How to Take Care of a Multifamily Investor
Good investor relationships are essentially if you want to make it in the commercial real estate world, and multifamily investors are no exception. Here are a few tips on how to take care of a multifamily investor.
The basics must be priority: whatever you tell your multifamily investors, must be delivered on time and as promised. Be quick to supply them with whatever documentation they request, and any required documents such as Schedule K-1 tax form should be delivered in a timely manner. Failing to meet the basic needs can result in poor relationship with your multifamily investor.
Strong communication is a must: regular, ongoing communication with multifamily investors is a must when it comes to developing and maintaining your relationships. Communications should include items such as the performance of an investment or investors’ returns. And don’t overlook the simplicity of a friendly phone call to share good news about upcoming projectors or investing opportunities.
Face-to-face meetings: while a large get-together with all your investors may not be practical or possible, given the location of your multifamily investors, it is still important that you carve out time to see them face-to-face. Invite them for a cup of coffee or a quick chat via the Internet using technology like face-time or Zoom video conference calls.
Follow through: do what you say you are going to do, seems so obvious however it can be an issue for some owner/operators. Keep in mind, your multifamily investors are suave, and they make their decisions based on their ability and/or willingness to take risks. Don’t wow them with a strategy and then drop the ball!
Taking care of your multifamily investors is imperative if you want to succeed in the commercial real estate industry. These four tips might seem simple, but they cannot be overstated, as they are crucial in maintaining and developing lasting multifamily investor relationships.
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