What can real estate investing pros learn from the travel and hospitality industry?
Besides “location, location, location” and being able to put a premium on a good destination there are a number of important real estate education lessons to be picked up from the travel business which can make or break an investor’s reputation if they aren’t careful…
1. It’s Better to be underrated than Overrated
Chefs know this lesson well and more investors and hotels should too. Boasting 4 or 5 stars may feel great and feed the ego and may be even the price tag of a property but it also makes it a lot easier to disappoint. Compare that to having 3 stars and delivering 4 star services which blows clients away and creates rave reviews.
2. Just Because You can get away with it Doesn’t Make it Smart
The travel business from hotels to airlines, car rental agencies and travel booking sites has become a mess of fine print and hidden fees. As a real estate investing company you may be able to get away with some of these tricks too but consumers will quickly wise up and feel taken advantage of. Is that the reputation you want?
3. Customer Service Will Make or Break You
From the valet to the front desk to the maids and from your phone reps to your negotiations and title company closer every interaction has the power to boost customer experience, reviews and referrals or turn prospects off. Every interaction needs to be seen as an opportunity to deliver excellence!
4. Be Careful of How Others Represent You
Just as hotels have travel sites like Expedia and Hotwire to promote them and refer them business many real estate investing companies now utilize affiliates, strategic partnerships and lead companies to push them business. In the travel business when a booking site misrepresents a provider and guests arrive to find there is no pool, no WIFI or they are stuck at the airport at 11pm on Christmas Eve because there isn’t actually a shuttle service it creates a lot of bitterness. Watch how others represent you, your services and your properties.