Whether you are working on fix and flip projects in residential neighborhoods, renting out commercial space in the business district, or lining up large-scale construction, having a good reputation goes a long way. By building up a strong reputation, commercial real estate investors will be able to make inroads with wholesalers, get recommendations from home buyers, increase their standing with real estate agencies, and get access to more contracting offers.
1. Ethics and integrity should never be compromised
People like doing business with commercial real estate investors who are ethical. Transparency is key in this new economy, and while you do not have to show people every little detail, cutting corners, overcharging, or making unethical business deals is a surefire way to ruin your reputation.
2. Return calls and answer questions
Many commercial real estate investors do not return calls unless there is money involved. The truth is that all phone calls and e-mails can be looked at as opportunities, even if you are not getting paid. Answering questions and responding within 24 hours helps to build a positive reputation (see above), and can lead to new contacts, leads on properties, projects, and more.
3. Deliver on promises and set expectations
No one likes dealing with a professional who over-promises and under-delivers. The best thing a commercial real estate investor can do is set expectations for their clients, and then deliver on every point. This goes back to the idea of not cutting corners and being transparent, so people know what they are getting when a project is completed.
4. Always pay on time
Whether you are dealing with a contractor, a landscaping company, a mortgage holder, or a government agency, it is important to pay on time. Finances are typically where projects hit turbulence, so it is important to have funding on hand to ensure commercial real estate projects keep moving.
Golden Century Lending provides financing for commercial real estate investors of all types. Whether you need funding to purchase, renovate, build, or simply need extra capital to keep a project on track, we can help. Contact our offices today to learn more.