The era of the video conference has arrived in real estate.
One of the things it seems like no one expects when they start scaling their real estate business is all of the meetings. You have meetings with your clients if you are in property management, any type of sales, or turnkey real estate. You have meetings with tenants and potential tenants. You have meetings with partners and potential partners, and oh, the meetings you have with the contractors and the maintenance providers!
Finally, you have “meetings” with your properties themselves, when you need to evaluate a potential deal, review the situation before an inspection, or just make a checklist of all the things you need to consider if you make the decision to buy.
Here are just a few ways we use video conferencing, specifically an app called Zoom, at Secure Pay One. It reminds us of duct tape because we continue to find more uses for it every month – some far outside the “traditional” in video conferencing!
#1: Property Inspections and Reviews
When you are reviewing a property, you might not immediately think of using a video conferencing app to assist. You should! When working with out-of-state or foreign investment partners, via video they can “walk” the property with you in real time. Record the meeting so later you can make a complete checklist of concerns you or the investor had about the property and any additional commentary on the investment.
Video Conference Pro Tip: Zoom in on problem areas and provide commentary. Once you are done, save your file as an MP4, MP3, and a wave file to insure everyone who might need access to the conference will be able to view it on their system.
#2: Contractor Guidance and Bid Solicitation
Share the video conference recording with your general contractor, your maintenance crew, or even a private lending partner. This demonstrates transparency and also gives them an extremely accurate view of what types of repairs are needed on the property.
Video Conference Pro-Tip: We transcribe our videos for use later in the creation of written project plans for rehabs.
Why is Video Conferencing So Important?
I meet a lot of investors who say they do not feel like video-conferencing is really that big of a deal. “Why not just make a good, old-fashioned phone call?” they ask me. If you are reading and thinking the same thing, then I have some bad news for you:
Forbes Insights recently published information showing that companies that still favor audio meetings over video ones are losing competitive ground fast.
Video-conferencing brings you and your team together in a very real way where everyone can get a feel for the room as well as their own role in the meeting. For example, no one on speakerphone will be uncomfortable, wondering if everyone is rolling their eyes when they speak. Most good video-conferencing services also visually indicate who is speaking (a big advantage over the old-fashioned tele-conference) and preventing interruptions.
The era of the video conference has arrived in real estate. Use this advance to your advantage.
Housekeeping tips for project management milestone meetings:
- Start everyone on mute
- Turn off social media alerts
- Use reminder features to send out two alerts reminding all participants about the meeting