In this episode, we don’t have a guest!  It’s inevitable for problems to arise in a partnership. How do you ensure you’re taking the same path? How do you split responsibilities? How do you deal with issues without taking things personally? Stay tuned.

The points below are from the 63rd episode of The Real Estate JAM, where we discussed partnerships and the problems that come with them.

Tune in to the full episode on YouTube, Spotify, or Apple Podcasts.

Don’t Marry on the First Date

In the real estate business, it’s important to thoroughly research and evaluate potential properties before making an offer. This may include inspecting the property, researching the neighborhood, and reviewing comparable sales. By taking the time to research and evaluate properties, you can make more informed decisions and avoid costly mistakes.

Communication is Key 

Clear and effective communication is essential for building trust, understanding expectations, and resolving conflicts. In a partnership, it’s important to establish open lines of communication from the start. This may involve setting up regular meetings or check-ins and having clear protocols for communication such as email, phone, or in-person.

Want to learn more? You can listen to the full episode on YouTube, Spotify, or Apple Podcasts.

Outline of the Episode:

• [00:02] Welcome to the show!
• [00:46] What do we need to know about partnerships? How does it work? What are the challenges?
• [01:17] What does it mean when people say don’t marry on the first date? How does this apply to partnerships in real estate?
• [02:40] What is an operating agreement? How does this factor in with partnerships?
• [05:09] How do you avoid scenarios where you are just constantly putting out fires? How do you become proactive instead of reactive?
• [06:38] Communication is vital. In a partnership, communication about everything is critical. Do you agree with this?
• [12:23] In a partnership, there is no I. Everything should be done as a “we” thing, even if only one is making a purchase.
• [13:49] A partner allows you to have a pretend lock of authority when someone doesn’t want to budge on a price or when you want to stall a deal. Sounds like a plan?
• [16:10] Having a point system can also work for partnerships. You track who has more and know who’s pulling in more weight.
• [17:51] What’s the fastest way to destroy a partnership?

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