In one of my office buildings, I now use an accountant from our building to do all my returns, the title company to do all my settlements, a Web site designer who does our Web sites as well as my business cards, a marketing guy who does brochures for me and also helps me make wise business decisions, an insurance broker who handles my liability policies, an attorney who helps me with evictions, my real estate broker where I hang my license, and a staffing company that helps fill my temporary needs. I think you get the idea about doing business with the people who do business with your business. Not only does it make your life very efficient when the people you need to talk to every day are only forty feet down the hallway, but it also solidifies the business relationship on both sides of the table. After doing this for several years, I decided to take it to the next level.
I got the idea when a computer company who did repairs and replacements of computer equipment in our building decided to move into retail operation. He owed me $2500 when he left Executec Suites, but we decided just to work it off since I was spending about $4000 a year for them to maintain my computers. I started thinking about offering a deal to vendors who did business with me when I would answer their phones, for example, in exchange for some of their services or allow them to use conference room time in exchange for their services. Today I have barter deals with my HVAC guy, a sign designer, and my roofer. None of these gentlemen are tenants in my building, but by them using some of the services in my building, I guarantee them all the work that comes up in their industry. I often kid around with my roofer that if he did not use my answering service may be one of his competitors would. So the point being, you can get some of the contractors you are already doing business with to do additional business with you in exchange for you promising them exclusive rights to business. Let's take that idea to the next level.
What about calling a cleaning company that is local to my building and offering them 50 percent of the rent back in cleaning services? What if a stockbroker comes in my building to look at renting office space, and I promise to do a certain amount of investing with him that I'm probably going to do somewhere else anyway? What if a dress designer was to rent an office from me to do her design work, and I promised to purchase a beautiful gown from her that fit me perfectly? I just put that in a see if you were paying attention. Sounds like an interesting concept to me. Let's take a dress designer as an example. Her rent is $9000 a year, and I promise to give back one third in dress designing services. What the hell would I do with $3000 worth of dress designs? I have no idea what I would do with them, but maybe my wife could think of a few things. After the first year is up and she's paid $9000, I would then give her a $3000 credit toward the first third of the second year. That means this dress designer will have been in my building for sixteen months before this deal runs out. I'd like to think there's a good chance that she has become comfortable in my building and has decided to stay for year to come.
"Do business with the businesses that do business with your business."
I realize these ideas are outside the box, but when you have vacancies it takes a crazy idea or two to fill the joint. Even if your building was 100 percent filled, with so many offices you're always going to have people leaving, so to keep it 100 percent filled is almost impossible. With my barter idea of offering a credit for services from the individual, you have a system that may help you close more deals and keep warm bodies coming in the building.
Addicted to Real Estate-Why I Can't Stop and Why You Should Start, by Phil Falcone, is a case study of a full-time investor who can't stop making aggressive and creative real estate moves. Falcone chronicles each of his key real estate deals, and shows you how you can get rich by implementing his residential to commercial real estate strategy.
Interestingly, Falcone's real estate addiction is fueled in part by OCD, insomnia, and a workaholic drive to succeed. He shows how he takes these apparent liabilities, and turns them into assets that help him build his real estate portfolio to new heights.
Frank, funny and informative, Addicted to Real Estate will inspire any investor to achieve higher levels of drive and success in the rewarding world of real estate.
http://www.addicted2realestate.com
Phil Falcone 267-988-2000
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