Think for a moment about some of the people you do business with on a regular basis. Do you like them? Do you trust them? Do you consider them reliable partners?
As you know business is built on relationships and studies show that people are more willing to do business with people they feel comfortable with and genuinely like.
In today’s ever-changing economic climate, investors, entrepreneurs, network marketers and executives are facing tremendous challenges in finding financial opportunities and real estate partners. When opportunities do present themselves, how much influence will you have to make your message stand out from the rest?
This is where the law of likeability can quickly become more powerful than actual ability. After failing countless times and struggling to make ends meet, I have been fortunate enough to close more than $40 million in real estate deals over the last four years. That didn’t happen by accident.
During that time, I have learned valuable lessons about the power of relationships. Along the way, I believe there’s one fundamental truth about realizing success in today’s market: Success is not found in promoting yourself. It is about making sure you promote the other person first. You create lasting success once you realize that cultivating relationships is much more important than the bottom line.
When trying to find and raise capital, too many people make it about the numbers. If you make it about rate of return, cap rate and return on investment, people will treat you like a number. Sure, numbers are important, but I’ve learned that numbers don’t build relationships. Once I started focusing on the relationship rather than the numbers, I found immediate results. I went from one partner worth $250,000 to one worth more than $300 million in only three years. That’s the power of relationships at work.
So the next time you have the opportunity to network with people of influence, take effective action by vetting out potential partners using the Three Golden Foxx Rules of Partnering:
Establish Loyalty – The grass is rarely greener on the other side, so don’t go for the big score if it sounds too good to be true. Proven partners with less money are often 1,000 times better to deal with than ones who make elaborate promises but are unproven.
Create Lasting Relationships – You must cultivate relationships with your partners. It will make the ultimate difference in taking your business to the next level. A strong relationship will lead to a lifetime of residuals as opposed to one quick infusion of cash.
Focus on Results – Loyalty and relationships are powerful intangibles, but they must be backed by real results. Remember, partners don’t just listen to what you say, they will watch what you do first and look for concrete results. Prove you can deliver and watch your partnership opportunities grow.
Following these rules has brought success in all aspects of my business. I have shared these rules with thousands of people who have attended my seminars and I’m humbled that many have successfully implemented them in their own businesses. Now that’s what relationships are all about.
J.T. Foxx is a recognized authority of business development, investing and a nationally syndicated radio personality in the U.S. and Canada. In just the last four years, he has bought and sold more than 500 properties, owned over 19 companies and closed more than $40 million in deals.J.T. Foxx is a regular guest speaker at CT REIA. Go here for the current list of upcoming real estate investing seminars in Connecticut.
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