Joint venture partnerships are an incredible way of energising and establishing your property investment journey. If done right, you can make property deals using none or little of your own money, while reaping the innumerable benefits – financial and personal.
But joined venture partnerships are not for everyone. You can best ensure that this strategy is right for you, and ascertain the best partner for yourself, by considering a number of factors.
You don’t need to jump into a partnership with the first person you meet. Observe their behaviours. Be clear about their values and make sure they align with yours. Remember that you are a partner, too, and so will have to provide value to that person. Consider whether or not you wish to be partnered with this person. Make sure you do your due diligence!
Be very clear about the role they need to perform as your partner. What will their responsibilities be, and what will yours be in this potential partnership? This means you need to be clear about who you are, too. List your own personal assets and liabilities, even down to the personal. Think carefully about where you’re strong, and where you’re not. Your partner should provide benefit in the areas in which you’re weaker.
Don’t feel as though you have to commit straight away. Probationary and trial periods, where you both get to work out who the other really is, are a safe, robust way of testing the stress points of your relationship. Always remember that partnerships are relationships, not life sentences. You wouldn’t marry someone after the first date, so don’t be afraid to test the waters.
Ensure you have different skills that complement each other, but also ensure that you share the same vision. If your vision differs greatly, then it may not be the best way of working. Some may want a long term plan, while others may want a temporary one. You must be on the same page when it comes to this element.
When you know what’s most important to your partner in terms of values, you can make sure that you’re giving them what they need. When you find out what their values are, you can sell your partnerships on the basis of these factors – personal, financial or professional. Things that may seem small to you may be huge to them.
When you are inside that period of probation with each other, try not to let on that you’re observing someone. The moment they feel as though they are being scrutinised, behaviours will change. You need to see the real person, not some simulated version designed to impress you.
Gain clarity on your various roles and responsibilities as early as possible in the relationship. Re-evaluating the core principles of the relationship later on can be difficult and detrimental. Remember that the less clear something is, the wider open it can be to manipulation and misunderstanding. Establish clarity between each other as a foundational keystone of your partnership.
Don’t measure your partner by factors such as time, as their responsibilities may require less input than you in that area. Their experience may negate their having to work as hard as a beginner. Measure the input of your partner by the results they give, and aspire to being the single-best partner you can be. The best way to influence your partner into being better, is to step up – inspiring them to do so.
Keep communicating honestly, and try to not let your feedback be coloured by your emotion. A good exercise is to write the feedback first, let it breathe, and then refine minus the emotion. You must not store your emotional reactions until they explode, as this will be damaging to you both. Partnership is about keeping each other accountable, but it must be done in a constructive way.
Be careful about beginning other ventures that will cause your partner to believe you are acting in a disloyal way. Always be respectful of the partnership and how it works, and consider with empathy the effects of any external pursuits that may cause your efforts in the partnership to be diluted.