Why You Shouldn’t Let Your Turn Key Re...

how about no Being a control freak isn’t always a bad thing, especially when it comes to running your business.

And when we’re talking about the business of real estate investing, being in control of who, what, when, where and how can make or break your success.

When we say companies are "business-oriented," what we really mean is they are set up to help you succeed. Business-oriented companies have systems, procedures and dedicated teams whose goal is to make your life easier and your business a success.

Hey Moguls, Chris Clothier here to tell you that the same rings true for turnkey rental teams, and YOUR team should be nothing less than business-oriented.

Now Ask Yourself this Question

Does your turnkey rentals team own and operate all aspects of the business?

I’ve been most successful (and many other investors have too) when I’ve partnered with turnkey teams that own and operate every piece of the business equation. They don’t outsource or choose 3rd-party vendors to do their business for them…

They stay in control, from the inside out, and they do everything in-house for their investors.

And that’s how it should be.

Why One & Done Is Important

If you’re an out-of-state investor, you’re going to want one point of contact – someone you can rely on who knows how you work and understands the way you think. Multiple points of contact means multiple wires crossed, and that means bad business for you.

Too many cooks in the kitchen gets confusing (not to mention annoying) and ultimately leads to incomplete tasks, miscommunication and one messed up process of purchasing investment properties.

Who wants to deal with that noise?

You don’t have time to spin wheels and chase down someone, anyone who can help. You need one reliable turnkey team member ready when you call.

Control Is Key

Let’s circle back to my comment about using turnkey rentals teams who control every aspect of their businesses...

When companies outsource, they lose accountability. But if and when something goes wrong (sooner or later it will), you need to know where to point the finger so you can quickly correct it, learn from it and move on.

outsource Let me be clear: This isn’t about wanting to point fingers.

Don’t misunderstand me...

It’s about knowing who to turn to – without question – when problems need fixing, because the faster you can do damage control, the better your chances are of keeping your investment deals moving forward.

Consider this too – when teams outsource to 3rd parties, the chances of your goals and direction getting lost or misinterpreted are pretty good.

Think about the game ‘Telephone’ you used to play when you were little... you whisper a phrase to one person, who tells another – who tells another, and before you know it, your phrase has been twisted turned into something you never actually said.

The same concept applies to 3rd-party outsourcing. So the bottom line is, avoid using teams who use 3rd parties.

Honesty Is the Best Policy

So you’ve chosen a solid turnkey rentals team that controls their business from the inside, and you’ve got one super-savvy point of contact to rely on. Awesome sauce.

But did you ask the one key qualifying question that every investor should ask?

“What’s the biggest real estate investing mistake you’ve ever made?”

This one’s a bit of a nail bitter, I know. You don’t want to hear horror stories, but you DO want honesty.

You want teams who can tell you that they’ve made some mistakes – and learned from them. Solid, business-oriented companies know that mistakes happen and that failure is okay. It’s expected, and it’s part of the business-building process.

If someone tells you they’ve never made mistakes, walk away and don’t look back.

outsource Those who have failed and learned from their mistakes and failures come back stronger - and they are worth working with. They’re in-tune with their mistakes, and not only do they want to avoid making the same mistakes but they know HOW to avoid past mistakes. They’ve taken measures that won’t cost you money.

More importantly, knowing the good, bad and the ugly will establish rapport and trust between you and your turnkey team.

Aren’t all long-lasting relationships built on trust?

The Nutshell

There are tons of companies out there to choose from, and more often than not, owners will tell you what they think you want to hear. Most don’t know that what you want to hear are lessons learned.

So choose companies that are experienced, honest and open with you. Ask the hard questions, be prepared for some hard answers and know that past mistakes often lead to future successes.

Note: Want a step-by-step process to finding, securing, and managing out-of-state rental properties? This is only 1 of 7 super-secret keys that I cover in my brand new real estate investment success report.