The Turnkey Revolution by Christopher D. Clothier

Author:Christopher D. Clothier
Language: eng
Format: epub
Publisher: McGraw-Hill Education
Published: 2018-12-08T16:00:00+00:00

HOW TO CHOOSE YOUR TURNKEY PARTNER

Choosing an ideal turnkey company is a three-part process. You need to identify good options, put your finalists to the Turnkey Test™, and take stock of the investments they offer to see if they’re a match for you.

Identify good options.

The first part of the process is identifying good options. This is where you learn what’s out there and strain the false advertising from the companies with real potential. Start with a simple Google search. Using the target markets you identified in the last chapter, type each city name plus “turnkey real estate” into the search bar. You can also try queries like “best turnkey real estate companies” and “largest turnkey real estate companies” for your target city. Then, take a look at the results that come up.

If nothing pops up at all, that’s not a good sign. It doesn’t necessarily mean that turnkey companies don’t exist in that area, but it does mean that they are probably not big enough to do business with. Companies that have the technology to keep you happy as an investor from 1,500 miles away almost always have a strong Internet presence.

Ideally, you want to see two or three turnkey companies when you do this search. That’s a sign that there’s some traction in the market. There’s a demand for the service in the first place. At that point, you do some basic due diligence.

Your goal here is just to identify the big players and strain out the mosquitoes. Don’t worry about the details of the company itself and how it’s run yet. Figure out who’s big enough to investigate further. Who appears multiple times in the search results? Who has a high-quality website? These are some early warning signs. You know off the bat that you don’t want to do business with a company that has a three-page website with no pictures on it. Forget the companies that use an obvious template with no mention of ownership, leadership team, the structure of the company, or their personal story.

On the other hand, when you find a company that turns up in 80 percent of the search results, has a well-done website, is quoted in major periodicals and newspapers, and is clearly active with things such as articles, videos, and press releases, you’ve hit on an option that has some meat on its bones. These are the companies that go on your short list to do more research on.

This stage of the process is also where you keep whittling down the two or three market options you found in the last chapter. If you get to the end of this step and you don’t see a company with potential in your target city, scratch that city off your list. It doesn’t matter how good the market itself looks. Without good turnkey company options, you don’t want to invest there, plain and simple.

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