@al
@Al D. I just saw this post. Sorry for the delay. I would like to understand the issues you had and with whom you spoke at RW. We take our job very, very seriously - that when complaints come in from our RW members, we review them carefully. I want to understand your complaint better to know how our team handled it.
First, we have to determine if the complaint was a one-off event, or a repeated occurrence. Mistakes happen, and people learn from them. However, if those mistakes happen repeatedly, that is - of course - a bigger issue. In that case, we try to work with the property provider to understand the weaknesses in their business model and how they can improve (is it an employee issue, a market issue, a systems issue?) and if the issues cannot be fixed, we take them off our referral list until they have been fixed it. In some cases, a good property provider may suddenly become not so good - perhaps due to a sickness or death in the family or some kind of stress they are facing.
Second, we have to find out if the complaint is coming from someone who doesn't truly understand the realities of owning rental property - are they thinking it's a passive investment like a stock, or do they understand that not every tenant is the same, not every property is the same, not every market is the same, and that vacancies and repairs can be expected - which is why reserves should be set aside for vacancies and repairs. And certainly, that inspections and appraisals should be done before every closing on a property so the buyer knows exactly what they are getting before they are owners.
Third, in a market like Dallas, there is lack of inventory and high demand. I am assuming that over time, this property has done well. But I would like to know. Real estate is a long term investment and it's best to treat it like a real business - knowing there will be bumps in the road, and preparing for those, but also knowing that overtime, having the right structures and systems in place can make it all worth it.
Fourth, I have contacted other RW investors who own 7-8 properties through this provider and they all said it's the best investment they ever had, and the best team they ever worked with. Who do you believe we should we listen to? The good reviews or the bad ones? Perhaps it's a problem of lack of education - which we try to provide constantly so that people can increase their financial intelligence. Pproperty providers may have different standards than buyers, so it's up to the buyer to know their standards and stick with them. I have not bought properties due to floorpans I didn't like, that the property provider that was acceptable. That was my decision, not a reflection on them.
I know BP is a place where people like to vent, but I would like to point out that your allegation is untrue, that somehow RW keeps providers just for referral fees. There are many, many sellers out there - in fact most agents pay a referral fee to referring agents. At RW, we are very selective with whom we choose to add to our referral list.
