Power of Joint VenturesMake Text Bigger
For years I refused to do Joint Ventures, I didn’t want to share my deals, my knowledge or strategy. I thought I would be creating my own competition.
Business was going and growing well, but as my success compounded, so did my reach of people, agents & deals. Over time, with the benefit of establishing close working relationships with agents and a good reputation in the location I operate in, the deals presented to me became more specific to my direction. Thus, the conversion rate to deals we should move forward with got higher. However what held my growth back was ME!
Still being unwilling to share and unwilling to change my mindset meant I had to turn deals away ?
Those of you who know and now work with me will know how painful this was for me so I started a journey to look for ways to fund these deals before they started to dry up. The time came whereby what I could offer was a great return, direction and structure for a JV partner.
After completing a few personal JVs that worked well for both parties I decided to take what I was doing and brand it. At the time property sourcing was the hot topic. For me, sourcing and selling deals didn’t feel or fit right with what I wanted to achieve or offer.
I put a lot of thought into defining my core values and integrating them into my business and the mindset of my team:-
- Only JV on deals I would buy myself
- Only source my own deals
- Never charge fees
- Make money from the property not the investor
- Be transparent, helpful and supportive
- In everything we do, we’d be happy to show our children and tell them this is how business should be done
- Always under promise
Having established these core values it seemed logical to create a brand which enriched these very points in one name.
Named after my 2 children, Grace Charles Property was born.
Our first JV as GCP was with a chap who also wanted knowledge. I’d met this chap at a networking event. We agreed to JV and as a result of sticking to our values the JV was a success and over achieved in terms of timings, rents & refinance.
The power of this JV has led to us now jointly owning a portfolio of five student lets with a combined rent of £10,438 pcm. One of these was a result of him taking what we do and finding his own investor to fund the deal. We have also JV’d on another property based business which we focus on the direct to vendor approach.
We talk weekly and have become friends off the back of it but what is equally important is that when things haven’t been smooth, when costs have over run or the unexpected has arisen we have dealt with the issues whilst retaining our values. As a result, problems come and then go because our energy is focused on growing what we have started to build and driving forward.
I presented these results at last weeks Norfolk Property Network event (NPN) and some of the individuals in the room came over to me and said how this inspired them to approach the right environment with the right mindset.
The reason I’ve posted this article is to explain that I truly believe that mindset and environment is key to success, if one isn’t correct change it! Together you then have the opportunity to create your own results, which often start from something as simple as a conversation.
Plant the Acorn, in the right place, in the right conditions and it will grow.
Hope this helps a few of you from the fantastic world of our property community
Passion + Belief = Results
This is the second article in a series of Guest Articles posted by Dan Trevidi at the request of Mark Alexander, founder of Property118.com. To view other articles in this series please click here.
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