Reputation is one of the biggest contributors to your success in commercial real estate. The industry relies a lot on relationships and partnerships so having a bad reputation is the fastest easiest way to destroy your business. There is, however, hope. Here are five ways you can improve your reputation.
- Be a good person. This is often viewed as very subjective but there are a lot of grey areas in commercial real estate and once you cross the line of what is ethical and moral, there is no coming back. Real estate thrives off of trust: your clients trusting you, brokers trusting you, contractors trusting you and attorneys trusting you. Word of corrupt morals and bad business practices spreads like wildfire in the industry.
- Keep your word. Similar to being a good person, you have to do what you said you were going to do. There’s nothing wrong with saying, “I don’t know” or “Let me get back to you on that” but there is something wrong with telling people one thing and then the situation works out in a completely different and unexpected way. No one expects you to know everything but they trust you to be polite and professional. Like they say, “It’s better to under promise and over deliver than to over promise and under deliver.”
- Call people back. Preferably immediately. Failed returned calls is the biggest pet peeve in the entire real estate industry. There’s no reason nor excuse for not being in touch. Whether call, text, email or a physical drop by, you have to get back to people. If you’re delivering bad news, call immediately. Don’t keep the people who keep your business working, waiting.
- Pay people on time. Whether on your staff or contractors and vendors, pay your people. Don’t delay payment, don’t make excuses and don’t try to haggle—pay people on time. If you don’t, people will stop showing up for you, they’ll stop being helpful, you will receive the bare minimum and bids will become significantly more expensive. There is no deal or “understanding” to be had when it comes to paychecks and invoices, pay people.
- Consider the big picture. The real estate industry is a team effort. Everybody wants to make money. Everyone is equally necessary and important. Your position in the industry does not make your needs and wants more important or significant.
Learning how to be a team player is the best reputation booster. Go out of your way for people. Concede where you can. Allow others to win and have their day and moment. Help people. Go the extra mile and contribute positively where you can. A good reputation starts with being a genuinely helpful and considerate person.
