Joint Venture

As we reach the end of 2018, I wanted to pause and reflect on the past 9 months as TMG have achieved a tremendous amount. Since April 2018, TMG have purchased an additional two properties; the first is now fully let to four tenants and the second (bought in early September) has been fully refurbished with 5 ensuites and a modern kitchen installed, full re-wiring and plumbing, plastering, painting, two chimney stack removed and the garden has been made useable again. For a video tour and images check out the Properties to Let page (https://tungstenmg.com/properties-to-let/).
The growth of TMG is down to investment, education and drive from the team and this is leading the company onto our next three ventures all with Joint Venture partnerships!
I would like to share this article from the team at Property Geek who have created an insightful article on Joint Ventures, check out the article here https://www.propertygeek.net/article/property-joint-venture-agreements/. The piece states how to set up a joint venture from finding someone to the legal agreements, the reason for and against the idea of becoming a partnership and all the forms a joint venture can take.

The key to Joint Venture partnerships are:

  • having evidence of your past achievements, with photographs and videos. We have found a superb company, ‘Heads above the cloud’, who take 360 degree tours and still images of our finished properties to allow us to exhibit our finished product via the investors pack. These images are also used on social media and our website. Although there is a charge for this service, the returns certainly outweigh this cost as we could not show others what we have achieved and demonstrate our vision.
  • Social media needs to be carefully managed. TMG have found that potential investors have followed our achievements via the social platforms and got to ‘know’ the brand and assessed whether there is an opportunity to work together. We use:
    Twitter: https://twitter.com/Tungsten_MG,
    Instagram: https://www.instagram.com/tungstenmg/ and
    Facebook: https://www.facebook.com/Tungsten-Management-Group-714270225448349
    We believe that these platforms give us the most interaction and exposure with our target audience plus our skills and expertise lie on these platforms. We are also present on Google Business https://plus.google.com/101331673350455788340 to assist with our SEO performance.
  • Showcasing your expertise online via your website. At TMG, we have created monthly blogs and vlogs to show what the company and the team have achieved over the past 4 weeks and you can check these on tungstenmg.com or https://www.youtube.com/channel/UCY3bc–z2xOeloQX8P1zbog. It also it gives potential investors and peers a chance to see our faces. Without seeing our faces, the listener/reader would not be able to build a relationship with us and trust and like- ability would be difficult to establish – this is key to a partnership as property is a people industry. People are 64-85% more likely to buy after watching a product video, highlighting why video is such a powerful tool (https://www.semrush.com/blog/why-you-should-be-using- video-to-increase-ecommerce-conversion-rates/).
  • Having a presence offline is just as important as the online presence as it builds your brand and credibility, both personally and for the business. If you can demonstrate during networking events that you are educated, knowledgeable and keep yourself up to date on legislation changes, then those who you are speaking to, or hear or read about you, can see that you are serious and can be trusted. Again, building the partnership foundations.
“To be persuasive, we must be believable; to be believable we must be credible; to be credible, we must be truthful”
Edward R. Murrow

But with the above said, you need to ensure that you have a clear vision and choose a suitable partner who shares the same values and vision. Knowing what an investor can offer and knowing what you want to achieve will ensure synergy. You need to ensure that your goals and skills align so that it is a win-win for all parties. For more information read Property Magic by Simon Zutshi

Take Away Points

  • A presence both online and offline is the foundation for building rapport, trust and a potential relationship.
  • Show your expertise via social media, on your website and when meeting with people face to face.
  • Use evidence to support your work, such as photographs, videos, blogs and testimonials.