By Richard Dolan
The power of partnership is about getting what you need and optimally monetizing what you’ve got. I have personally observed and learned from having worked with some of the world’s top global thinkers and thought leaders that building and leveraging purposeful and profitable partnerships is the key to achieving goals with velocity. I’ve personally learned in both life and in my real estate investment career that building partnerships with people that are equally (or even more) passionate about succeeding is the key to realizing goals with power, grace and ease.
Let’s begin this conversation about partnership by first defining what partnership means, followed by the four steps to find, secure, and grow a purposeful and profitable partnership in real estate.
Being a real estate investor is not a one-man sport, but is a ‘team event.’ In other words, real estate investment results are your responsibility as the real estate investor or real estate investment business owner, supported by a cast of team players that can include (and not limited to): realtor, insurance agent, lender, lawyer, accountant, inspector, renovator, contractor, property manager and even the tenant.
Partner is defined as “a person who takes part in an undertaking with another or others, especially in a business or company with shared risks and profits.” Partnership: “the state of being a partner or partners.”
So what does it mean to be a real estate investment partner to your fellow members, loved ones and potential (or current) investment partners and participants? You’ve got to establish a meaningful contact or connection. This gives rise to the ultimate question: Are you establishing meaningful contact and connection with partners in and for your real estate pursuits?
If you are looking for accountability, motivation, resources, reinforcement and realignment, build partnerships with like-minded people that will work with you (not for you) to realize your investment goals. Follow the Four Steps To Successful Partnering to leverage the power of partnership in your real estate investment pursuits.
FIRST: Select The “Partnership” That Suits You
There are three types of partnerships you could create for yourself inside the realm of your real estate investment ambitions. For some people, you can be one, two or all of them simultaneously and with the same or different partner.
You could seek or be an:
1. Accountability Partner - when you partner with a fellow member to share insights, education, research, analysis, and opportunity.
2. Investment Partner - someone with investment capital in the form of credit, cash or borrowing capacity for the purpose of pooling, investing or capitalizing a real estate opportunity, deal or initiative.
3. Joint Venture Partner - partnering with someone that has superior or complementary skills that can accelerate or increase your professional aim or aspirations; this would often be a real estate investor along with a lawyer, accountant, property management or renovation-service to name a few.
Either way, partnering with someone is about bringing the best of what you have to the table to amplify the value of what they have at the table, where 1+1=11.
SECOND: Picking a Partner
When selecting a partner in your real estate investment objectives, you want to select someone that is equally, if not more, motivated to accomplish their goals as you are. You want to partner with someone who is super-clear on:
(1) The real estate result they want,
(2) Why it matters to them and their loved ones to accomplish this result,
(3) The challenges they will encounter along the way,
(4) The resources they need to purge the challenges, and
(5) Their self-imposed deadline to accomplish the result by.
THIRD: The Act of Partnering
After selecting a partner, commit to connecting on a regular basis whether in person over a coffee, by phone or email. Schedule no less than a weekly Partnership Check-In and ask the three questions: (1) How are you doing? (2) What have you done? and (3) How can I help?
FOURTH: Party with your partner!
You started or remain in the real estate investing game not just for the profits, but also for the pleasure of doing great things for you financially and personally. That’s worthy of celebration. When you accomplish a defined goal, make sure to schedule a date to celebrate; head out for dinner or drinks to raise a glass and toast the milestone together. When you do, be sure to (1) Acknowledge your partner for their contribution to your achievement, (2) Ask for feedback on what worked and didn’t work during the journey and (3) Reinvent a new game to play together – after all, success begets success.
Follow the sage advice of a very accomplished real estate investment business owner: “Partner wisely. It doesn’t matter who is right. What matters is who is left.”
Richard Dolan is the President of REIN and the resident expert on Performance for real estate investors and professionals. Addicted to producing results, Richard is an expert on raising funds, building brand and strategy with one aim: to produce competitive immunity. Reach Richard at Richard@reincanada.com.
What do YOU look for in a rewarding partnership? Share your thoughts!