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In my dialog with Tom Olson, who’s the proprietor of 4 totally different actual property associated firms and is an professional in all issues actual property together with developments, artistic transactions, and wholesale offers, he offered his Finest Ever Recommendation on the significance of specializing in worth.
There are three elements of any transaction, whether or not it is actual property, enterprise, or something: worth, value, and worth. For those who give attention to worth and price, you’ll have a linear enterprise. Nonetheless, if you happen to give attention to worth, then your clients, contractors, lenders, and traders will come again to you again and again.
Tom defines “worth” as what you carry that’s emotional and builds upon your belief issue. Subsequently, when he’s doing a deal, he focuses on including worth to all of the events concerned, just like the neighborhood, the brand new purchaser, and particularly, the contractors. Tom’s most important focus is on bringing worth to his contractors. Many individuals consider that the alternative is true – that contractors ought to solely be bringing worth to them – however Tom finds this to be false. It’s a win-win situation.
Tom offered three examples of ways in which he brings worth to his contractors:
- Course of and Techniques
Tom places all of his normal contractors on his Podio platform. This offers the contractors entry to Tom’s undertaking plan in order that they perceive precisely how a undertaking is meant to be run. Tom additionally has programs in place that assist the contractor’s enterprise run extra effectively. For instance, he created computerized weekly funds which can be paid out so long as the contractors submit their invoices by a sure time. - Occasions and Audio system
Tom has occasions and audio system for his contractors that assist them run a greater enterprise. Most contractors are arms on practitioners and know little or no about enterprise. The occasions and audio system give attention to instructing them the enterprise aspect, assist them perceive find out how to develop personally, and find out how to do their jobs faster. - Price Financial savings
Tom brings worth to his contractors by serving to them get monetary savings in two most important methods. First, they do not must spend a dime on advertising and marketing. They know that when they get in with Tom and efficiently full initiatives with him, they may by no means must market their providers. Tom will proceed giving them jobs and initiatives.
Secondly, and this goes hand-in-hand with 1. Processes and Techniques, Tom creates service degree agreements with all of his contractors. A service degree settlement explains precisely how lengthy a undertaking ought to take. This helps the contractors get monetary savings, as a result of if they’ll get the undertaking carried out forward of schedule, they may save on labor prices.
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Source by Joe Fairless