Lately I’ve been thinking about how branding, your reputation and success go hand in hand. That’s probably because I have a brand new 3 day branding event coming up in October. (More on that a little later.)
These things are so intricately entwined that if you mess one up it will surely affect the other ones and that’s what I want to talk about today. You brand and your reputation can easily become tainted, and these don’t have to be big events that cause the problem. It can be a series of small events, mistakes or just general sloppiness.
The reason this was on my mind was that I had an interaction with someone recently that left me disappointed and a little embarrassed. Their “mess” was going to make me and everyone else involved with them and their project look sloppy. While this wasn’t directly my problem, it had an effect on how I would be perceived.
You should always be aware of how things will affect your brand which in turn affects your reputation and success in your business.
The incident that happened wasn’t real estate related but this type of thing certainly applies to all entrepreneurs and all businesses including real estate investors. There are some common sense rules that we all need to follow in our businesses.
Your Brand Is….
Your brand is many things. The main thing your brand represents is how people feel about you. If people have a bad opinion of you they will have a bad opinion of your brand and your company too. There is no way to separate the two things. Your branding, your reputation and your success are all connected to one another.
What Not to Do When You Mess Up
Let’s face it; we all mess up at times. When you have dropped the ball, the one thing you don’t want to do is “half fix the problem”. Most anyone can accept another person’s mistake so long as they admit they are at fault, then fix the problem. However it is unacceptable to not clean up your own mess.
Even worse is to leave a really half fixed sloppy mess behind for others to try to sort out.
So What Are the Rules for Investors?
Keep Your Word – You’ve Only Got One Reputation
This seems to be a tough one for some entrepreneurs, but it’s really simple. Do what you say you are going to do. I talk to sellers all the time that have a story to tell me about “that other” investor that came out before me.
Some Common Complaints Are:
- The other investor didn’t call back when they said they would or at all. This is an easy fix. Call people back.
- They made an offer that was higher than all the other investors then never got back with the seller. (They couldn’t sell their wholesale deal because they offered too much.) If you are ever guilty of this one, do the right thing and call the seller. Own up to your mistake. Also don’t try to sell an overpriced deal to other investors. That’s one of the fastest ways to ruin your credibility.
- The other investor talked badly about the house in order to get the seller to accept a low offer. Don’t do this. The seller already knows the house is a dog. It’s OK to talk about repairs but do it nicely.
- They promised to do certain things as part of the purchase like pay closing costs, but when the contract was written they couldn’t do all the things they said they would do. Solution; don’t promise things you’re not 100% certain you can deliver. It’s always better to under promise and over deliver,
- Be on time for your appointments. Sellers hate it when you show up late and waste their time.
What Happens When You Break the Rules?
Word gets around. Investors talk. Sellers talk. One day you look up and your credibility is gone, your brand is damaged, and your reputation and success are nowhere to be found. Most of these things are really just common sense and are easy to fix.
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Want More Branding Tips?
Click here to read “3 Tips Branding Your Real Estate Business”
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