So after reading part 1 of this 2 part posting, hopefully you can sense where I am going with this advice. Investing in Memphis real estate can be very lucrative and a fantastic addition to a retirement portfolio. However, there are a lot of companies and individuals who make a living selling bad properties and bad investment in Memphis to outside investors. Heck, I am pretty sure that is a problem that occurs across the nation.
I am simply trying to give real estate investors good and honest advice and make sure that you have solid questions that are going to get the answers you need. That being said, here are the rest of the questions for you to ask a company that wants you to invest in Memphis real estate.
- Will you please send me names and numbers of clients who have bought multiple properties from you in the past?
This is self-explanatory. If they cannot provide this for you, then a) they have no established track record or book of business or, worse, b) they can’t think of any past client who would say anything nice about them. In reality, everyone can usually provide referrals, but what are you going to hear from those referrals? Luckily for MemphisInvest.com, you are going to hear about our company and our services, but you are also going to hear from our clients that everything is not always perfect. That is where I begin to beam with pride in our staff. Because a majority of our clients will tell you that when things are not perfect, we begin to excel. Quick reaction, decisive decision making and doing our absolute best to keep customers "in the know" on how we handle any problems that arise, have been the biggest advantages we have built over other companies. It is a commitment to customer service and responding quickly and correctly that allows our clients to tell the "whole" story. That problems will arise, but they are taken care of - always. See how many of those types of referrals you get from other companies!
No matter where in the country you live, I’ve usually got several clients who live in your area who will be happy to speak with you about their experience with us. They may not give us an absolutely spotless review every time (some will), but I think they will all tell you that when problems do come up, Memphis Invest takes care of them in a way no other company would.
- Can you tell me a little about your company’s track record? (i.e. the number of houses you sell per year, and how long you have been in business)
This may sound like a funny question, but the truth is that this is a very difficult, at times cut-throat industry. The weak, the apathetic, and those who enjoy 40 hour work weeks simply do not survive in our world.
One of my favorite phrases that I talked about all day is “economy of scale.” Who is going to be able to get you access to the best Memphis investment properties at the right prices and get you the most bang for you buck on rehab projects? Your answer is a company that buys 20-25 properties a month from the banks and in turn does 20-25 rehabs/month. It’s common sense that you get a much better deal when you can buy in bulk.
Would you rather work with a guy who works out of his truck and sells a house a month or a company that sells over 200 properties a year, has established a name for itself on the national map, and has a client list that spans from coast to coast? It’s not a bragging right (but it is), it’s that if no other companies can match our track record because they haven’t provided the level of customer service that we have year after year.
I remind you here that anyone can say they are doing high volumes of business and to be honest, who cares? Higher volume does not mean better quality of service. But honesty sure means a lot! Chec those numbers and get the facts before you do business. Do your due diligence online and get ALL the facts before you do business and you will likely face fewer surprises down the line!