The Swartz Report: The Importance and Power of Relationships

EarthA belated Happy Earth Day to everyone. 🙂 I hope you’re doing your part to make the planet a safer place for us and future generations.

While we tend to get so busy wrapped up in our daily work activities, it’s good to take a moment and reflect on the “awesomeness” of our world. We cannot lose sight of how many things are “right” around us, even when we constantly see and hear the troubling issues immediately staring us down.

Speaking of “awesomeness”, I would like to share three examples of how staying connected and doing things the right way can benefit you years later.

Example #1

Number 1We recently signed a new client with a nice portfolio in central Iowa. There was nothing extraordinary about the deal itself, but how the situation played out reflects the value of relationships. We have a long-time client who is a single tenant on a property. While not the owner of the property, they’re responsible for the property tax liability.

My client gave me the name of the property owner and I reached out to the ownership group. The owners were interested in potentially having us review their portfolio in addition to the property I had inquired about. As I perused the email string, there was a contact name for someone I’d worked closely with while she was at another company whose portfolio we handled in 1994 (and still handle today!)

I have not been in touch with her for almost 10 years, but as soon as I recognized the name, we immediately touched base and it was if we had been working together throughout. She is the property manager for the new client’s portfolio. I’m convinced our prior relationship, and the positive results that began 25 years ago, had a positive effect on the decision to work with us.

Example #2

Number 2We have another long-time client who owns property managed by a property management firm. We’ve worked closely with the management firm for the past several years. But this year, the property management firm reached out to us independently to see if we would be interested in handling their own portfolio as well as other owners of property they manage.

Why? I believe it’s partly due to the relationships we’ve developed over the years with our clients and the property management company. Our results help seal the deal, but I’m convinced it’s the relationships we’ve maintained over time that created the opportunity for the consideration in the first place.

Example #3

Number 3Another property management firm reached out to me last week. The individual was also someone I’d worked with over 20 years ago with another company. He reached out to me and asked if we were interested in representing the portfolio he managed. He also wanted to know if we were taking on new clients. We have a call with the ownership group and the property management team this week. Hopefully we will secure the deal!

Bonus Example

We have another development on the Indurante side where an individual worked with us, but recently started a new position with another company. He has reached out to us in hopes we will be able to assist in the railcar property tax compliance component for his company beginning next year.

What does this all mean?

Never underestimate the power of relationships; the power of communication and the positive effects of staying in touch. While you may not see the tangible results in the short term, the long-term results may be incredibly rewarding. The situations described above represent an additional $100,000,000+ in property values to be reviewed in 2021.

Thank you so much for continuing to read about our journey. As always, if you have questions, comments or concerns, please reach me at the following… dswartz@swartzaai.comdswartz@indurantetax.com

Stay safe, stay healthy and get vaccinated when the opportunity presents itself.

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