Make Your Demands Crystal Clear
By JD Esajian on May 26, 2014
As an investor, you are the CEO of your company. Even if you aren’t exactly a Fortune 500 company, you are in control of the success and failure of your business. Every decision you make has to who to work with, what properties you make offers on and every dollar that goes out the door is controlled by you. There is nothing that can get you in trouble with your business partners or colleagues quickly than miscommunication. Anyone that works for or with you has to know where you stand and what you want at all times. Your demands need to be crystal clear.
Start with the people that work closely with you on every deal-your realtor and your attorney. You should certainly listen to any suggestions and advice they give, but you need to be the one calling the shots. Any changes with the offer or changes on the contract have to be done with your approval. If you give a lukewarm approval without really knowing what you are getting into you can’t complain about the results down the road. Your attorney and realtor may know more about the transaction than you but it is still your deal and your name is on the dotted line. If you don’t know you have the right to ask questions until you do. The people around you may get annoyed and frustrated but at the end of the day you are the one exposed to risk.
There will be situations in your investing career that you are offered to partner up on a deal. There is nothing wrong with partnering up but you have to discuss all of the scenarios along with time and money distribution before you move forward with anything. Things may appear easy enough on the surface but once you are involved in the deal it may be too late to turn back. The more you discuss the less you leave to chance. Just because you didn’t find the deal doesn’t mean you don’t have a voice. If there is something you don’t think is right or something you want changed you have to speak up and make your voice heard.
If you have anyone working for you, whether they are sending out letters or finding properties, it is up to you to tell them how you want things done. You don’t have to take an overbearing tone when you do this, but if they don’t know what you want it will be difficult for them to work efficiently. Take the time to show and explain your process and what your ultimate goals are. Spending a few days will save you hours of time down the road and produce better leads. You should not assume that they know how you want things done.
There are many types of personalities associated with successful investors. It is a common expression among business leaders, but you will eventually need to find your voice. This is just another way of saying that you need to be able to convey what you want and how you want it in a tone that fits your personality. You don’t have to be a screamer and yeller to get what you want, but you do need to be in charge. The people around you have to always know what you want and how you want it.