals or rental revisions, they are at least open for a discussion. Why? Because they LIKE you.
If you are an Investor who is constantly asking for a Contractor /Handyman/Plumber/Painter/whoever else – I’d like to say this respectfully – PLEASE give this area more attention. Realise that fruitful long term relationships with Property Stakeholders can give you intangible benefits over the long term.
My contractor, Ah Heng, has been working with me for years. He is devoted to his three children, especially his youngest eght-year-old daughter. So, we buy small gifts for his daughter which are nothing expensive, just thoughtful.
The young girl will be happy and smiling. And her father? Which father will not be ecstatic with joy if you are kind to his princess? And which client do you think he’ll give his best service to?
MORAL OF THE STORY?
You are a “Salesman”. Your “product” is your property. Your Tenants, Contractors, Handyman, Suppliers, Bankers and Lawyers are your “customers”.
Let me humbly ask you this – Have you ever bought something from a Salesman you DID NOT LIKE before?
I rest my case.
Written by Mark Chua – https://www.facebook.com/MarkChuaMY
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