A lot of time is spent talking about whether the market is going up or down, this is on the basis that people are looking for the next ‘easy money’ or ‘new wave’ to get into. Rising markets should be seen as a bonus which comes around every five or seven years – aim to earn your money in a way that you understand and can repeat over & over.
You will consistently make money if you give the highest quality service and become a problem solver in the property industry. Aim to be the best; rent the nicest & cleanest properties, look after your tenants and check they are alright once a month, be proactive rather than hiding from your tenants – contact them even if everything is going smoothly and you will find that if they know you’ll be calling (or someone on your behalf) they will not feel the need to call you with every little thing.
Have a pride to put back into the market decently refurbished properties, pay attention to little details which don’t cost a lot but make all the difference; get to the property early for viewings, make certain the door is unlocked and you have the right key, pick up all the junk mail, make certain everything is tidy, get rid of weeds, let some fresh air into the property if it has been empty, get small DIY jobs finished – it is just a mind set to adopt which shows you care. If you care about your customers they are going to listen to your proposition much more than if they are not looked after.
Actively look for problems to solve when you’re buying or selling, finding solutions uncovers more profits. A business person is a professional problem solver so get used to it, you will only be given opportunities to make money by solving what someone else perceives as a problem they can’t or won’t solve themselves. Learn to enjoy finding the problems in deals and putting a price on solving them, this can be a reduction in a purchase price, higher rental, higher selling price or lower costs – then no matter what the market is doing you will always make money.
“Go the extra mile”
