THANK GOODNESS FOR SYSTEMS!!
We love Thanksgiving! Everything about it: fall harvest, delicious meals, family, a break in the hectic autumn schedule, and a reminder to be thankful!
With our real estate investments, we are very grateful for our systems! What does that buzz word mean? Our systems are our checklists, standard operating procedures, routines and mandatory research items. Why do we care so much about systems? Because the more we refer to a checklist, the less we are tempted to fall into the emotions that arise in real estate.
And those emotions can sneak in when you least expect it. For example, when there are 3 offers on the table for a property you really want—that generates FOMO (fear of missing out). Nope: will that property still create positive cashflow if you buy it at a higher price? Or when a tenant applies for your place and offers to etransfer a deposit towards first month’s rent on-the-spot (temptation to take the easy road!) Nope: everyone goes through the same application process. Or when you’ve had to evict a tenant, and now 2 months have gone by without another good one in sight (frustration, anger, tempted to quit). Nope: go back and review your advertising checklist—is it price? Maybe need new paint?
My new favourite is a mandatory title search before every offer—to make sure the “seller” I’m talking to actually owns that property! It’s crazy times in Alberta right now!
As working partners we bring a methodical and systematic approach to each property and each Joint Venture opportunity. It’s a little boring, but that’s exactly how we like our real estate investments!
Wishing everyone a wonderful Thanksgiving weekend!
