For me, Trust is a simple idea: Do The Right Thing. Some people might find it tough to always do the right thing… especially when money is involved! For Real Estate Investors, the building and maintaining of Trust must be as consistent as the rising of the sun… Each and every day.
Do it right all the time and you’ve got people begging to do business with you. Screw up even a little, and you’ll spend more time and energy trying to rebuild Trust, or paying for it in other ways. This isn’t only about Real Estate Investing – this goes for every relationship you have.
Trust isn’t something that is given freely, so understand that there are signs people use to determine if you possess the first building blocks of Trust Worthiness
You have to look somewhat trustworthy. Shabby sheik can be ok. Shabby doesn’t work so well. Take care of how you appear to others – smile, make eye contact, be groomed and smell good.
You have to sound trustworthy in the way you communicate. There is an ebb and flow to conversation. People need to feel heard, so stop talking. Listen. Give the other guy some time to talk.
You need to act trustworthy. You wouldn’t trust a guy that acts ‘shifty’. Wearing your sunglasses for a meeting – inside at night? Not helpful to building Trust! We need to see your eyes, dude!
These are things that people always look for, consciously or not, making judgements on, and determining if you are who you say you are. When you tell me you’re building hotels and just need $10,000 for a few months, something is immediately wrong, and now I don’t Trust you a little. Like the Nigerian Prince that has $250,000,000 sitting in a bank, but needs you to wire them $25,000 to get it out. We instantly don’t Trust this email/person.
Why should we be concerned about developing Trust?
- Because it is the RIGHT thing to BE. Period. No grey here, people. Say what you’ll do and do what you say. Walk the Talk.
- Because of the Golden Rule. Karma. Reciprocity. Whatever you call it, what you put out there comes back to you.
- Because more good opportunities come along – Karma & Reciprocity in action.
- Because like the record biz, you’re only as good as your last project. Gotta keep getting better and better.
How can Real Estate Investors build more trust? Here are 4 secrets:
- Make It Easy! It needs to be easy as possible for people to do business with you.
- Keep Your Agreements! Some things are set in stone. Other things have more flexibility. Knowing which things are critical can make or break the level of Trust you’re building… or destroying. You’ve agreed to loan money? Then make it happen, or don’t make the commitment in the first place.
- Communicate! Keep people in the loop. If something is running amok, tell them! People generally know that things need to be flexible, such as a project completion date. Communicate, get them clear on the new plan, and ask for forgiveness. Then thank them for their patience. Make them know that you’re concerned about their feelings/situation/needs. This goes a long way.
- Repeat over and over… More and more Trust Worthy action helps build the Trust so important for our livelihood.
Here’s a Question: Do you strive to to build Trust each and every day with you biz partners? If not, how CAN you begin to focus on it now?
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